+ I never expected any sort of success with ‘Mockingbird’ … I sort of hoped someone would like it enough to give me encouragement. – Harper Lee
+ We do not remember days, we remember moments. – Cesare Pavese
KUDOS
+ SAIT Polytechnic won GOLD; the 2016, Vanier College BDC Case Challenge – the 11th annual competition. SAIT’s students involved were: Andrea Cubillos, Megan Miller, Becky Salmond, and Pinder Sangha. Coaches were Kevin Pahl and Vicky Roy. Waytogo!
SHAREHOLDER MEETINGS
+ Feb. 25; Oando Energy Resources Inc., Special Meeting of Shareholders, Vancouver
+ Feb. 29; Long Run Exploration Ltd., Special Meeting/Approve Plan of Arrangements, Calgary
+ Mar. 8; Extendicare Inc., Special Meeting of Shareholders, Markham, ON
+ Mar. 14; Petromanas Energy Inc., Annual General and Special Meeting of Shareholders and Proposed Consolidation, Calgary
+ Mar. 18; Mainstreet Equity Corp., Annual and Special Meeting of Common Shareholders, Calgary
+ Apr. 5; CIBC, Annual and Special Meeting of Shareholders, Vancouver, BC
+ Apr. 6; Royal Bank of Canada, Annual and Special Meeting of Common Shareholders, Montreal
+ Apr. 7; Cargojet Inc.; Annual General Meeting of Shareholders, Toronto
+ Apr. 8; Rock Energy Inc., Special Meeting of Shareholders, Calgary
+ Apr. 9; Scotiabank, Annual and Special Meeting, Ottawa
+ Apr. 19; Sienna Senior Living Inc., Annual and Special Meeting of Shareholders, Toronto
+ May 4; Agrium Inc., Annual Meeting of Shareholders, Calgary
+ May 25; Partners REIT, Annual and General Meeting of Unitholders, Toronto
+ ADT is being acquired by Apollo Global for US$7 billion
+ Argent Energy Trust is in CCAA court ordered creditor protection; FTI Consulting Canada Ltd. was appointed as monitor. The court’s order allows the continuation of Argent’s sales solicitation process …
+ Chevron Canada Resources will reduce 130 positions; one in five of its Calgary workforce
+ current energy prices – live link to Bloomberg energy prices; prices up yesterday (US$33/barrel – and oil stocks buoyant too) but volatility continues as glut talk resumes, though talks among Russia, Saudi, Nigeria and several other OPEC members are focused on freezing January/2016 production levels – though whether or not Iran will cooperate is the proverbial fly in the soup …
+ Devon Energy Corp. cutting workforce by 20% in 1st qtr 2016; 1,000 people company-wide will lose jobs this month, 600 more later in the year with asset divestitures
+ Dream Office REIT has put a $1.2 billion portfolio of its office buildings on the market
+ Encana Corp. and Cenovus Energy Inc. both had their debt ratings cut by Moody’s; now junk-status
+ Enerplus Corporation reduced its 2016 CapEx Budget to $200 million
+ FACILITYCalgary’s new OP-ED page: ‘Plunging oil prices. Always negative? Or can there be a silver lining?, by Elmira Aliakbari - click VIEWPOINT
+ Gowlings completed its merger with Wragge Lawrence Graham & Co.; will operate as Gowling WLG
+ Granite Oil Corp. announced its 2016 CapEx Budget is $10.2 million
+ IEA projects Canadian oil production will top out/slow/halt within five yrs. though they also say a cut to exploration budgets will lead to a price spike; take a peek at the overview
+ Honeywell and United Technologies are rubbing noses – potential merger would create a US$94 billion/yr. company
+ National Bank agreed to acquire Bridgewater Bank’s credit card business
+ NEB published its pipeline Condition Compliance feature – you can follow progress, download in EXCEL format – covers period 2010-2015
+ Newalta Corporation reduced its 2016 CapEx Budget to $15 million, down from $30 million
+ Penn West Petroleum Ltd. settled class action lawsuits against the company over restatement of financial data in July/2014; $53 million … yikes … that’s a lot of re-stating …
+ Petrus Resources Ltd. announced its 2016 CapEx Budget is $11 million
+ Spriza Media Inc. is the new name for Iron Tank Resources Corp.
