Hello and welcome to the 2025 Annual Meeting of Shareholders of Source Energy Services Limited. Please note that this meeting is being recorded. Registered shareholders and proxy holders may submit questions via the Message tab at the top left of your screen by typing in your message, then clicking the Send icon to the right of the Message box. It is my pleasure to introduce the Chair of Source Energy Services Limited, Mr. Chris Johnson. Mr. Johnson, the floor is yours.
Thank you, Mr. Federburg. I'd like to welcome everyone to the Annual Meeting of Shareholders of Source Energy Services Limited. My name is Chris Johnson, and I am the Chair of the Board of Directors of Source Energy Services Limited. In accordance with Source's bylaw, I will preside as Chair of the meeting. Mrs. Natalie Chavitska will act as Secretary of the meeting. Today's meeting is being held as a completely virtual meeting, which is being conducted by a live audio webcast. This format will provide all shareholders, regardless of geographic location, an equal opportunity to participate at the meeting and engage with directors of Source and management, as well as other shareholders.
Registered shareholders receive the control number in their proxy form, and shareholders who have validly appointed their own proxy holder to vote at this virtual meeting by following the proxy appointment process are given a control number by Odyssey Trust Company, Source's transfer agent. These control numbers will act as your login credentials for this meeting for voting purposes. The procedure for voting will be discussed shortly. Excuse me. All others attending as guests are able to listen but are not able to submit questions or vote at this meeting. Today's meeting of shareholders is being held to consider and vote on those specific matters as set forth in the Management Information Circular previously mailed to the company shareholders of record as of March 25, 2025. I now call the formal part of this meeting to order.
In order to expedite the meeting, I have asked certain shareholders to make certain motions at appropriate times. This is not intended to preclude shareholder discussion, but only to assist in the progress of the meeting. I welcome questions or comments from the shareholders at any time. I appoint Paul Bedard as a representative of Odyssey Trust Company to act as scrutineer for the meeting. I have received a declaration as to the distribution of the notice of the meeting together with the Management Information Circular and proxy form to all registered shareholders of record as of the close of business on the record date of the meeting. This declaration will be filed with the minutes of the meeting. I've received the report of the scrutineer, which indicates that we have a quorum for the meeting.
I hereby adopt the report of the scrutineer and declare that there is a quorum of shareholders present at the meeting. Based on the scrutineer's report and the quorum being present, I declare this meeting is duly constituted for the transaction of business. I direct that the scrutineer's report on attendance will be annexed to the minutes of the meeting. We will conduct the votes on matters considered at the meeting by online ballot. As explained earlier, registered shareholders receive a control number on their proxy form, and shareholders who have validly appointed their own proxy holders to vote at this meeting, rather than voting in advance of this meeting by proxy, by following the proxy appointment process, were required to obtain a control number prior to the meeting from Odyssey Trust Company. These control numbers are required in order to vote at this meeting.
If you did not receive a control number, you will not be able to vote at this meeting. You are only able to attend as a guest. Voting is open and will close when indicated by me at the end of the formal part of the meeting. Participants will see the resolutions we will be voting on today together with the voting options. Please cast your vote promptly. The votes will remain open until the polls close. During this time, you can vote your shares. If you previously voted and are voting the same shares, your previous votes will be null and void. While the resolutions are brought forward, we will open up the meeting for discussion on the resolutions, which will be done by way of submitting online questions to the Chair of the meeting.
Participants can ask a question at any time during the meeting by selecting the chat bubble at the top of your screen, typing your question, and submitting it. Please note that all questions are moderated before going to the Chair in order to eliminate repeated questions and to ensure normal meeting protocol and appropriateness is applied. As your question may be similar in nature to that of another participant, please be aware that the question may be presented to the meeting in a more generic format. If you intend to submit a question, you are invited to do so now. Any questions that are unrelated to the motion before the meeting are out of order and will not be addressed by the Chair.
We will now proceed with the first item of business and present the annual financial statements of Source Energy Services for the fiscal year ended December 31, 2024, and the auditor's report thereon. Shareholders do not have to take any action regarding the financial statements, and we will now move on to the next item of business. The next item is to fix the number of directors of Source Energy Services to be elected at the meeting. I ask Scott Melbourn for a motion that the number of directors to be elected at the meeting be fixed at four.
I move that the number of directors to be elected at the meeting be fixed at four.
May I please have someone second the motion?
I second the motion.
As previously mentioned, voting is open and will close when indicated. Mr. Bedard, were you able to indicate when voting is closed?
Yeah, it's still open here. It'll close at the end of the last resolution.
Okay. They're just going to keep rolling. Okay. Great.
Yeah.
Okay. The next item of business is election directors. The proposed nominees are Jeff Belford, Chris Johnson, Stephen Sharp, Scott Melbourn. If elected, these individuals will hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed. I ask Derren Newell for a motion that each of the proposed nominees be nominated for election as directors of Source.
I move that each of the proposed nominees be elected as directors of Source to hold office until the next annual meeting of shareholders or until they resign or their successors are duly elected or appointed.
May I please have someone second the nominations?
I second the nominations.
As previously mentioned, voting is open and will close when indicated. The next item of business is the appointment of auditors of Source for the current year. I ask Scott Melbourn for a motion to appoint Ernst & Young LLP as auditor of Source.
I move that Ernst & Young LLP be appointed as auditor of Source and that their compensation as such be fixed by the board of directors.
May I please have someone second the motion?
I second the motion.
As previously mentioned, voting is open and will close when indicated. Resolutions are now open for discussion. I'll pause for a moment to allow the moderator to ask any questions that have been submitted. Otherwise, we'll move on to conclude this meeting.
There are no questions.
Okay. Ladies and gentlemen, this concludes the business of the meeting. I therefore declare the polls closed. Thank you for casting your votes. We will give the scrutineer a further moment to complete their tabulation of votes cast and will report back momentarily.
Everything is passed. Thanks.
Thank you. I'm pleased to report that we have now received the voting results. I confirm that the resolution to fix the number of directors of Source has been approved and that those persons nominated are duly elected as directors of Source to hold office until the next annual meeting of shareholders or until they resign or their successors are duly elected or appointed. I confirm that Ernst & Young LLP has been appointed as the auditor of Source and that the board is authorized to fix the auditor's remuneration. If there are no further business, I'd like to call for a motion terminating the meeting.
I move that the meeting be terminated.
May I please have someone second the motion?
I second the motion.
Thank you all for attending today's meeting. I declare the meeting terminated. If any shareholder or proxy holder is interested in the exact number of votes cast in respect to the matters decided at this meeting, he or she may obtain the particulars after the meeting from the Secretary. The report of the voting results will be filed on SEDAR+ after the meeting. Thank you.
This concludes the meeting. You may now disconnect.