+ Suncor Energy Inc. announced a hostile $6.6 billion takeover bid for Canadian Oil Sands Limited; Canadian Oil Sands only asset is a 36.7% stake in Syncrude. No response yet … tic toc …
+ Syncrude operations are now back to normal operations following Aug. 29 fire
KUDOS
+ University of Calgary President Elizabeth Cannon announced that U of C will spend $26 million to hire 100 new professors
+ to Maggie Shortt, named 2016 Calgary Stampede Queen, to Chelsey Jacobson and Bailee Billington – named Stampede Princesses
+ to Vanessa Stiffarm, named 2106 Calgary Stampede Indian Princess
GLOSSARY
+ AER - Alberta Energy Regulator
+BBL – barrel
+ BBLS/D – barrels per day
+ BOE – barrel of oil equivalent
+ CAPP - Canadian Association of Petroleum Producers
+ CBD – Central Business District
+ COSIA - Canada's Oil Sands Innovation Alliance
+ CREB - Calgary Real Estate Board
+ FERC – U.S. Federal Energy Regulation Commission
+ GJ - gigajoule
+ GOA - Government of Alberta
+ GTA – greater Toronto area
+ IPO – Initial Public Offering
+ JV – Joint Venture
+ KW – kilowatt (one thousand watts)
+ LEED – Leadership in Energy and Environmental Design
+ MCF – thousand cubic feet
+ MCF/D – thousand cubic feet per day
+ MOU – Memorandum of Understanding
+ MW – megawatt (1 million watts)
+ NEB – National Energy Board
+ NGLs – natural gas liquids
+ P3 – Public Private Partnership
+ REIT – Real Estate Investment Trust
+ RFP – request for proposals
+ RFQ – request for qualifications
+ SAGD – steam assisted gravity drainage
+ sub – subsidiary
+ sub. – subordinated
+ tic toc – we’ll see …
+ WTI – West Texas Intermediate
FACILITYCalgary current week data
this site is refreshed with a new issue every Tuesday morning
updated ... October 6, 2015
TODAY'S HEADLINES
BP US$20 billion settlement | CPPIB investing $1 billion in mid-stream | Line 9 approval | Penn West $205 million sale | Superior Plus acquiring Canexus |Suncor $6.6 billion bid for COSL |TransAlta penalty | TPP + Ross Glen interview | upcoming events & corp. meetings + climate change & infrastructure news + REIT news + this week’s financings + executive and board appointments >>>>
+ AltaGas Ltd. did a start-up on its 66MW McLymont Creek run-of-river hydro facility; 60 yr. contract to sell power to BC Hydro
+ Calgary’s new central library construction will now commence; underlying LRT tunnel is now completed
+ Ramboll teamed up Stantec to review design of the entire length of the New Champlain Bridge corridor to ensure that the design and construction is conducted with respect to the project requirements and proposed time schedule. Stantec will handle the review of highway design along with site inspections; bridge is to be open in 2018 and corridor completed in 2019 …
+ Waneta Expansion Limited Partnership between Fortis Inc., Columbia Power Corporation and Columbia Basin Trust celebrated grand opening of $900 million, 335 MW Waneta Expansion Project, near Trail, BC
QUOTES
+ Don’t bunt. Aim out of the ball park. Aim for the company of immortals. – David Ogilvy
+ Nay, be a Columbus to whole new continents and worlds within you, opening new channels, not of trade, but of thought. – Henry David Thoreau
SHAREHOLDER MEETINGS
+ Oct. 9; Amica Mature Lifestyles Inc., Annual and Special Meeting, Vancouver
+ Oct. 14; Canadian Development Investment Corporation, Annual Public Meeting, Calgary
+ Jan 13/16; Groundstar Resources Limited, Calgary
+ BP plc reached a penalty settlement with US Government; US$20 billion in fines on top of US$43.8 billion BP has already set aside for criminal and civil penalties and clean-up costs
+ Canada and eleven other nations reached a deal to form a Pacific Rim trading block, the Trans-Pacific Partnership (TPP); must be ratified by all countries involved; stay tuned, it’s going to be a longer approval process than NAFTA … with every pig, chicken and cheese producer squealing, clucking and mooing all winter; great export opportunities and increased competition from foreign investors coming in … tic toc …
+ Canada Pension Plan Investment Board will invest more in Western Canada; in partnership with Wolf Infrastructure Inc., CPPIB will invest $1 billion in mid-stream acquisitions
+ Canadian Pacific Railway Limited closed its $10 million acquisition of Steelcare Inc.
