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FACILITYCalgary June28/22

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Adam Waterous to Director @ Cona Resources Ltd.

+ Andrew Bibby, CEO, Grosvenor Americas @ Grosvenor Group, retiring

+ Barbara Feit, CFO @ Big Rock Brewery Inc., resigned

+ Cindy Leung to Interim CFO @ GreenSpace Brands Inc.

+ Curtis Stange to Pres. & CEO @ ATB Financial

+ Dale Bonavia to Director @ Fortis Inc.

+ Dale Burgess to Sr. Managing Dir., Infrastructure and Natural Resources @ Ontario Teachers’ Pension Plan

+ Dave Mowat, Pres. & CEO @ ATB Financial, retiring

+ Des O’Kellm Director @ Leis Industries Ltd.

+ Dr. Susan Black to Pres. & CEO @ The Conference Board of Canada

+ Hal Kvisle to Director @ Cona Resources Ltd.

+ Ian Bruce to Director @ Cona Resources Ltd.

+ Jean Desgagne, Pres. & CEO @ TMX Global Solutions, left the company

+ Julie Dobson to Director @ Fortis Inc.

+ Keith Jackson, CFO @ GreenSpace Brands Inc., resigned

+ Lorne Gibson to Election Commissioner @ GOA

+ Michael Koshan to Director @ Dealnet Capital Corp.

+ Neil Belot to Director @ Alcanna Inc.

+ Paul Guilfoyle to Sales Engineer, Canada @ Tendeka

+ Paul Stoyan to Chairman @ Axis Auto Finance Inc.

+ Peter Loretto to Director @ TAG Oil Ltd.

+ Priyanka Bambaranda to Interim CFO @ ESI Energy Services Inc.

+ Rob Morgan to Director @ Cona Resources Ltd.

+ Slim Vanaselja to Director @ Power Financial Corporation

+ Steve O’Connell to CEO, Grosvenor Americas @ Grosvenor Group

+ Stockwell Day to Director @ Cona Resources Ltd.

+ Susan McArthur to Director @ Power Financial Corporation

+ Ted Rigaux, CFO & Director @ ESI Energy Services Inc., resigned

+ Yari Nieken to Director @ Leis Industries Ltd.


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




 MEMORIAM

+ Clare Drake, legendary and celebrate coach at University of Alberta; 90

+ Jack Tennant, writer/journalist and long time Calgary Sun columnist; 82

+ Norman Reid, former Pres @ Reid Crowther & Partners; 94

+ Phil Rand, retired oil patch veteran and founder of Classic Landscaping; 83




 KUDOS 

+ to Jim Boucher, Chief of Fort McKay First Nation and Chairman of Fort McKay Group of Companies, named 2018 Canadian Energy Person of the Year by the Energy Council of Canada

+ to Nathalie Bernier of PSP Investments named Canada’s CFO of the year by PricewaterhouseCoopers




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ are you start-up bound? …. check out funding pitches; pitch-decks from successful companies (many are household words, not all are techie), learn how they pitched for early funding (i.e. WeWork), Linkedin, YouTube, airbnb etc.) – click this link

+ HR Tech Summit … Toronto, June 26-27




  GLOSSARY + ABBREVIATIONS + ACRONYMS 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ AIMCo – Alberta Investment Management Corporation

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CCS – Carbon Capture and Storage

+ CEAA – Canadian Environmental Assessment Agency

+ Chapter 11 – court ordered creditor protection under U.S. bankruptcy law

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ DIP – debtor in possession

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ EIA – U.S. Energy Information Administration

+ EPC – engineering, procurement and construction

+ E & P – exploration and production

+ FERC – U.S. Federal Energy Regulation Commission

+ Forbearance Agreement – a short term formalized relief arrangement when loan terms are in default

+ FSR – floor space ratio

+ FTC – U.S. Federal Trade Commission

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ GW - gigawatt

+ G&A – general and administrative

+ HOOP – Healthcare of Ontario Pension Plan

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ LPG – Liquefied Propane Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOU – Memorandum of Understanding

+ MT – metric ton

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ OPEC – Organization of Petroleum Exporting Countries

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ PSP – Public Sector Pension Investment Board

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFI – request for information

+ RFP – request for proposals

+ RFQ – request for qualifications

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ SAIT – Southern Alberta Institute of Technology

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ TOD – transit oriented development

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport




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updated May 22, 2018




 TODAY'S HEADLINES


HEADLINES: Cona Reources acquired | crude at 4 year high! | Keyera building at Cushing | Kinder Morgan and governments negotiating on TransMountain | Nutrien sells lithium stake for $4 billion | + deals + rig counts + upcoming events, appointments + climate change + infrastructure + REIT NEWS + financings + Olympic bid progress




CONVERSATIONS

+ stay tuned for lots of great interviews we have scheduled soon; next week, learn about Simon (Bob Witworth) of Simple Simon Pies ...

