FACILITYCalgary

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FACILITYCalgary May 6/25

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CONVERSATIONS

This week's conversation with Mogens Smed, Founder and CEO @ Falkbuilt

A recent conversation with Brian Milloy, Co-Founder, Pres. & CEO at Levvel

Click here to access the archive (2012-2020) : archived conversations with fascinating Calgarians ...



SHAKERS AND MOVERS 
appointments and disappointments 

+ Andrew Chan to Principal Water Resources Engineer @ Matrix Solutions Inc.

+ Bert van der Stege to Head of Commercial @ Swoop Inc.

+ Bruce Dielissen to Talent Acquisition Mgr. @ BURNCO Rock Products Ltd.

+ Cameron Mingay to Chairman @ Pond Technologies Holdings Inc.

+ Candace Breton to Mgr., Facilities and Office Services @ Ovintiv

+ Caroline Riseboro to Pres. & CEO @ Trillium Health Partners Foundation

+ Cassandra McAuley to VP Communications & Stakeholder Engagement @ Tourism Calgary

+ Charlie Deeks to Chief Investment Officer @ Blackstone Portfolio Company

+ Christopher Ames to CFO @ High Arctic Energy Services Inc.

+ Damir Jesic to Assistant VP, Commercial Financing @ First National Financial LP

+ Ian Robertson to Pres., Canada @ Kingsdale Advisors

+ Jane Kearns to Director @ Clear Blue Technologies Inc.

+ Jeffrey Orr to Pres. & CEO @ Power Corporation of Canada

+ Jennifer Bue to VP, Controller @ WestJet

+ Jessica Smith to Sr. Property Mgr., Calgary @ First Capital REIT

+ Jim Hodson, CFO @ @ High Arctic Energy Services Inc., left the company

+ John Boudreaux, to Logistics & Procurement Mgr. @ Reconnaissance Energy Africa Ltd.

+ Mandy Adams to National Sales Mgr. @ Rec Media Inc.

+ Mario Tremblay to Board Chair @ Fonds de solidarité FTQ

+ Marta Gold to Communications Mgr., Office of the President @ Athabasca University

+ Megan Beierle to Communications Content Coordinator @ Black Diamond Group

+ Myron Stadnyk, CEO @ ARC Resources Ltd., retiring

+ Penny Wise to Pres. @ 3M Canada

+ Sarah Walker to VP Financial Planning & Analysis @ WestJet

+ Shiraz Dhanani to Director @ Reconnaissance Energy Africa Ltd.

+ Terry Anderson to CEO @ ARC Resources Ltd.

+ Thomas Linden to Director @ Venzee Technologies Inc.

+ Veronica Maggisano to VP, Development @ Oxford Properties Group

~

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




 HUMAN RESOURCES + WORKPLACE TRENDS 

+ Alberta’s 2020 Top 75 Employers report

+ combating the afternoon crash

+ coronavirus and managing remote staff




 SAVE THE DATE / upcoming events

+ Feb. 24-27; Canada Gas Association OEIC Conference, Hyatt Regency, Calgary; info/register

+ Feb. 24-28; 24th Annual International Pressure Equipment Integrity Association Conference & Exhibition, Banff Centre, Banff; info/registration

+ Feb. 25; RealCapital Conference, Metro Toronto Convention Centre, Toronto; info/register

+ Feb. 27; GOA, Budget Speech, Alberta Legislature, Edmonton - details

+ Mar. 13-14; Canada’s 8th National Fair Trade Conference, Hotel Arts, Calgary; info/registration

+ Mar. 26-27; DARE TO LEAD by Incito, Vancouver; info/register

+ Mar. 31; Vancouver Real Estate Forum, Vancouver Convention Centre West, Vancouver; info/register

+ Apr. 1; Western Canada Apartment Investment Conference, Vancouver Convention Centre West, Vancouver; info/register

+ Apr. 1-3; Economic Developers Alberta, 2020 Conference & AGM, Kananaskis; info/register

+ Apr. 22; Earth Day (50th Anniversary), celebrated world wide; details

+ May 12-13; Business Transitions Forum, Westin Edmonton; info/registration

+ May 12-14; Canada Gas and LNG Exhibition and Conference, Vancouver Convention Centre, Vancouver; info/register

+ June 8-10; NeoCon, theMart, Chicago; info/register

+ June 9-11; Global Energy Show, Stampede Park, Calgary; info/inquiries/register

+ July 3-12; Calgary Stampede, Stampede Park, Calgary; info/tickets

+ Aug. 22; Fresh Start Recovery’s 12 Stop Ride For Recovery Motorcycle Road Rally; save the date

+ Sept. 22-24; BOMEX 2020, 20th Annual Building Excellence Summit,  JW Marriott Parq, Vancouver; save the date




