FACILITYCalgary

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

FACILITYCalgary May 30/23

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 MARK KOLKE'S CONVERSATIONS

Mark Kolke interviews interesting Calgarians - to catch a glimpse of what drives them, how they see the world and what they see in Calgary's future:
 
This week's conversation with Catherine Ford ... editorialist, opinionated author
 
Last week's conversation with Simon Batcup , Principal, Osborne Interim Management
 
Archived conversations 

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 SHAREHOLDER MEETINGS

 

+ July 3; Questfire Energy , Annual Meeting, Calgary
+ July 15; Partners REIT, Annual and Special Meeting of Unitholders, Toronto
+ Aug. 6; Cannacord Genuity Group Inc., Annual General Meeting, Toronto
+ Sept. 17; Deep Well Oil & Gas Inc. , Shareholder Meeting, Edmonton
+ Sept. 24; Bengal Energy Inc. , Annual Meeting, Calgary
+ Sept. 30; Shoreline Energy Corp. , Annual Meeting, Calgary
 
[send event notices to:  kolke@facilitycalgary.com ]

 SAVE THE DATE / upcoming events

 

+ July 4 – 13; 2014 – Calgary Stampede  
+ Oct. 23; Calgary Real Estate Forum , TELUS Convention Centre, Calgary
+ Nov. 5-6; BUILDEX Calgary , BMO Centre, Stampede Park, Calgary
 
[send event notices to:  kolke@facilitycalgary.com ]

SHAKERS AND MOVERS moving, moving up, retired, resigned, died or got the boot:

 

+ Adrian Coral to Pres. @ Gran Tierra Energy Columbia
+ Bruce Shultz to Pres. & CEO @ Huron Resources Corp.
+ Chad Riddell to COO @ True North Mortgage
+ Darrin Drall to VP Engineering @ Elkwater Resources Ltd.
+ Doug Bailey to Pres. & CEO @ Elkwater Resources Ltd.
+ Duncan Nightingale to COO @ Gran Tierra Energy Inc.
+ Frank Muller to VP Exploration @ Elkwater Resources Ltd.
+ Gaétan Morin to Pres. & CEO @ Fonds de solidarité FTQ
+ Gary Rose to Partner @ Lawson Lundell LLP
+ Glenn Cartier to VP Production & Operations @ Elkwater Resources Ltd.
+ James Laird, COO @ True North Mortgage, stepped down
+ Jason Dranchuk to VP Finance & CFO @ Chinook Energy Inc.
+ John McLaughlin to Senior Advisor @ Osborne Business Advisors
+ Judge Robert Philp to Chief of Commission and Tribunals @ Alberta Human Rights Commission
+ Mike Bellefeuille to Sr. Mgr. Surface Land @ Britt Land Services
+ Peter Cheung to CFO & Corporate Secretary @ Ceiba Energy Services Inc.
+ Phonse Delaney to Pres. & CEO @ FortisAlberta Inc.
+ Ryan Heath to VP Land and Business Dev. @ Elkwater Resources Ltd.
+ Shane O’Leary, COO @ Gran Tierra Energy Inc., retiring
+ Shu Naito, formerly Sr.  VP @ Coast Hotels, died
+ Walter Chan, founder of Smitty’s restaurants, died 

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

BOARDROOM CHANGES, PURGES, APPOINTMENTS etc.

 

+ Barbara Fraser to Director @ Economical Mutual Insurance Company
+ Barry Gilmour to Director @ Northland Power
+ Beverley Briscoe to Chair @ Ritchie Bros. Auctioneers, replacing Robert Murdoch who stepped down
+ Billy Song to Director Sunshine Oilsands Ltd.
+ Dan O’Greysik to Director @ Inventronics Limited
+ Dennis Hassel to VP Finance & CFO @ Total Energy Services Inc.
+ Elizabeth DelBianco to Director @ Economical Mutual Insurance Company
+ Heather Munroe-Blum to Chair @ Canada Pension Investment Board
+ Jimmy Hu to Director @ Sunshine Oilsands Ltd.
+ John Bowey to Director @ Economical Mutual Insurance Company
+ Lucie Ducharme to Director @ BTB REIT
+ Megan Stoker to Associate @ Parlee McLaws LLP
+ Karen Gavan to Director @ Economical Mutual Insurance Company
+ Ken Loscerbo to Director @ Inventronics Limited
+ Paul Beitel to Chairman @ Huron Resources Corp.
+ Robin Phinney, Director @ Karnalyte Resources Inc., resigned
+ Russell Goodman to Director @ Northland Power
+ Sheila Taylor, Chair @ Calgary Public School board, stepped down
+ Songning Shen, Co-Chairman @ Sunshine Oilsands Ltd., resigned
+ Sylvie Lachance to Director @ BTB REIT

