Plant-based Foods

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Planet Based Foods Global Inc. Announces Execution of Definitive Agreements for Related Party Debt Settlement
Newsfile· 2025-08-20 21:28
Core Viewpoint - Planet Based Foods Global Inc. has executed definitive debt settlement agreements to extinguish $800,000 of debt through the issuance of subordinate voting shares, thereby strengthening its financial position and focusing on growth initiatives [1][3]. Debt Settlement Agreements - The debt will be settled by issuing shares at a deemed price of $0.0525 per share, which is a 25% discount to the closing price on August 19, 2025 [2]. - A total of 15,238,094 shares will be issued, with 9,523,809 shares going to Coenda for $500,000 of debt and 5,714,285 shares to Baron for $300,000 of debt [2]. Financial Impact - The debt settlement is expected to improve the company's balance sheet significantly by eliminating $800,000 of debt without cash outflow, allowing the company to allocate resources towards growth and operational stability [3]. Related Party Transactions - The creditors involved are related parties, as their principal shareholders are directors of the company, making the debt settlement agreements "related party transactions" under applicable regulations [4]. - The Audit Committee recommended approval of the agreements, citing serious financial difficulty and reasonable terms [5]. Shareholding Changes - Post-settlement, Coenda's ownership will increase from approximately 49.15% to 54.86%, maintaining its status as a control person, while Baron will hold about 16.66% of the shares [6]. Company Overview - Planet Based Foods Global Inc. focuses on sustainable ingredients and plant-based solutions, aiming to contribute to a cleaner and more resilient global food system [7].
Planet Based Foods Appoints CFO and Independent Director as Governance Reforms Progress
Newsfile· 2025-08-07 03:32
Core Viewpoint - Planet Based Foods Global Inc. is undergoing significant leadership and governance changes to enhance operational performance and rebuild investor confidence [1][2]. Leadership Changes - Supreet Sidhu has been appointed as the new Chief Financial Officer, succeeding Emrah Petorak, who is stepping down from the Board of Directors [2]. - Beata Jirava has been appointed as an independent director, contributing to the strengthening of the board [2]. Governance Reforms - The company has filed a petition with the Supreme Court of British Columbia to address the timing of its Annual General Meetings (AGMs) for the financial years ending December 31, 2023, and December 31, 2024 [3][4]. - The petition seeks court approval to host the 2023 and 2024 AGMs concurrently by December 31, 2025, and to retroactively deem the company compliant with AGM requirements once held [10]. Financial Context - The company faced historical financial constraints due to a decline in consumer interest in plant-based meats post-pandemic and an unsustainable cost structure [4]. - These challenges have been addressed through recapitalization, restructuring, and the introduction of a refreshed executive team [4]. Commitment to Governance - The steps taken by the company reflect its commitment to transparency, good governance, and sustainable value creation for all stakeholders [5]. Company Overview - Planet Based Foods Global Inc. focuses on sustainable ingredients and plant-based solutions, aiming to contribute to a cleaner and healthier global food system [6].