 SHAREHOLDER MEETINGS

+ Mar. 13; Cryptologic Corp., Annual and Special Meeting of Shareholders, Toronto

+ Mar. 13; Sun Life Financial Inc., Annual Meeting of Shareholders, Toronto

+ Mar. 20; Pattern Energy Group Inc., Special Meeting of Stockholders to Vote on CPPIB Merger, San Francisco

+ Mar. 21; Arrow Exploration Corp., Annual General and Special Meeting, Calgary

+ Mar. 30; Cargojet Inc., Annual General Meeting of Shareholders, Toronto

+ April 7; Bank of Nova Scotia, Annual Meeting of Shareholder, Toronto

+ May 5; Sun Life, Annual Meeting of Common Shareholders, Toronto

+ May 7; SNC-Lavalin, Annual General Meeting, Montreal

+ May 12; Optiva Inc., Annual and Special Meeting of Shareholders, Toronto

~

[ please send your event notices and AGM notices to  kolke@facilitycalgary.com ]




 QUOTES 

+ You get the best out of others when you give the best of yourself. – Harvey Firestone

+ The strength of a family, like the strength of an army, is in its loyalty to each other. – Mario Puzo




 KUDOS 

+ to David Ayres; the story goes like this – in the NHL the home team must supply an emergency goal-tender to be standing by if both goaltenders for a team get injured. On Saturday night in Toronto, the emergency goal-tender was David Ayres, a 42-yr old Zamboni driver who had a kidney transplant 15 yrs. ago, supplied by Toronto Maple Leafs who were playing the Carolina Hurricanes; called into the game in the 2nd period when the score was 4 to 1 for the Hurricanes, he gave up two goals but stopped all other shots as the Hurricanes won 6-3. A big waytogo to David Ayres.




 CHECK OUR OUR MEDIA PARTNERS ~ 



 SAVE THE DATE - CHARITY GOLF TOURNAMENTS 

+ June 14; Willow Park Golf and County Club Charity Classic in support of Calgary Reads, Calgary; info - registration/sponsorship

+ June 15; 2020 Peanut Butter Classic, Elbow Springs GC, Calgary; sponsorship,  info/registration

+ July 9; 18th Annual Coast Hotels Shuhachi Naito Golf Classic, Tsawwassen Springs Golf Club, Delta, BC; info/register

+ Aug. 10; 2020 Legends for Learners Tournament in support of The Education Partnership Foundation, Valley Ridge Golf Course, Calgary; sponsorship - info/register

~

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




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 TODAY'S HEADLINES


HEADLINES: Alberta wins on Carbon Tax in Appeal Court | Alberta’s sky IS NOT FALLING | Alberta top employers | COVID-19 updates | Chinook being acquired by Tourmaline | Northview Apartment REIT $6.4 billion takeover | Strad going private | Suncor gets Meadow Creek approval | Telus pension plan takeover of some Strategic properties + Mogens Smed interview  + deals + rig counts + upcoming events, appointments + REIT NEWS + financings + quotes + kudos




 sponsors of this week's issue:

 
Visit: https://falkbuilt.com/
~
E-mail: thom.hinton@falkbuilt.com
~
DIGITAL COMPONENT CONSTRUCTION

 


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Realtor - licensed in Alberta for Residential, Commercial and Property Management ~ under contract to MaxWell South Star Realty

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For showings and information, call Jenn at 587-600-1960 

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Visit: https://www.incito.ca/
~
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OFFICE MOVERS



Visit: Levvel.ca
~
E-mail: connect@levvel.ca
~
OUR SERVICES



 CORPORATE RESPONSIBILITY + ESG REPORTS 


+ Sustainalytics launched SustainalyticsESB Data



  GLOSSARY + ABBREVIATIONS + ACRONYMS 

CLICK HERE FOR FULL GLOSSARY  




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“Cat’s Pick is a community based newsletter, that includes career postings; community, industry and networking events.”




 INFRASTRUCTURE + P3 


+ GOA announced $137.0 million upgrade at Peter Lougheed Hospital; primary elements are expansion and modernization of emergency department; project completion by 2024

+ Northland Power Inc. expanding its offshore wind portfolio in Asia; acquired Wind Farm Co. Ltd., a South Korean development company; terms not disclosed




 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ QuadReal Property Group and Realstar JV acquired apartment complex in London, UK, for €120.0 million



 INTERESTING TRENDS IN RETAIL 


+ Victoria’s Secret sold; L Brands sold a 55% stake to Sycamore Partners for US$525.0 million; Lex Wexner, CEO, stepping down




 this week in REITS 


+ Allied Properties REIT closed $400.0 million sr. unsecured debt financing

+ Choice Properties REIT is on the market to raise $500.0 million in sr. unsecured debt

+ Inovalis REIT closed the sale of its Vanveset property in Paris, France for $138.4 million

