Tag Archives: Chief Terry Paul
Refinancing Clearwater loan worth millions in annual cash flow for Mi’kmaw owners
Mi’kmaw First Nations that own half of Canadian seafood giant Clearwater will finally start seeing multi-million dollar cash flows from their investment thanks to a loan refinancing that slashes interest payments. Their partner in the landmark deal, Premium Brands of Richmond, B.C., lent a coalition of seven Mi’kmaw First Nations about $240 million to cover their equity purchase of Clearwater in 2020. But the loan came with a hefty 10 per cent interest rate, according to the non-profit First Nations Financial Authority. Premium has agreed to refinance $100 million of that debt through the First Nations Financial Authority at its interest rate of 4.2 per cent, the authority said Tuesday. more, >>click to read<< 12:37
How the $250M Clearwater Seafoods purchase by 7 Mi’kmaw First Nations came to be
“In the beginning, we wanted a pathway, a clear pathway on how we’d end up with 100 per cent of the ownership of the company,” said Chief Terry Paul of the Membertou First Nation. “Most all of the prospective partners walked away … because of our insistence on what we were looking for.” Paul made the comments during an online chat with Clearwater founder John Risley that was put on by the non-profit Public Policy Forum. >click to read< 09:42
Premium Brands and Mi’kmaq First Nations Coalition Announce Acquisition Completion of Clearwater Seafoods Inc.
“We are very excited to have a world class seafood company like Clearwater join our ecosystem.,,, said George Paleologou, President and CEO of Premium Brands. “We are also very pleased to be partnering with the Membertou, Miawpukek, Sipekne’katik, We’koqma’q, Potlotek, Pictou Landing and Paqtnkek communities. “This is a significant achievement for the Mi’kmaq,” said Chief Terry Paul, Membertou First Nation. “Mi’kmaq not only become 50% owners of the company but expect to hold Clearwater’s Canadian fishing licences within a fully Mi’kmaq owned partnership. >click to read< 09:23
How a Mi’kmaq nation found prosperity and a seafood empire
The urban Mi’kmaq reservation, on the southern edge of Sydney, N.S., used to be the kind of place many in Cape Breton avoided. It was seen by outsiders, unfairly, as rough, poor and unwelcoming to business. Chief Terry Paul, “They all used to avoid this place. Now, they’re all here. They have businesses here. Even the taxis wait for their fares.” This month, the remarkable four-decade-long transformation of the community reached a new milestone with Membertou’s co-ownership of the largest shellfish producer in North America, Clearwater Seafoods. >click to read< 11:56
‘Reconciliation in Canada’: The Clearwater deal marks Indigenous nations’ growing clout
Chief Terry Paul, of Membertou First Nation in Nova Scotia, who is leading the Mi’kmaq coalition, described it as a “transformational opportunity for the Mi’kmaq to become significant participants in the commercial fishery,” and praised Clearwater’s management expertise, infrastructure and global presence. A spokeswoman for Clearwater said the new owners have no plans to make any operational changes other than taking the company private. The deal is a major leap for Paul’s Membertou Nation, which posted $67 million in revenue in 2019, with a diversified revenue stream from fishing, the Membertou Trade & Convention Centre on Cape Breton Island and a number of other businesses. >click to read< 10:50
Membertou First Nation Chief Paul leaves Assembly of Mi’kmaq Chiefs in split over moderate livelihood
Chief Terry Paul has stepped down from the Assembly of Nova Scotia Mi’kmaq Chiefs due to a disagreement over how moderate livelihood negotiations are being conducted. Paul, who is chief of Membertou First Nation in Cape Breton, had served as the fisheries lead for the assembly’s negotiation arm called the Kwilmu’kw Maw-klusuaqn Mi’kmaq Rights Initiative (KMKNO). Negotiations fell apart last week between that body and Fisheries and Oceans Canada over the implementation of a moderate livelihood fishery by the Mi’kmaw. Paul said Wednesday that the KMKNO is not adequately representing all of the province’s first nations. “I feel that not all the communities are being treated the same way,” >click to read< 13:34
Membertou First Nation Investments to Expand Participation In Atlantic Canada’s Commercial Offshore Lobster Fishery
Clearwater Seafoods and Membertou First Nation are pleased to announce that they have reached an agreement for the sale of two of Clearwater’s eight offshore lobster licenses to Membertou First Nation. Membertou is investing $25 Million to purchase the licenses, significantly increasing their presence in the commercial fishery in Atlantic Canada. >click to read< 15:28
Clearwater gives up piece of offshore lobster monopoly to N.S. First Nation for $25M – Clearwater currently holds all eight Canadian offshore licences that are fished with a single vessel, the F/V Randell Dominaux, out of Shelburne, N.S. It is the only year-round lobster fishery in Canada and the only one with a quota. Paul said Membertou’s two licences will continue to be fished by the Clearwater vessel. Membertou has gone to the First Nations Finance Authority for the money for the purchase. >click to read<18:26