Last week's conversation with Mona Cooley, Founder/CEO @ Cool Family Solutions

Click here to access the archive: archived conversations with fascinating Calgarians ...



 sponsors of this week's issue:

e-mail Lance Laliberte - Sales at PREMIERE OFFICE MOVERS
 
OFFICE MOVERS



e-mail to Katherine Robinson, Managing Director

e-mail to Kim Green, Sr. Associate, Interior Design
ARCHITECTURE + INTERIOR DESIGN



click to contact: Trevor Winkler, Regional Managing Partner, Calgary
 
ACCCOUNTING, CONSULTING, TAX



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



 
DATA CENTRE

e-mail: June.Read@DataHive.ca



PUT YOUR 
COMPANY HERE
 Advertising/sponsorship queries:  kolke@facilitycalgary.com 
SEE YOUR 
BRAND HERE



e-mail Norm Landry
 
PROJECT MANAGEMENT



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



CONTACT MARK KOLKE 
RESIDENTIAL SALES



 INTERESTING THINGS IN RETAIL 


+ Lord & Taylor is rolling out a ‘flagship store’ on Walmart’s website; social climbing for sure for Walmart, but what are Lord & Taylor thinking? Yes, they’ll have 125 brands – those brands won’t suffer, but – again, what are Lord & Taylor thinking about their legendary reputation? Good for Walmart I suppose, since none of those L&T shoppers are likely to set foot in a Walmart store except to by wrapping paper at Christmas time …tic toc




 SAVE THE DATE / upcoming events

+ June 3; Pure West Art & Artifact Auction (speakers, Ian Tyson performing), Deane House, info/tickets

+ June 4-6; OPEX Summit; Operational Excellence in Energy Chemical & Resources, BMO Centre, Calgary; info/agenda

+ June 6; U of C/School of Public Policy, ‘Bridging Divides: In Search of Sound Public Policies for Energy and Environment in Canada, Fairmont Palliser Hotel, Calgary; register/tickets

+ June 11-13; NeoCon 50th Anniversary Trade Show & Conference, theMart, Chicago; info/register , registration now open

+ June 12-14; Global Petroleum Show, Stampede Park, Calgary; event guide

+ June 20-21; 7th OPEC International Seminar, Vienna, Austria

+ Sept. 3-5; World Heavy Oil Congress & Exhibition, Oman Convention Centre, Muscat, Oman; info/register


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



 CHARITY GOLF TOURNAMENTS 

+ June 8; 16th Annual Alberta Treasury Management Charity Classic, Canmore Golf and Curling Club, Canmore; info/register

+ June 21; 57th Annual CSPG Classic Golf Tournament, Elbow Springs Golf Club, Calgary; info/register

+ June 26; University of Calgary Chancellor’s Challenge Golf Tournament, Country Hills Golf Club; info/registration - contact

+ July 5; 16th Annual Coast Hotels-Shuhachi Naito Golf Classic, Tsawwassen Springs, Delta, BC; info/register


[send your tournament notices to:  kolke@facilitycalgary.com ]



 CALGARY OLYMPICS 2026 BID WATCH 


+ City Manager Jeff Fielding is appealing to council for help – the project is ‘under-resourced’ in terms of city staff availability; $5.2 million of the $30.0 million bid budget has been spent so far …




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NEWS SUMMARY 
 May 15 ~ 22 


+ a holiday yesterday/markets closed; Victoria Day in Canada and Britain

+ Cona Resources Ltd. got shareholder and court approval and closed its arrangement with Waterous Energy Fund

+ current energy prices – live link to current Bloomberg energy prices; WTI over US$72/bbl, Brent over US$79/bbl – in part due to lower inventories, in part because nobody knows how severely U.S. sanctions will impact Iran as Mr. Trump plays poker in the middle east; OPEC is predicting market-settling at US$80/bbl because demand is not growing …tic toc

+ Dealnet Capital Corp. adopted a shareholder rights plan

+ Centerbridge Partners LP and Stephen Smith, First National Financial Corp. agreed to acquire Walmart Canada Bank; terms not disclosed

+ Ikkuma Resources Corp. agreed to sell a portfolio of non-core midstream assets for $30.0 million

+ Keyera Corp. entered the storage and terminal business in Cushing, OK; will develop storage and blending ‘Wildhorse Terminal’ with 4.5 million bbl storage; U.S. sub. Keyera Energy Inc. will hold 90%, Lama Energy Group will hold 10%; capital cost is US$185.0 million

+ Kinder Morgan/TransMountain pipeline politics continues to stew in its own juices; Prime Minister Trudeau and Finance Minister Morneau are negotiating in the media and Kinder is staying mum, but determined; meanwhile Notley government has new ‘turn the tap off’ legislation in place. B.C. Premier Horgan’s solution is to take Alberta to court in hope of a public support lift in B.C. (which is waning) – meanwhile the country and Alberta remain in jeopardy over getting our goods to tidewater. I wonder what any other province would say if another province wanted to road-block it’s right to trade??? Would Ontario, would Quebec, would B.C? … tic toc …

+ KPMG closed its acquisition of Adoxio Business Solutions

+ Nutrien Ltd. agreed to sell its share in SQM (Sociedad Quimica y Minera de Chile S.A.) to Tinqi Lithium for US$4.07 billion …

+ Perpetual Energy Inc. closed $10.0 million sale of non-core royalty interests

+ rig counts: up 4 to 83 – click here for full breakdown

+ WestJet pilots voted to strike, parties are still bargaining – while passengers with tickets are nervous!

