+ Davos is where billionaires tell millionaires what the middle class feels. – Jamie Dimon
+ A journey is a person in itself; no two are alike. And all plans, safeguards, policing and coercion are fruitless. We find that after years of struggles that we do not take a trip; a trip takes us. – John Steinbeck
SHAREHOLDER MEETINGS
+ Mar. 18; Mainstreet Equity Corp., Annual and Special Meeting of Common Shareholders, Calgary
+ Mar. 22; Valener Inc.; Annual Meeting of Shareholders, Montreal
+ AIMCo busy making happy noises about a triumph that wasn’t; they, along with Fresno County Employees Retirement Association, generated a class action to recover money from Genworth Financial; good news, they are recovering US219 million; bad news, that was originally US$531 investment; seems to this reader that AIMCo didn’t do sufficient due-diligence in the first place, so it looks like they got suckered and stung for a big loss
+ Bank of Canada maintained its overnight rate at ½ of 1%
+ cleaning up old abandoned wells in the news; industry sources are lobbying government to invest cleanup money while idled companies and employees are available to do the work; Premier Notley has spoken out of both sides of her mouth on the issue … tic toc
+ Corus Entertainment Inc. got shareholder approval for its $2.65 billion takeover of Shaw Media
+ current energy prices – live link to Bloomberg energy prices; crude has slipped 3% over market concerns about supply glut and Iran’s rejection of an output freeze by OPEC members
+ Encana Corporation is reported to be looking to trim its balance sheet, looking at sale of non-core assets
+ Ensign Energy Services Inc. cut its fleet, retired 21 rigs
+ Forent Energy Ltd. and Perisson Petroleum Corporation agreed to an Amalgamation transaction; will operate as Perisson
+ FACILITYCalgary’s OP-ED page, guest article: ‘Mortgage Rule Change Not Well Thought Out’, by Frank Atkins and Brianna Heinricks - click VIEWPOINT
+ GOA – Notley Government’s Throne Speech generally reported as good thinking with no exciting news; sending a private-sector-friendly message in its job creation strategy; read the full text
+ IAE reports that OPEC production was down 90,000 barrels a day last month; experts say ‘oil has bottomed out’
+ Imperial Oil Limited filed regulatory applications for expansion on its Cold Lake lease; a new $2 billion in-situ (SAGD) oil sands project is planned there, with construction to start in 2019, producing in 2022
+ Imperial Oil Limited agreed to sell its airport fuel sale operations across Canada to World Fuel Services Corp. for US$135 million
+ Imperial Oil Limited agreed to sell all its remaining 497 Esso retail locations it still owns to five buyers; $2.8 billion in transactions with Alimentation Couche-Tard Inc.(Ontario and Quebec), 7-Eleven Canada Inc. (Alberta and British Columbia, Harnois Group (Quebec), Parkland Fuel Corp. (Saskatchewan and Manitoba) and Wilson Fuel Inc. (Nova Scotia and Newfoundland)
+ methane is viewed by many industry watchers as many-fold more worrying that CO2 emissions; last week Prime Minister Trudeau and U.S. President Obama made an agreement to reduce methane emissions by 40-45% by 2025; praised by Rachel Notley, but given Mr. Obama is lame-duck limping out of office … tic toc
+ MNP LLP agreed to acquire NCI, a cybersecurity firm
+ Parkland Fuel Corporation acquired Propane Nord-Ouest for $22.5 million
+ Partners Group agreed to acquire Axis NetMedia Corporation for $272 million
+ Sojourn Energy Inc. engaged advisors to sell two non-core heavy oil projects; Lloydminster and Silverdale areas
+ stay tuned for an announcement: Williams Energy, Nova Chemicals and GOA are making an announcement on Wednesday AM about petrochemical diversification; expect an announcement of a propylene plant AND a polypropylene plant for the Heartland/Fort Saskatchewan area … two projects, in aggregate about $5-6 billion in capital cost … or I could be wrong. That’s my prediction.
