+ 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