+ U.S. rig counts: up 1 to 1,046 – click here for full breakdown




THIS WEEK IN FINANCINGS 
- proposed & closed

+ BSR REIT closed US$135.0 million equity financing by IPO

+ Calfrac Holdings LP is on the market to raise US$650.0 million in sr. debt

+ Great-West Lifeco closed US$800.0 million sr. debt financing

+ Permex Petroleum Corporation closed $4,067,750.0 equity financing by IPO

+ Persta Resouces Inc. closed $25.0 million debt financing

+ Rider Investment Capital Corp. closed $250,000.0 equity financing by IPO

+ Surge Energy Inc. agreed to acquire a portfolio of Spark area (central Alberta) oil assets for $28.4 million

+ UrtheCast Corp. secured US$142.0 million credit facility

+ Vogogo Inc. is on the market to raise $30.0 million in convertible debt

+ Wellness Lifestyles Inc. closed $5.239 million equity financing by private placement

*editor’s note: names companies involved in debt financings we report in this section are ALWAYS the borrower …



 this week in REITS 


+ BSR REIT closed US$135.0 million equity financing by IPO

+ R&R REIT agreed to acquire a five economy extended-stay hotel property portfolio for US$31.5 million

+ Summit Industrial Income REIT agreed to acquire 187,245 sq. ft. cold storage facility in Mississauga, ON for $37.0 million




 QUOTES 

+ Keep close to nature’s heard … and break clear away, once in awhile, and clime a mountain or spend a week in the woods. Wash your spirit clean. – John Muir

+ A leader is a dealer in hope. – Napoleon Bonaparte




 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ Bell Media agreed to acquire a majority stake in Pinewood Studios in Toronto

+ Department of National Defence is planning a $1.1 billion building in Ottawa’s west end to house 4,500 civilian and military personnel




 SHAREHOLDER MEETINGS

+ May 23; Mosaic Capital Corporation, Annual General Meeting, Calgary

+ May 25; Spartan Energy Corp., Special Meeting, Calgary

+ May 29; Crius Energy Trust, Annual and Special Meeting, Toronto

+ May 29; VIA Rail Canada, Annual Public Meeting, Montreal

+ May 30; Sterling Resources Ld., Annual General and Special Meeting of Shareholders, Calgary

+ June 7; Dollarama Inc., Annual Meeting of Shareholders, Montreal

+ June 13; K-Bro Linen Inc., Annual General Meeting, Toronto

+ June 25; New West Energy Services Inc., Annual and Special Meeting of Shareholders, Calgary

+ June 26; Eagle Energy Inc., Annual General Meeting, Calgary


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

 CLIMATE CHANGE + LEED + RENEWABLE ENERGY 

+ GOA, Government of Canda, Tallcree First Nation, Syncrude and Nature Conservancy of Canada – set aside 6.7 million acres of boreal forest – the largest protected forest in the world; Kazan, Richardson and Birch River provincial parks to be expanded and connected to Wood Buffalo National Park – waytogo!

+ Government of Canada launched a $2.0 billion fund for infrastructure projects – the Disaster Mitigation and Adaptation Fund

+ Innergex Renewable Energy Inc. acquired the 33.3% of Creek Power Inc. (Fitzsimmons Creed – 7.5 MW, Boulder Creek – 25.3MW, Upper Lilooet River 81.4MW) from Ledcor Power Group




 INFRASTRUCTURE / P3  


+ Innergex Renewable Energy Inc. acquired the 33.3% of Creek Power Inc. (Fitzsimmons Creed – 7.5 MW, Boulder Creek – 25.3MW, Upper Lilooet River 81.4MW) from Ledcor Power Group

+ GOA and Trudeau government announced $84.5 million funding for Stanley A. Milner Library Revitalization Project

+ Prime Minister Trudeau came to town – made an announcement, committing $1.53 billion toward the first stage of the Green Line LRT program; construction starts in early 2020, to be completed in late 2026

+ Springbank flood abatement reservoir project is 10 months behind schedule due to environmental review; and residents/landholders continue to claim it’s the wrong solution … fingers crossed for another flood free year or two; eventually we’ll have a project or a flood, whichever comes first! … tic toc




 CONSTRUCTION NEWS + INNOVATION 

+ Heritage Park is embarking on a $10.0 million expansion; will deal with energy industry past, and future … tic toc


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