FACILITYCalgary

news, commentary & perspective - financings, deals - commercial real estate, infrastructure, oil & gas

FACILITYCalgary May 6/25

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Alex Pourbaix, COO @ TransCanada Corporation, retired

+ Bruce McCuaig, Pres. & CEO @ Metrolinx, stepping down

+ Bruce McCuaig to Executive Advisor/Infrastructure Bank @ Government of Canada

+ Claude Accum to Pres. @ Sun Life Financial Asia

+ Colm Freyne to Exec. VP & Chief Risk Officer @ Sun Life Financial Inc.

+ David Rish to Pres. Global Trade Management @ Livingston International Inc.

+ Deborah White to Dean & CEO @ University of Calgary - Qatar

+ Denis Heieie, CFO @ WPT Industrial REIT, retiring

+ Drew Coles, CEO @ InnVest Hotels LP, stepping down

+ Ione Challborn to Chair, Board of Governors @ MacEwan University

+ Jeff Ratcliffe, CFO & Director @ United Hunter Oil & Gas Corp., resigned

+ John Moore to National Consulting Leader @ PwC Canada

+ Judd Gilats to CFO @ WPT Industrial REIT

+ Katherine Stevenson to Director @ Capital Power

+ Keith Trent to Director @ Capital Power

+ Kevin Strain to Exec. VP & CFO @ Sun Life Financial Inc.

+ Klaus Goersch, Exec. VP & COO @ Air Canada, resigned

+ Lee Levering to Leasing Mgr., Commercial @ Brookfield Residential

+ Li Chen to CEO @ InnVest Hotels LP

+ Mark Behrman to CFO @ Dephi Energy Corp.

+ Monica Curtis, to CEO @ Energy Efficiency Alberta

+ Philippe Moring to CEO @ EXFO Inc.

+ Qi Tang to Acting CFO @ RioCan REIT

+ Sunil Chand to Leader, National Cybersecurity Practice @ Grant Thornton LLP

+ Tom Cronin to CFO @ Livingston International Inc.

+ Vinay Sharma to Chair. @ Electricity Distributors Association

+ Walied Soliman to Chairman @ North Rose Fullbright


[please send us your appointment notices  kolke@facilitycalgary.com]




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ can you humanize your senior executives?  Someone thinks you can …

+ robots? … Check out the robot security guards – they don’t seem to need coffee breaks, vacations or a clothing allowance …




 QUOTES

+ The future is not some place we are going, but one we are creating. The paths are not to be found, but made. And the activity of making them changes both the maker and the destination. – John Schaar

+ Don’t go around saying the world owes you a living. The world owes you nothing. It was here first. – Mark Twain




 KUDOS 

+ to Jim Pattison, philanthropist – for a donation so large we could hear it on this side of the mountains; for giving $75.0 million to the St. Paul’s Foundation for what will be known as the Jim Pattison Medical Centre

+ to Kenn Borek Air team, recognized by the Smithsonian Institution for heroics in is south pole rescue mission – winners of the 2017 Smithsonian National Air and Space Museum Trophy




  GLOSSARY + ABBREVIATIONS + ACRONYMS 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CCS – Carbon Capture and Storage

+ CEAA – Canadian Environmental Assessment Agency

+ Chapter 11 – court ordered creditor protection under U.S. bankruptcy law

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ DIP – debtor in possession

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ EIA – U.S. Energy Information Administration

+ E & P – exploration and production

+ FERC – U.S. Federal Energy Regulation Commission

+ Forbearance Agreement – a short term formalized relief arrangement when loan terms are in default

+ FSR – floor space ratio

+ FTC – U.S. Federal Trade Commission

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ GW - gigawatt

+ G&A – general and administrative

+ HOOP – Healthcare of Ontario Pension Plan

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOU – Memorandum of Understanding

+ MT – metric ton

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ OPEC – Organization of Petroleum Exporting Countries

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFI – request for information

+ RFP – request for proposals

+ RFQ – request for qualifications

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ SAIT – Southern Alberta Institute of Technology

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ TOD – transit oriented development

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport




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FACILITYCalgary
current week data

this  site is refreshed with a new issue every Tuesday morning


updated Apr. 4, 2017




 TODAY'S HEADLINES


HEADLINES: Cenovus $17.7 billion buy from ConocoPhillips | Flames in the news | Maxim Power sale | Pembina Pipeline expansion + Bill Chomik interview | upcoming events, appointments, oil sands/heavy oil + climate change + infrastructure + REIT NEWS + financings 




CONVERSATIONS

This week's conversation with Bill Chomik, Architect, Sr. Principal, VP Infrastructure @ Kasian Architecture

Last week's conversation with Rob Mabee, Media Specialist / Project manager and art-preneur / retail merchant

Last week's conversation with Jacquie Schnider, Public Health Inspector and Public Speaking/Toastmasters iconic leader extraordinaire.

Click here to access the archive: archived conversations with fascinating Calgarians ...