+ Striker Exploration Corp. engaged advisors to review strategic alternatives
+ TransCanada Corporation reported to be in talks for acquisition of U.S. pipeline company with substantial shale gas activity …
+ Veresen Inc. approved $930 million expansion of its Cutbank Ridge Partnership; Saturn Phase 2 project will add through-put of 200 million cubic feet/day of compression and 400MMcf/day of processing liquids and LNG handling facilities
+ Veresen Inc., proponents of an LNG export facility for Jordan Cove, Oregon were denied their application by FERC; say they will re-apply when more sales contracts are secured
THIS WEEK IN FINANCINGS
- proposed & closed
+ Advantage Oil & Gas Ltd. closed $100,031,709 equity financing
+ Algonquin Power & Utilities Corp. closed $150 million overallotment of its recent debt financing
+ CanWel Building Materials Group Ltd. is on the market to raise $21.75 million in equity
+ Holloway Lodging Corporation secured a $45 million credit facility
+ Ivrenet Inc. closed $250,000 convertible debt financing
+ Pacific & Western Bank of Canada closed $5.0 million equity financing
+ Raging River Exploration Inc. closed $108.1 million equity financing
+ Scotiabank closed $500 million preferred share offering
+ Shoal Point Energy Ltd. closed $335,000 equity financing
+ Tourmaline Oil Corp. is on the market to raise $185,161,300 in equity
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ the GOA, through Climate Change and Emissions Management Corporation committed $10 million to SBI Bio Energy Inc. to continue its works to convert non-food plant oils and fats into renewable transportation fuels; funds are coming from the Carbon Tax
this week in REITS
+ Allied Properties REIT agreed to acquired ZommerMedia’s facilities in Toronto; 2.6 acres and buildings for $31 million in a sale/leaseback transaction
+ Smart REIT reached a conditional settlement with Target Corporation regarding two defaulted Target leases; terms no disclosed
INTERESTING REAL ESTATE NEWS, other places
+ Shape Properties are planning a massive (my words) redevelopment of Lougheed Town Centre in Burnaby, BC; plans for up to 23 residential towers …
+ Starwood’s deal to sell to Marriott may be trumped (no pun intended) by Chinese owners (Anbang Insurance Group) of the Waldorf Astoria who have made a richer US$13 billion competing bid … tic toc
INFRASTRUCTURE / P3
+ Brookfield Infrastructure let consortium agreed to acquired Australia port and railway assets of Asciano Limited for A$12 billion
+ Calgary Board of Education news – trustees approved a $540.2 million plan for upgrade projects and three new schools with needed schools in several areas still on the waiting list …
+ City of Calgary planning for the Green Line (downtown to far SE) LRT project expected to cost $4-5 billion will hinge on the Province’s share of the funding; the Feds are long ago committed to their 1/3rd, the City is ready to go, so the question is where the GOA is on this …
+ Imperial Oil Limited filed regulatory applications for expansion on its Cold Lake lease; a new $2 billion in-situ (SAGD) oil sands project is planned there, with construction to start in 2019, producing in 2022
+ Sojourn Energy Inc. engaged advisors to sell two non-core heavy oil projects; Lloydminster and Silverdale areas
BITS AND PIECES FROM ALL OVER
+ Apollo Group have struck a deal to acquire grocer Fresh Market for US$1.36 billion
+ Bill Gross is suing PIMCO for US$200 million, seeking recovery from the firm he founded, that fired him in 2014
KUDOS
+ to Sam Kolias, Chairman & CEO @ Boardwalk Rental Communities, awarded the 2016 Distinguished Business Leader Award by the Haskayne School of Business
+ to RESOLVE Campaign; opened Stepping Stone Manor, 30-unit assisted living project for homeless Calgarians
FACILITYCalgarynewsletters may not be reproduced, distributed, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without prior written permission. Mark Kolke, Editor/Publisher. All rights reserved. MaxComm Communications.
- this site is maintained and updated weekly - last updated May 30, 2023