+ U.S. oil patch bankruptcies may prove interesting/horrid for pipeline companies; the companies in Chapter 11 are seeking to break long term contracts with pipelines – litigation is unfolding; tic toc …
THIS WEEK IN FINANCINGS
- proposed & closed
+ Advantage Oil & Gas Ltd. is on the market to raise $87.5 million in equity
+ Alimentation Couche-Tard Inc. closed US$78.6 million sr. unsecured debt financing
+ CN is on the market to raise US$500 million in debt offering
+ Emerald Bay Energy Inc. closed $1.0 million equity financing
+ Hydro One Inc. is on the market to raise $1.35 billion in debt
+ Manitok Energy Inc. closed final tranche of its $10.6 million equity financing
+ Manulife Financial Corporation is on the market to raise $400 million by a preferred share issue
+ Raging River Exploration Inc. is on the market to raise $95.2 million in equity
+ Shaw Communications Inc. closed $300 million in sr. unsecured senior debt financing
+ Sun Life Financial Inc. closed $350 million in unsecured sub. debt financing
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ Dr. Fred Wrona, Chief Scientist of the Alberta Environmental Monitoring, Evaluation and Reporting Agency (AEMERA), will present to a conference: The Arctic in 2045: a long-term vision
+ France unveiled plans to cover 1,000 km of roads with solar panels. Really? Yes, a collaboration between road builder Colas and the National Institute of Solar Energy; the project will take five years. No word yet on how those panels react with snowplows …
OIL SANDS NEWS
+ Fort McKay First Nation and Noralta Lodge joined forces to form a new accommodations service company; Noralta Lodge's Village has 3,000+ guest rooms in five open lodges on Fort McKay First Nation traditional lands
+ CT REIT agreed to acquire the Canadian Tire Corporation distribution centre in Bolton, ON; price was $325 million for the sale/leaseback deal – 1.4 million sq. ft. and 81 acres of trailer parking
+ Dream Office REIT has put a $1.2 billion portfolio of its office buildings on the market
+ Paul Harrs to COO @ Partners REIT
+ Robert Palmer, CFO @ Northview Apartment REIT, resigned
INTERESTING REAL ESTATE NEWS, other places
+ Anban Insurance Group Co. Ltd. (Chinese investors) agreed to acquire a 66% interest in Bentall Centre (all four towers) in Vancouver
+ Irving Oil is planning a new head office facility in Saint John, NB; it will be an 11-storey home to 1,000 employees being consolidated from multiple locations; B+H Architects are designers – site work to start this year
+ MetLife acquired Alley24 in Seattle (215,402 sq. ft. Class A office building) from Vulcan Inc. and PEMCO Insurance Co. for US$129.3 million
+ Tishman Speyer acquired the CNN office tower in Los Angeles from Broadreach Capital Partners for US$127 million (US$600/sq. ft.); 204,000 sq. ft.
INFRASTRUCTURE / P3
+ Infrastructure Ontario is moving ahead with Finch West LRT project; bids have been requested from short-listed teams – Humber Valley Transit Partners, Mosaic Transit Group and FACT Partners: 11 km. of LRT line, 16 surface stops, maintenance & support facilities – expected completion in 2021
BITS AND PIECES FROM ALL OVER
+ nominations are open – for Alberta’s highest honour: Alberta Order of Excellence. Find out how to nominate someone worthy
+ the Montreal Economic Institute conducted a survey of Quebecers; seems they want to develop their own oil and transport it with pipelines – in sharp contradiction, I think, to recent positions taken by Denis Codere, Mayor of Montreal, and other mayors, voicing opposition to Alberta oil being transported via pipelines in la belle provence
+ whopper loss – Australian firm BHP Billiton booked a half-year loss of US$5.67 billion