INTERESTING REAL ESTATE NEWS OTHER PLACES

 

+ Sunstone U.S. Opportunity (No. 2) Realty Trust closed the sale of its Walker Comons project in Houston for $43,800,000
 
+ True North Apartment REIT closed $286 million acquisition of 2,824 suite portfolio, 29 bldgs. , in Ontario and Alberta
 
+ WPT Industrial REIT closed its Kentucky industrial property transaction
 
+ Granite REIT closed US$105 million portfolio sale of Mexican properties
 
+ American Hotel Income Properties REIT LP agreed to acquire a 4-hotel portfolio in North Carolina and Georgia for US$30.5 million
 
+ Milestone Apartments REIT closed its US$50.7 million acquisition of Osprey Links (424 units) near Orlando, Fl.
 
+ NorthWest International Healthcare Properties REIT completed its acquisition of 13 German medical office buildings
 
+ Ivanhoé Cambridge and Callahan Capital Properties acquired a 49% interest in 330 Hudson in Manhattan for approximately US$150 million through a joint venture; 16-storey, 467,000 ft2 Class-A office building

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“Management is about arranging and telling. Leadership is about nurturing and enhancing.” – Thomas J. Peters
 
“Deliberation, n. : The act of examining one’s bread to determine which side it is buttered on.” – Ambrose Bierce

FINANCINGS - proposed & closed

 

+ AltaGas Ltd. is on the market to raise $150 million in a preferred share issue
+ Black Diamong Group Limited secured $150 million credit line with $100 million accordion expansion feature
+ BTB REIT closed $24.7 million over-allotment of its recent equity financing
+ Canadian Spirit Resources Inc. closed $1.7 million warrants issue
+ Crescent Point Energy Corp. closed US$310 million long term debt financing
+ Crescent Point Energy Corp. closed $40 million long term debt financing
+ Enbridge Inc. closed $400 million equity financing
+ Enerplus Corporation is on the market to raise $200 million in sr. unsecured debt
+ Huron Resources Corp. closed $163 million equity financing
+ Hyduke Energy Services Inc. closed $3,766,500 equity financing
+ Hyperion Exploration Corp. secured $30 million credit facility
+ Kallisto Energy Corp. is on the market to raise $1 million in a flow-through share offering
+ Madalena Energy Inc. closed $50 million equity financing
+ NWest Energy Corp. closed $156,000 1st tranche of an equity financing
+ PanTerra Resoureces Corp. closed $130 million equity financing
+ Paramount Resources Ltd. is on the market to raise $350 million in equity
+ Paramount Resources Ltd. secured a $100 million increase in its credit facility
+ Pure Industrial REIT closed $178.2 million equity financing
+ Questerre Energy Corporation secured $50 million credit facility
+ Starlight U.S. Multi-Family (No.3) Core Fund is on the market to raise $27million in an IPO
+ Transocean Ltd. is on the market to raise $350 million by an IPP
+ Tuscany Energy Ltd. is on the market to raise $2.5 million in equity

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 TODAY'S HEADLINES


 
Alberta Gov’t surplus | BNP Paribas fined US$8.9 billion | Devon sells portfolio for US$2.3 billion | Encana sells Bighorn to Jupiter Resources for $1.8 billion | conversation with Catherine Ford + new financings >>>>

NEWS SUMMARY 
   June 24 - July 1 / 2014  

 