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 SHAREHOLDER MEETINGS

+ Apr. 4; The Bank of Nova Scotia, Annual Meeting of Shareholders, Toronto

+ Apr. 6; CIBC, Annual Meeting of Shareholders, Ottawa

+ Apr. 6; Royal Bank of Canada, Annual Meeting of Common Shareholders, Toronto

+ Apr. 7; Extendicare Inc., Annual Meeting, Toronto

+ Apr. 12; Cargojet Inc., Annual General and Special Meeting of Shareholders, Toronto

+ Apr. 20; Calgary Airport Authority, Annual General Meeting, Calgary

+ Apr. 21; National Bank of Canada, Annual Meeting of Shareholders, Montreal

+ Apr. 25; Canadian National Railway, Annual General Meeting of Shareholders, Regina

+ Apr. 26; The Empire Life Insurance Company, Annual Meeting of Shareholders, Toronto

+ May 2; Agrium Inc., Annual General Meeting of Shareholders, Calgary

+ May 4; Manulife Financial Corporation, Annual Meeting, Toronto

+ May 4; The Manufacturers Life Insurance Company, Annual Meeting, Toronto

+ May 9; George Weston Limited, Annual Meeting of Shareholders, Toronto

+ May 9; Inter Pipeline Ltd. Annual General Meeting of Shareholders, Calgary

+ May 10; Summit Industrial Income REIT, Annual Meeting of Unitholders, Toronto

+ May 12; Emera Inc., Annual Meeting of Shareholders, Halifax

+ May 12; Sleep Country Canada Holdings Inc., Annual General Meeting of Shareholders, Toronto

+ May 23; Sienna Senior Living Inc., Annual Meeting of Shareholders, Toronto

+ May 24; CAPREIT, Annual Meeting of Unitholders, Toronto

+ May 31; PRO REIT, Annual Meeting of Unitholders, Halifax


[send your event notices to:  kolke@facilitycalgary.com ]



 this week in REITS 


+ Automotive Properties REIT closed its $8.9 million acquisition of Barrie Volkswagen dealership property

+ Automotive Properties REIT agreed to acquired Heritage Honda dealership property in Calgary for $23.6 million

+ BTB REIT sold a building in Dollard-des-Ormeaux, QB for $7.0 million

+ Denis Heieie, CFO @ WPT Industrial REIT, retiring

+ Drew Coles, CEO @ InnVest Hotels LP, stepping down

+ Edgefront REIT and Nobel REIT completed their combination; renamed Nexus REIT

+ Judd Gilats to CFO @ WPT Industrial REIT

+ Li Chen to CEO @ InnVest Hotels LP

+ Milestone Apartments REIT got unitholder approval for its going-private transaction with Starwood Capital Group

+ NorthWest Healthcare Properties REIT is on the market to raise $85.0 million in equity

+ Pure Multi-Family REIT LP is on the market to raise $80.0 million in equity

+ Qi Tang to Acting CFO @ RioCan REIT

+ Summit Industrial Income REIT agreed to acquired 138,418 sq. ft. property in Sherbrooke, QB for $14.8 million




NEWS SUMMARY 
 Mar. 28 ~ Apr. 4  


+ Anthem Properties Group Ltd. is re-branding; now they are just ‘Anthem’

+ BP agreed to sell its Forties North Sea pipeline to Ineos for US$250.0 million

+ Calgary Flames are staying, right? Expect some fan consternation to continue as ‘war or words’ between Flames CEO Ken King and Mayor Nenshi are bandied about the media – nothing fake, no alternative facts, just two views of how the deal will get done for a new arena. If Calgary’s 2026 Winter Olympics bid goes forward, surely Calgary’s best chances will include multiple arenas for curling, figure skating … and some hockey.

+ Cenovus Energy Inc. agreed to acquire most of the Canadian assets, including all it’s oilsands holdings from ConocoPhillips for $17.7 billion, of which $14.1 billion is cash, the rest is stock equal to 25% of the current outstanding shares of the company; raising more equity and selling assets are key to this scenario that raises eyebrows and may be dilutive to shareholders … tic toc; seems to be an expensive way to get rid of a partner …

+ Cenovus Energy Inc. is reported to be in discussions with Brookfield to postpone its occupancy of nearly complete Brookfield Place; not a surprise given the number of building occupied by ConocoPhillips and Cenovus … expect some musical chairs as business units plan their moves as do employees; word is about 1,000 (both field and head office staff) ConocoPhillips employees will move over to Cenovus when the big deal closes

+ Clearview Resources Ltd. closed its $20.1 million acquisition of Pembina area assets

+ current energy prices – live link to current Bloomberg energy prices; crude up but wobbly – WTI above US$50/bbl; Libyan uncertainty, U.S. stockpiles are down and potential OPEC certainty are buoying trader sentiment …

+ Hyduke Energy Services Inc. agreed to acquired Avalanche Metal Industries Inc.