+ Jessica Smith to Sr. Property Mgr., Calgary @ First Capital REIT

+ Starlight Investments and KingSett Capital agreed to acquire Northview Apartment REIT for $4.8 billion

+ Warburg Pincus bidding A$1.73 billion for Australia’s National Storage REIT

+ WPT Industrial REIT agreed to acquire a distribution and logistics portfolio (27 properties / 8.98 million sq. ft.) for US$730.0 million

+ WPT Industrial REIT is on the market to raise US$203.0 million in equity

+ WPT Industrial REIT is on the market to raise US$37.0 million in equity by private placement




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 weekly newsletter

Est. July, 1999

~
Mark Kolke, Publisher

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NEWS SUMMARY 
 Feb 18 ~ 25 / 2020 


+ a warm welcome to our newest sponsor/advertiser at FACILITYCalgary - Falkbuilt

+ Alberta Court of Appeal ruling on Carbon Tax: in a majority 4-1 decision, the court ruled the Federal Carbon Tax ( Greenhouse Gas Pollution Pricing Act) is unconstitutional … good news for Albertans, and a Kenny campaign promise kept – but we should expect the Trudeau government will appeal this decision to the Supreme Court of Canada; we should also expect Alberta, as an intervenor, to bring this decision to the Supreme Court when it hears appeal from Ontario, Saskatchewan and Quebec next month … tic toc

+ Alberta’s sky is not falling – there is MUCH ado over some competing issues and questionable timing. There is plenty of rhetoric and blame to go around; Kenny government finally got all indigenous groups on-board for the Teck/Frontier mine project, girding for a win as Trudeau government juggled its deadline for the Frontier approval with tension over emissions caps at the core of it, Coast Gas Link issues/blockades and railway issues, notwithstanding Teck’s role … but the Teck project is one for the future, and a future majority federal government not gridlocked with other political issues will likely approve to the ‘regulation- compliant’ application when oil price outlook is better and pipeline capacity actually exists; Teck will have no trouble finding a partner(s) when the time is right. GOA, Teck, and indigenous groups have their wits about them – and the Teck withdrawal is ‘smart politics’ from an Alberta perspective – there is no rush, and pressure remains on Trudeau government but they get a breather on this one so they can focus on pipelines, pipelines, pipelines … and railroads! … and, a P.S. to all that – you don’t have to be a word-splicer or political talking head to realize, and appreciate, the two thrusts of the Federal Government statement; they are obviously relieved to not have to make the decision on Teck’s submission, and they freely state it was highly credible: We also recognize Teck's leading class consultation work on this project, including their efforts to engage with local Indigenous communities throughout the project development and review process. Teck's consultation model is a positive example for future proponents”

+ Alberta’s 2020 Top 75 Employers report

+ Chinook Energy Inc. agreed to a Plan of Arrangement, to be acquired by Tourmaline Oil Corp.; subject to shareholder approval

+ COVID-19 virus watch: total infected over 77,658, deaths 2,663 with numbers rising daily; now in 29 countries, with concerns rising in South Korea (977 cases, 15 dead), Northern Italy (228 infected, 7 dead) and Iran (95 cases, 12 dead) as the virus spreads. United States have 53 cases, no deaths. Canada doing well so far – 7 cases, no deaths, and now a hotel quarantine in Tenerife, Canary Islands has 1,000 tourists sequestered because an Italian doctor staying there is infected; Canadians quarantined on cruise ship in Japan flown home – and quarantines continue at Trenton and Cornwall; meanwhile, stock markets and financial pundits swivel and tilt in predictions of stock market and economy ramifications from mild-trouble to catastrophe; WHO officials comments have given reason for us all to remain nervous ~ and then there is the question of whether these governments are telling the truth – and one wonders if the real numbers are much higher … and the shortage of face masks is getting lots of media play; China, Korea, Northern Italy quarantines v. political rhetoric keep us all in the dark. WHO says ‘gaps in readiness’, especially in Africa pose a large threat. Meanwhile, the Brookings Institution blame chronic government underfunding for prevention and ‘quick action’, predict a pandemic … tic toc

+ Dinosaur Trail Golf & Country Club placed in receivership by ATB; Hardie & Kelly Inc. are trustee

+ Duo Bank of Canada agreed to acquired Fairstone Financial Holdings Inc.; terms not disclosed

+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices tumbled and remain soft as traders still shuddering over COVID-19 and reduced China crude requirements and non-confidence in OPEC/Russian solidarity on production volumes

+ Ernst & Young are marketing the PetroWest building For Sale as part of its receivership role;

+ Highwood Oil Company Ltd. agreed to sell a majority interest in its Red Earth asset for $8.0 million

+ Ovintiv Inc. announced its 2020CapEx Budget is US$2.7 billion

+ rig activity in Canada

+ rig counts (active/working) – U.S.: up 1 to 791 this week; Canada: down 11 to 244 this week; full breakdown