+ Alberta Land Sale netted $14.1 million for the Government of Alberta
+ ATB Financial – THE OWL … Daily Economic Comment
+ Black Swan Energy Ltd. announced it has formed a JV to accelerate Duvernay holdings development; $500 million being provided by CPPIB, KERN Partners and Warburg Pincus
+ BNP Paribas pled guilty; fined US$8.9 billion by U.S. authorities over money-laundering schemes on behalf of black-listed countries
+ Bonterra Energy Corp. increased its 2014 CapEx Budget to $140 million
+ Canada Day holiday in Canada; financial markets closed
+ CERF Incorporated and Winalta Inc. have agreed to combined in a $65 million transaction; will operate as CERF
+ Compass Compression is building a 75,000 sq. ft. facility to fabricate compression equipment
+ current energy prices: live link to Bloomberg.com commodities data ; oil prices soften as disruption of supply fears ease – OPEC says it is willing to step up production
+ Devon Energy agreed to sell a portfolio of US oil & gas properties to Linn Energy LLC for US$2.3 billion
+ Dow Jones industrial average hit a record high ,, 16,998.70, seen as a strong indicator of a strengthening U.S. economy
+ Elkwater Resources Ltd. is changing its name to Striker Exploration Corp.
+ Encana Corporation struck a deal to sell its Bighorn assets to Jupiter Resources Inc. for US$1.8 billion
+ Enterprise Products Partners announced it will build a 1,200 mile products pipeline connecting North Dakota Bakken fields and Cushing, OK
+ Freehold Royalties Ltd. entered $120 million JV with Perpetual Energy Inc. to develop Edson area liquids rich natural gas properties
+ Government of Alberta, citing higher than expected revenues, posted a $755 million surplus (they had forecast $1.97 billion deficit, so I guess it’s a good thing the Heritage Fund had record earnings of $2.2 billion for 2013-14
+ Gran Tierra Energy Inc. closed the sale of its Argentina business to Madalena Energy Inc. for US$69 million
+ InterOil Corporation sold its downstream business to Puma Energy for US$525.6 million
+ LaSalle Investment Management acquired 3 buildings in Alberta for $70 million; 2 of them in Calgary … Stockman Centre and Riverbend Atrium
+ Legacy Oil + Gas Inc. agreed to acquire Corinthian Exploration Corp. for $225 million
+ MasTec. Inc. agreed to acquire Pacer Construction Holdings Corporation for $126 million
+ Murphy Oil agreed to sell its Milford, UK refinery to Klesch-MP; price not disclosed
+ Nabors Industries Ltd. is merging its maintenance business with C&J Energy Services Ind.; Nabors gets US$2.86 billion in the deal and will still hold 53% of the combined business
+ Paramount Resource Ltd. increased its 2014 CapEx Budget to $800 million
+ Parex Resources Inc. and Verano Energy Limited combination transaction go shareholder approval
+ Pengrowth Energy Corporation filed application with regulators to expand its Lindberg SAGD facility
+ Royal Bank of Canada closed the sale of its Jamaican banking operations; recording a $37 million loss on the transaction
+ Royal Host Inc. got shareholder approval for its takeover of Holloway Lodging Corporation
+ Sobeys Inc. announced it will close 50 underperforming stores
+ Talisman Energy is on the market to sell its stake in two Australian oil fields
+ Quattro Exploration and Production Ltd. announced its 2014 CapEx Budget is $50 million
+ Wisconsin Energy Corporation agreed to acquire Integrys Energy Group for US$5.7 billion

 STRANGE STUFF CORNER


 

+ last week I got a notification, off my newswire service, about a Calgary headquartered company I cover doing a ‘drop down’ transaction. Reading the description left me completely confused about life, splitting the atom and rolling my eyes at how the communications department of an erstwhile stellar company would so avoid ‘plain language’. After several email volleys it became clear he didn’t really know what it was or its impact. He then sent me a definition he had found on an investment website:  DROP DOWN TRANSACTION: “To drop down is to sell acquired assets to yourself. A drop-down transaction is the acquisition of assets by a corporation, followed by a contribution of those assets to a partnership”. Seems like a little gobbledy got heaped onto my gook here. It seems it is a likely-legal moving of chess pieces to strengthen one balance sheet at the expense of another, but how anyone can judge newsworthiness seems to rely upon ethics of the company as opposed to transparency for investors. And no, I don’t own any shares in that company but somehow I’m now a little reluctant to consider it . . .


 INFRASTRUCTURE / P3 / GREEN


 

+ Calgary International Airport opened its new $600 million runway


 CHARITY GOLF TOURNAMENTS 

 

+ July 10; Coast Hotels 12th Annual Golf Classic, Westwood Plateau, Coquitlam, BC info/register
+ Aug 18; Special Olympics Calgary Golf Classic, Country Hills Golf & Country Club – save the date
+ Sept. 18-19; 25th Annual Peter Gzowski Invitational Golf Tournament for Literacy [gala on the 18th, golf day on the 19th), The Hamptons Golf Club, info/register
 
[send us your charity golf tournament information to:  kolke@facilitycalgary.com ]

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