Activist Investor Marin Katusa Overhauls Carbon Streaming Leadership

Carbon Streaming Corporation has announced pivotal changes to its leadership and board composition in a strategic move to enhance its governance and operational agility. 

Former Equinox Gold CEO Christian Milau steps in as the interim CEO, with Olivier Garret appointed as the new Chair of the Board. These appointments come on the heels of the resignation of Justin Cochrane and Maurice Swan from their director roles. 

The stock was up as much as 135% in early trading on significant volume compared to its average.

New Appointments and Market Impact

This leadership overhaul follows a series of constructive dialogues between the board and influential shareholders, spearheaded by Marin Katusa. The changes aim to steer the company towards more robust growth and operational efficiency amidst the fluctuating dynamics of the carbon credit market. The company has also welcomed Marcel de Groot to the board, with additional responsibilities as the Chair of the Audit Committee.

Amidst these changes, Carbon Streaming has successfully acquired Blue Dot Carbon Corp. for a purchase price of $2.5 million, payable in Carbon Streaming shares. 

This acquisition is a strategic expansion move, bringing in new assets and expertise to bolster Carbon Streaming’s portfolio in the carbon finance sector whose interests are aligned with shareholders. The transaction was unanimously approved by the Board upon the recommendation of the Special Independent Committee.

Sources indicate Marin Katusa negotiated and facilitated the transaction with Christian Milau, the CEO of Blue Dot.

The newly formed board has embarked on a mission to navigate Carbon Streaming through a critical phase. They aim to reposition the company as a leader in the carbon finance sector, focusing on high-integrity carbon credit projects that align with global climate action goals.

This involves a meticulous strategy to enhance cash flows, recover shareholder value, and ensure sustainable project delivery.

In his role as interim CEO, Christian Milau articulated his commitment to driving the company towards achieving positive operating cash flows and executing a robust project pipeline. In addition, there’s no change of control pay outs for the new management. The previous management’s change of control provisions was also canceled. 

Milau’s extensive experience in managing large-scale projects across diverse geographies will play a crucial role in Carbon Streaming’s strategic realignment. His immediate focus is on leveraging the company’s strengths to improve financial performance and stakeholder returns.

Additionally, the company is set to enhance its governance framework and operational transparency. This includes a comprehensive review of existing investments and the strategic pipeline under the new leadership. The board is committed to maintaining high standards of corporate governance and stakeholder communication. This is to ensure that Carbon Streaming remains a trustworthy and effective participant in the carbon markets.

SEE MORE: Carbon Streaming Invests $15M in Mast for Post-Wildfire Reforestation

In addition, to support the new management and board of directors, Marin Katusa will be a special advisor on technical and financial matters to the board of directors. Katusa waived all fee’s to further advance the interests of the shareholders, of which he is the largest individual investor.

New Key People Onboard:

Olivier P. Garret

Mr. Garret is a successful business executive and turnaround agent with experience working across a dozen different industries. In his capacity as CEO or Chief Restructuring Officer, he has led the growth and restructuring of companies in the financial industry, defense industry, as well as a variety of manufacturing and service businesses.

For the past 16 years, Mr. Garret has successfully launched and led the growth of five financial research and publishing companies, one gold bullion company, four resource funds, and two real-estate funds. Mr. Garret earned an MBA from the Amos Tuck School at Dartmouth in 1989 and a Masters in Business Management from the University of Paris-IX in 1983.

Christian Milau

Mr. Milau is CEO of Blue Dot, a private carbon credit financing company. He has also led a number of gold and copper mining companies through growth from single asset to large multi-national, multi-billion dollar NYSE-listed groups with the highest standards of environment, social and governance implementation.

Companies Mr. Milau has led, or for which he has been part of the senior management team, include Equinox Gold, True Gold Mining, Endeavour Mining and New Gold. He is currently a non-executive director of two junior energy metals exploration companies, Arras Minerals and Copper Standard Resources.

Mr. Milau holds a Bachelor of Commerce degree from the University of British Columbia and is a Chartered Professional Accountant.

Marcel de Groot

Mr. de Groot is a co-founder and the President of Pathway Capital Ltd. Pathway Capital partners with successful mining entrepreneurs to launch new ventures. Examples of such ventures include Peru Copper (acquired by Chinalco), Equinox Gold, and Solaris Resources. He has over 25 years of experience in providing strategic support to both private and public companies within the resource industry. Mr. de Groot is currently a director of Sandbox Royalties and Copper Standard Resources.

Mr. de Groot holds a Bachelor of Commerce degree from the University of British Columbia and is a Chartered Professional Accountant.

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