+ Enbridge Inc. got NEB approval, with strict conditions, for its Line 9 reversal and expansion project
+ Government of Alberta announced the stalled re-build of the Kananaskis Golf Course will resume following review of a Deloitte LLP study; no announcement yet on a proposed re-opening date …
+ Government of Alberta Budget Day announced; Minister of Finance Joe Ceci will table his first budget on October 27th
+ Home Capital Group Inc. closed its $18.2 million acquisition of CFF Bank
+ Leucrotta Exploration Inc. reduced salaries and fees 10% across the board as an alternative to layoffs
+ Mullen Group Ltd. closed its acquisition of Courtesy Freight Systems Ltd.
+ Northern Spirit Resources Inc. is changing its name to Altura Energy Inc.
+ Penn West Petroleum Ltd. closed its sale of interests in Weyburn area projects for $205 million
+ Potash Corporation of Saskatchewan dropped its US$8.8 billion takeover bid for its rival K+S AG
+ PRO REIT closed its acquisition of Boulevard REIT
+ SDX Energy Inc. (formerly Sea Dragon Energy Inc.) closed its $18.82 acquisition of Madison PetroGas Ltd. and name change to SDX Energy Inc.
+ Shoreline Energy Corp. making deal to exit CCAA; Highbridge Energy Inc. to invest/raise $5 million; subject to court approval
+ Suncor Energy Inc. announced a hostile $6.6 billion ($4.3 billion all-stock plus assumption of $2.3 billion in debt) takeover bid for Canadian Oil Sands Limited; Canadian Oil Sands only asset is a 36.7% stake in Syncrude. No response yet … tic toc …
+ Superior Plus Corp. agreed to acquire Canexus Corporation; $932 million enterprise value
+ Terra Energy Corp. closed its $10.615 million sale of non-core assets in Boundary Lake and Worsley areas
+ TransAlta Corporation announced 247 staff layoffs, savings of $47 million
+ TransAlta Corporation mea culpa; consent to $56 million penalty in power price manipulation dustup with Alberta Utilities Commission
+ TransCanada Corporation is shifting process-gears on its Keystone XL project in Nebraska; withdrawing their filed actions in favour of a new process of application for its route via the Nebraska Public Service Commission to save time and reduce conflicts and, they expect, set clear rules for approval of the route … tic toc …
+ Veresen Inc. got approval from FERC for its environmental impact assessment for proposed Jordan Cove, Oregon LNG project
THIS WEEK IN FINANCINGS
- proposed & closed
+ AltaGas Ltd. closed $300 million equity financing
+ Blacksteel Energy Inc. completed its 2nd closing ($619,000) of its convertible debt offering
+ Brookfield Asset Management Inc. closed $250 million preferred share financing
+ Enterprise Group Inc. closed $2,473,400 common share & warrants financing
+ Gaz Metro Inc. closed $120 million equity financing
+ Royal Bank of Canada closed $150 million preferred share financing
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ UN DRAFT on climate change agreement: all nations should agree to toughen curbs on greenhouse gas emissions every five years under a U.N. accord to combat global warming due in December, according to a first suggested text of a U.N. agreement on Monday. The 20-page accord, slashing a previous text of more than 80, is a step towards a deal due at a summit in Paris from Nov. 30-Dec 11 by narrowing down core elements of an agreement. It leaves many details unclear, such as the role of carbon markets.
INTERESTING REAL ESTATE NEWS, other places
+ Extendicare Inc. sub. acquired Empire Crossing Retirement Community (64 suite independent & assisted living) in Port Hope, ON for $20.2 million
+ Ivanhoé Cambridge Inc. is marketing Bentall Centre in CBD, Vancouver for sale; investment market in Vancouver is heated, so record price is expected … tic toc …
+ Skyline International development in Muskoka, ON got council approval; $500-million master planned community and new Deerhurst Village Centre will include 150 new hotel rooms, 45,000 sq. ft. of retail and plans for multiple boutique mixed-use buildings totalling nearly 500 residential units
+ The Cadillac Fairview Corporation Limited acquired 25% interest in development JV in Mexico; six retail/office mixed-use projects that, when completed, comprise 7.0 million sq. ft. Projects are in Veracruz, Queretaro, Mexico City and Leon.
this week in REITS
+ CAP REIT closed its $490 million acquisition of 3,661 apartment suites portfolio in Montreal
+ Cominar REIT completed the sale of 8400-8500 Décarie Blvd. in the Town of Mont-Royal, and 2105 23rd Avenue, in Montréal, Quebec for $98 million dollars
+ Plaza Retail REIT is investing $13 million in eight projects ( three newly acquired redevelopments, five expansions of existing properties)
+ PRO REIT closed its acquisition of Boulevard REIT
+ PURE Industrial REIT closed a 50/50 JV (with Fiera Properties) $32.9 million portfolio acquisition ; they also agreed to dispose of eight properties; 1 in Edmonton, 7 in GTA
+ PURE Multi-Family REIT closed its US$51 million sale of Brackenridge project in San Antonio, TX
