Cielo again defers annual meeting; cites postal strike

Calgary, Alberta, Canada-based Cielo Waste Solutions Corp. has for the second time in less than a month announced the cancellation and anticipated rescheduling of its annual general meeting of shareholders (AGM).

In late October, Cielo pushed the AGM back to mid-December and pointed to “technical difficulties” tied to changing the format of the meeting from remote to in-person.

On Nov. 22, Cielo announced its second postponement, this time citing a strike by workers of Canada Post, saying that labor action affects its ability to send proxy materials to shareholders.

After the first cancellation, the company had scheduled the AGM to be held this Dec. 19. Cielo says it had prepared proxy materials, but “the postal strike announced thereafter has interfered with the company’s ability to mail the materials to its shareholders in a timely and efficient manner.”

Continues Cielo, “Pursuant to the Business Corporations Act (British Columbia), the company is required to hold the AGM on or before Dec. 31, 2024. However, the board has determined that rescheduling the AGM for a date on or before the AGM deadline is not feasible, given the continuing postal strike and mailing requirements. As such, the company has made application to request an extension so that it may hold the AGM as soon as the board determines it’s practicable in light of the continuing postal strike and applicable legal requirements.”

Adds Cielo, “Shareholders in the United States are still expected to receive the materials in the U.S. [but] should disregard them.”

Cielo has invested in systems and facilities to convert scrap wood and byproducts into fuels and other marketable products.  

This decade the company has announced projects and land purchases but also the resale of land in one case—a once proposed project near Edmonton, Alberta.