+ Jan. 28; Alberta Real Estate Association, Annual General Meeting, Banff

+ Feb. 10; Vicwest Inc., Debenture Holders Meeting, Toronto

+ Feb. 24; Crown Point Energy Inc., Shareholder Meeting/Takeover Bid, Calgary

+ Apr. 23; CIBC, Annual General Meeting, Calgary

+ May 7; Lundin Petroleum AB, Annual General Meeting, Stockholm, Sweden

+ May 12; Karnalyte Resources Inc. Annual General and Special Meeting of Shareholders, Saskatoon

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

+ Arnaud Robert to Sr. VP Technology Strategy @ Shaw Communications Inc.

+ Bob Fitzgerald to CEP @ SCM Insurance Services

+ Brian Moncik to CFO @ FAM REIT

+ Christine Shipto to Sr. VP Content, Shaw Media @ Shaw Communications Inc.

+ Craig McDougall to Head of Mergers & Acquisitions, Canada @ Raymond James Ltd.

+ Craig Sheldon to Pres. & CEO @ Richardson International Limited

+ Craig Wiebe to VP Exploration @ Blackbird Energy Inc.

+ Dale MacMaster to Chief Investment Officer @ Alberta Investment Management Corp. (AIMCo)

+ Dan Thompson to CEO @ Shoreline Energy Corp.

+ Gary Lobb, CFO @ Shoreline Energy Corp., resigned

+ Gerardjan Cosijn, VP Geoscience & Corp. Dev. @ CYGAM Energy Inc., resigned

+ Jacques Benoit to Sr. VP Engineering @ Pacific Future Energy Corporation

+ John Christmann to CEO @ Apache Corp.

+ Jon Saunders to VP Finance @ Polaris Transportation Group

+ Kaitlin Beaudry to Leasing Representative @ Western Corporate Business Centre

+ Link Byfield, former editor @ Alberta Report, died

+ Mairead Lavery to Sr. VP Bus. Dev. @ Export Development Corporation

+ Raj Sherman, Leader @ Liberal Party of Alberta, resigned

+ Scott Antoniak to CEO @ FAM REIT

+ Steve Farris, CEO @ Apache Corp., retired

+ Tim Marsh to Sr. VP Sales & Marketing @ Canadian Pacific

+ Trevor Folk to CFO @ Shoreline Energy Corp.

+ Winnie Leung to CFO @ Moneris Solutions Corporation

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

+ Donald Wright, Director @ Condor Petroleum Inc., resigned

+ Grant MacEachern to Director @ Calgary Airport Authority

+ Gus Halas to Director @ Madalena Energy Inc.

+ James Bertram to Lead Director @ Legacy Oil + Gas Inc.

+ Jalynn Bennett, Director @ Cadillac Fairview Corp., died

+ Larry Shumka to Exec. Chairman @ SCM Insurance Services

+ Mayo Schmidt to Director @ Agrium Inc.

+ Rupert Duchesne to Director @ Mattamy Homes Limited

+ Steven Sharpe to Chairman @ Madalena Energy Inc.

+ Terry Allen to Director @ Calgary Airport Authority

+ Inovalis REIT entered into a $25 million 50/50 JV for the purchase of multi-tenant office building outside of Frankfurt, Germany (going in CAP rate of 7.0%)

 + Ontario Securities Commission report found fault with REITS generally, and 33% of those it reviewed, for failing to disclose when operating shortfalls produced less income than what is being paid out in distribution to unitholders ...

+ Summit Industrial Income REIT agreed to acquire four greater Toronto area industrial properties for $25.3 million (going in CAP rate of 7.3%)

FACILITYCalgary
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updated ... January 27, 2015

+ CAPP predicts oilpatch investment will drop by a third (that’s $23 billion) this year compared to 2014 due to low oil prices; drop is expected to be weighted unfavourably for oil sands .. 42% vs 24% for conventional resources

+ Brookfield is reported to be in early stages of establishing a REIT to package commercial real estate projects in India …

+ Cineplex are introducing a new concept: The Rec Room, opening the first one in South Edmonton Common later this year. 40,000 sq. ft. ‘eatertainment’ concept

+ Holloway Lodging Corp. agreed to sell its Ramada hotel in Trenton, ON for $4.0 million

+ Mainstreet Equity Corporation closed its acquisition of 331 unit/five-building apartment project in Surrey, BC for $33.7 million

“Excess generally causes reaction, and produces a change in the opposite direction, whether it be the seasons, or in individuals, or in governments.” - Plato

“It’s not the situation … It’s your reaction to the situation.” – Robert Conklin

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Bank of Canada rate cut | Canadian dollar at 6-year low | CP/DREAM joint venture | DAVOS discussion | Kinder Morgan US$3 billion buy | Marriott buying Delta Hotels | OPEC head offers a price prediction | RBC buys American bank + Jack Major interview | upcoming events & corp. meetings | financings + executive appointments >>>>

+ Alberta provincial election expected this spring as MLA’s not running again declare themselves or step down, leaving Premier Prentice the option of going to polls earlier than legally required …

+ ATB Financial – THE OWL … Daily Economic Comment

+ Baker Hughes Inc. announced it will lay off 7,000 (about 11%) of its staff worldwide

+ Bank of Canada lowered its overnight target rate by 1/4% to 3/4 of 1% ; further reductions expected this spring and reduced mortgage rates rumbles … tic toc ..

