An election window is not a close
SECURE (TSX: SES) said August 27 that registered shareholders must get their GFL election in by 5:00 p.m. Calgary time on Monday, August 31. Beneficial holders go through their broker and may face an earlier cut-off. For each SECURE share you can ask for $24.75 cash, 0.4195 of a GFL subordinate voting share, or $4.95 cash plus 0.3356 of a GFL share, plus $0.0001 of mandatory cash. All-cash and all-stock elections are prorated so the pool is 80 percent GFL stock and 20 percent cash. If you do nothing you are deemed to take the mix. A holder who ticks all cash can still get stock.
The underlying deal is April 13 paper. GFL (TSX: GFL, NYSE: GFL) agreed to buy all of SECURE at $24.75 a share, about $6.4 billion of enterprise value. That was a 23 percent premium to the 60-day VWAP through April 10. SECURE shareholders voted yes on May 27, about 79 percent of votes cast. The Court of King's Bench of Alberta heard the final-order application on May 28. Close is still aimed at the second half of 2026. The company says Competition Act approval and other customary conditions remain. Do not write SES as already delisted.
This is waste infrastructure, not a new terminal
SECURE's book is waste, terminals, and energy infrastructure. GFL is a broader environmental platform. The April note said SECURE holders would keep about 16 percent of the combined company. That is pro forma ownership talk. It is not a 2026 volume add on listed.php. GFL is not on the energy producer list.
Neutral read
SES is on the listed oilfield-services list. Banks were skipped. August 31 at 5:00 p.m. and $24.75 are the new facts. Write the election as a paperwork deadline, not as cash in the account. Watch whether the Competition Act clearance actually lands, whether proration leaves all-cash electors holding GFL, and whether second-half close slips.