+ Starlight Investments and KingSett Capital agreed to acquire Northview Apartment REIT for $4.8 billion

+ stock markets around the world reeling in reaction to COVID-19 news and investor fears; Dow Jones down 3.6 % on Monday …

+ Strad Inc. agreed to a going-private transaction; $130.0 million transaction value. The arrangement is subject to shareholder approval

+ Suncor Energy got GOA approval for its 2-stage Meadow Creek West thermal oilsands project; 1st 40,000 bbl/day stage will be operational in 2023

+ Teck’s Resources Ltd.’s Frontier $20.6 billion oilsands mine project was on Trudeau cabinet’s agenda for a decision this week; Teck has withdrawn the application citing climate policy uncertainty; Teck will take a $1.13 billion write-down on its current year financials – presumably the cost-to-date for their project; it is fair to say ‘smart tactical move vis-à-vis Liberal government’ – Teck still has its lease from GOA, still has its stellar environmental credentials, still large, still Canadian; one might speculate, at a future date, Teck might sell a ‘ready to go’ project once there is different federal political landscape …

+ Telus Pensions Master Trust in throws of a deal to take over a portfolio of JV properties held by Strategic in which the Telus pension fund is a partner; 45 properties involved. The Strategic group receivership continues ~ involves 56 properties, of which 25 are Telus JV properties, so that will leave 31 properties still under the Strategic receivership

+ Temple Hotels Inc. completed its going-private transaction; now 100% owned by Morguard Corporation

+ Tourmaline Oil Corp. acquired Polar Start Canadian Oil and Gas Inc. and Chinook Energy Inc. for $33.4 million

+ Trudeau government and Coastal Gas Link troubles continue, though recent illegal rail blockades (ViaRail and CN have had shutdowns and layoffs, CP has been disrupted too) across the country are all in sympathy for 6 Wet’suwet’en hereditary chiefs, 2 of whom have changed their position; meanwhile, arrests of protestors and dismantling blockade work has begun – ViaRail and CN both announced restarts to service …

+ WeWork opened its first locations in Calgary; The Edison and Stephen Avenue Place




 CORRECTIONS .. OOPS 

Last week we reported an item incorrectly:

+ Bombardier will just make skidoos and planes now; they’ve agreed to sell their rail division to Alstom for $6.7 billion; Caisse de dépôt et placement du Québec becomes Alstom’s largest shareholder in the process. Enterprise value is $8.2 billion.

This should have said:

+ Bombardier will just make planes now; they’ve agreed to sell their rail division to Alstom for $6.7 billion; Caisse de dépôt et placement du Québec becomes Alstom’s largest shareholder in the process. Enterprise value is $8.2 billion. The ‘remainder of Bombardier’ will be its corporate jet arm …




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Algernon Pharmaceuticals Inc. closed $1.55 million equity financing by private placement

+ Allied Properties REIT closed $400.0 million sr. unsecured debt financing

+ EarthRenew Inc. is on the market to raise $2.328 million in equity by private placement

+ encore Energy Corp. closed $1.85 million exercise of warrants equity financing

+ Choice Properties REIT is on the market to raise $500.0 million in sr. unsecured debt

+ Genworth MI Canada Inc. closed $300.0 million unsecured debt financing

+ Hemostmix Inc. is on the market to raise $2.0 million in secured convertible debt by private placement

+ iA Financial Corporation Inc. closed $400.0 million sub debt financing

+ Intact Financial Corporation closed $150.0 million preferred share issue

+ Lite Access Technologies Inc. closed $2.05 million tranche of an equity financing by private placement

+ Media Central Corporation Inc. closed $1.6 million sr. secured convertible debt financing

+ PetroFrontier Corp. closed $1.5 million equity raise by private placement

+ SQI Diagnostics Inc. closed $2.67 million tranche of an equity financing by private placement

+ Standard Lithium Ltd. closed $12.1 million special warrants equity financing

+ TELUS Corporation is on the market to raise $1.3 billion in equity

+ Touchstone Exploration Inc. closed US$11.6 million equity financing by private placement

+ Vitalhub Corp. is on the market to raise $13.5 million in equity by private placement

+ WPT Industrial REIT is on the market to raise US$203.0 million in equity

+ WPT Industrial REIT is on the market to raise US$37.0 million in equity by private placement

~

*editor’s note: names companies involved in debt financing transactions we report in this section are ALWAYS the borrower; we report ‘fresh raises’ and do not report secondary offerings …




 CONSTRUCTION NEWS + BUILDING INNOVATIONS  


+ Canada’s first zero-carbon, mass timber college building

+ finalists in 2019 Construction Photo Contest

+ windows that generate electricity; check out Ubiquitous Energy


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this site last updated May 6, 2025