+ Brookfield Asset Management Inc. agreed to buy out its JV with Johnson Controls Inc. for US$200 million

+ Canadian Pacific reported quarterly and full year earnings; lowest quarterly operating ratio in company’s history, record quarterly and annual earnings .. kudos!

+ Canadian Pacific formed a JV with DREAM Unlimited Corp; DREAM Van Horne Properties will develop surplus CP properties (ie: Schiller Park in Chicago, Obico near Toronto, South Edmonton Yard, Lucien L’allier in Montreal)

+ Carfinco Financial Group Inc. agreed to sell its U.S. business unit; terms/details not disclosed

+ current energy prices: live link to Bloomberg.com commodities data; crude continues at low prices due to oversupply – Brent steadying at US$48/barrel on word OPEC officials feel prices have bottomed …

+ Davos – World Economic Forum Jan. 21-25/15 – follow it on this link!; interesting discourse on oil pricing strategy – Total/OPEC/Saudi perspective … interesting article

+ Dentons is merging with Dacheng Law Offices in China; merged firm will continue as Dentons

+ European Central Bank will buy US$86 billion in bonds monthly starting in March to avert deflation in the euro-zone

+ Greek election results may pit new goverment against euro-zone nation creditors over level of austerity, ongoing deficits and sovereign debt which may cause fractures in euro-zone economic stability ... tic toc ... could be an economic time-bomb

+ Freehold Royalties Ltd. closed its $35 million acquisition of Anderson Energy Ltd.

+ Inter Pipeline Ltd. announced its 2015 CapEx Budget is $400 million

+ Kelt Exploration Ltd. announced its 2015 CapEx Budget is $152 million, down from $215 million

+ Kinder Morgan agreed to acquire Hiland Partners for US$3 billion

+ Mainstreet Equity Corporation closed its acquisition of 331 unit/five-building apartment project in Surrey, BC for $33.7 million

+ Marriott International agreed to acquire Delta Hotels & Resorts from bcIMC for $168 million

+ Marquee Energy Ltd. announced its CapEx Budget for first-half of 2015 is $13.1 million

+ OPEC’s Secretary-General Abdalla El-Badri warns of price spikes if producers back off investing in new supply development; says he’s open to working with OPEC and non-OPEC countries to stem the glut of excess crude supply .. tic toc ..

+ PwC Canada acquired West Monroe Partners’ Canadian Supply Chain practice

+ Rock Energy Inc. announced its revised 2015 CapEx Budget is $25 million, down from $90 million announced earlier

+ Royal Bank of Canada agreed to acquire City National Corporation for US$5.4 billion

+ Russian’s credit rating cut to ‘Junk Status’ by Standard & Poor’s

+ Saudi King Abdullah died; hard-line successor King Salman and oil minister Ali al-Naimi say they will stay the course on production/pricing strategy

+ Southern Pacific Resource Corp. filed for CCAA court ordered creditor protection

+ Toro Oil & Gas Ltd. announced its 2015 CapEx Budget is $12 million

+ Vicwest Inc. got shareholder approval for plan of arrangement/takeover by Kingspan Group Limited and approval of Shareholder Rights Plan

+ ARC Resources Ltd. closed $350 million equity financing

+ Caspian Energy Inc. closed US$600,000 2^nd tranche of its equity financing

+ Cominar REIT is on the market to raise $135 million in equity

+ Freehold Royalties Ltd. secured a $260 million credit facility

+ Imaging Dynamics Company Ltd. is on the market to raise $2.0 million in equity

+ Northland Power Inc. closed $150 million convertible debt financing

+ Opal Energy Corp. is on the market to raise $1 million in common share & warrants issue

+ Petrowest Corporation secured a new $90 million credit facility

+ Royal Bank of Canada is on the market to raise $600 million in a preferred share issue

+ Infrastructure Ontario chose Plenary Health team [Plenary Group (Canada) Ltd., PCL Constructors Canada Inc., B+H Architects, RTKL Associates, RBC Capital Markets, Johnson Controls Canada LP] for the Milton District Hospital expansion; 330,000 sq. ft. of new space

+ Infrastructure Ontario and Metrolinx chose Plenary Infrastructure ERM [Plenary Group (Canada) Ltd., Kiewit Canada Development Corp, Bird Design-Build Construction, Stantec Consulting, Arup Canada, Honeywell Limited, Toronto Terminals Railway, TD Securities] as preferred proponent to design, build, finance and maintain the East Rail Maintenance Facility in Whitby, ON; 500,000 sq. ft. facility

+ Penn Energy Renewables Ltd. and Robobank closed $125 million acquisition of 3 solar projects in Ontario (37MW)

+ to the Fraser Institute .. ranked 1^st in Canada and 19^th … of all Think Tanks [6,618 worldwide] which is really incredible. If you want to read the report from the Wharton School at the University of Pennsylvania .. here is the link … 170+ pages of fun