+ Maxim Power Corp. closed its US$84.0 million sale of Maxim Power (USA) Inc. to Hull Street Energy

+ Mullen Group Ltd. acquired 62.1% of Envolve Energy Service Corp. to now hold 100%

+ OEL Projects Ltd. and McIntosh Perry Consulting Engineers Ltd. to merge; will operate as McIntosh Perry

+ Pembina Pipeline Corporation announced a $325.0 million expansion of its Labor – to – Namao infrastructure

+ Razor Energy Corp. announced its 2017 CapEx Budget is $13.0 million

+ rig counts: down 30 to 155 – full breakdown

+ Savanna Energy Services Corp. terminated its takeover arrangement with Western Energy Services Corp.; Total Energy Services Inc. have acquired more than 50% of Savanna shares

+ SNC-Lavalin has made a $3.5 billion takeover bid to acquire WS Atkins, a British engineering firm

+ Sproule acquired Niven Fisher

+ Steelhead LNG reached agreement with Huu-ay-aht First Nation for its Sarita LNG project on the west coast of Vancouver Island




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Blue Sky Energy Inc. is on the market to raise $5.0 million in equity by private placement

+ CanWei Building Materials Group Ltd. is on the market to raise $35.0 million

+ Cenovus Energy Inc. is on the market to raise $3.0 billion in equity

+ Clarocity Croporation closed $1.0 million tranche of an equity financing

+ Clearview Resources Ltd. closed $21.14 million in equity financings by private placement

+ Gaz Metro Inc. closed $100.0 million equity financing by private placement

+ Intermap closed US$2.890 million rights offering

+ Marksmen Energy Inc. closed $135,000.0 final tranche of an equity financing

+ NorthWest Healthcare Properties REIT is on the market to raise $85.0 million in equity

+ PetroShale Inc. is on the market to raise $70.0 million in equity

+ Petro-Victory Energy Corp. is on the market to raise $500,000.0 in equity by private placement

+ Pure Multi-Family REIT LP is on the market to raise $80.0 million in equity

+ Renaissance Oil Corp. closed $11.2 million equity financing by private placement




 NEW TECH + TOOLS TO WATCH 

+ a fast way to journal – 60 Seconds Everyday

+ meeting notes made easy; MeetNotes .. free trial




 SAVE THE DATE / upcoming events


+ Apr. 4-7/2017; Japan Gastech Conference & Exhibition, Tokyo; info/register/save the date

+ Apr. 5-7; National Privacy & Data Governance Congress, Carriage House Inn, Calgary; info/register

+ Apr. 8; Strong Hearts, 7th Annual Silent Auction and Fundraiser, Point & Feather Pub, Calgary; info/tickets/donate

+ Apr. 10-11; North American Crude Oil Summit, Omni Houston Hotel, Houston, TX; info/register

+ Apr. 11; Vancouver Real Estate Forum, Vancouver Convention Centre, Vancouver; info/register

+ Apr. 20; Saskatchewan Real Estate Forum, Queensbury Convention Centre, Regina; info/register

+ Apr. 26; Administrative Professionals Day - everywhere

+ Apr. 27; ICSC Canadian Law Conference, Fairmont Royal York, Toronto; info/register

+ May 2-3; Alberta - U.S> Trade Summit, TELUS Convention Centre, Calgary; info/register

+ May 2-3; Partners In Prevention 2017, The International Centre, Mississauga; info/register

+ May 5; Calgary Economic Development - Report to the Community; REIMAGINE, info/tickets

+ May 8-10; Multiple Pathways to Clean Energy, The Hotel Saskatchewan, Regina; info/register

+ May 11; Edmonton Real Estate Forum, Shaw Conference Centre, Edmonton; info/register

+ June 5; World Environment Day - time to save the planet

+ June 13 - 15/2017; Global Petroleum Show, Stampede Park, Calgary; info/save the date

+ June 17; Breakfast on the Bridge, Peace Bridge @ 5AM, Calgary, info/tickets - call 403-410-2320 ext. 3591 or visit calgarymfrc.ca

+ Sept. 12-13/2017; Oil Sands Trade Show & Conference, Suncor Community Leisure Centre, Fort McMurray; info/registration

+ Sept. 17-20; 2018 Gastech Exhibition & Conference, Gran Via Venue, Barcelona, Spain; info/register

+ Oct. 16-24/2017; World Design Summit, ‘UNESCO City of Design’, Montreal


[send your event notices to:  kolke@facilitycalgary.com ]



 INFRASTRUCTURE / P3  


+ airport disposition interest continues for the Trudeau government; CPPIB has expressed interest, as have Ontario Teachers’ Pension Plan and others …

+ Bruce McCuaig to Executive Advisor/Infrastructure Bank @ Government of Canada

+ EY published a report – average Canadian infrastructure projects run 39% over budget and behind schedule by 12 months. Yikes!




INTERESTING REAL ESTATE NEWS, other places


+ Great-West Life Real Estate Fund acquired Westbank Hub Centre North near Kelowna and Creekside Crossing in Airdrie




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