Base Carbon Inc. reports developments tied to its carbon project financing platform and carbon credit portfolio. The company operates through Base Carbon Capital Partners Corp. and finances projects involved primarily in global voluntary carbon markets, including the Rwanda Cookstoves project, the Vietnam household devices project and the India ARR project.
Recurring news covers carbon credit issuances, Verra methodology transitions, CORSIA eligibility and tagged-credit sales, Article 6.2 and letter-of-authorization frameworks, project expansion rights, consolidated financial results and shareholder meeting matters. Updates also address governance items such as auditor appointments and option-related shareholder approvals.
Base Carbon has announced the results of its Annual General and Special Meeting held on June 25, 2024. The meeting saw representation of 67,395,288 common shares, or 56.234% of the company's outstanding shares. Five directors were elected: Catherine Flax, Margot Naudie, Bruce Tozer, Michael Costa, and Andrew Fedak, with high approval ratings ranging from 95.992% to 99.869%.
Additionally, shareholders reappointed KPMG LLP as auditors with a 99.225% approval rate, and approved the company's amended equity incentive plan with a 98.212% majority. For more details, the management information circular dated May 10, 2024, is available on the company's profile at sedarplus.ca.
Base Carbon announced the renewal of its normal course issuer bid (NCIB) approved by Cboe Canada. From June 21, 2024, to June 20, 2025, Base Carbon may repurchase up to 7,571,314 common shares, equivalent to approximately 6.5% of its outstanding shares and 10% of its public float. This renewal follows the completion of the current NCIB on June 20, 2024, during which 4,702,702 shares were repurchased. The daily maximum purchase is set at 49,709 shares, 25% of the average daily trading volume over the last six months. Block trades are permitted once per week. All repurchased shares will be canceled. The company also entered an automatic share purchase plan (ASPP) to ensure repurchases during blackout periods. The Board believes these actions align with shareholder interests and reflect the company's value and growth potential.
Base Carbon (BCBNF) announced its Q1 2024 financial results and key operational highlights.
Notable achievements include a $12.5 million payment from the Vietnam project and the first issuance of 717,558 carbon credits from the Rwanda cookstoves project. The company reported total assets of $121.1 million, with $118.3 million invested in carbon credit projects and $0.7 million in cash and cash equivalents.
However, they faced significant losses, including an unrealized accounting loss of $38.6 million from the Vietnam project and an overall net loss of $19.8 million. Operating expenses increased to $1.8 million, leading to an operating loss of $20.6 million. The company continues to invest in carbon credit projects, including a new $13.6 million reforestation initiative in India.
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