this site is refreshed with a new issue every Tuesday morning
updated ... September 22, 2015
TODAY'S HEADLINES
crude price up-tick | AltaGas spending US$642 on power plants | APEGA hacked | Caisse de dépôt investing big in Mexico | CPR buys a line | Cardinal Energy sale | Nexen Long Lake fully operational | Suncor buys 10% of Fort Hills | Total buying Strad | lots of financings this week | Daryl Ronsky interview | upcoming events & corp. meetings + climate change & infrastructure news + REIT news + executive and board appointments >>>>
+ AltaGas Ltd.’s sub. agreed to acquire three natural gas fired power generation facilities (523MW) for US$642 million
+ Caisse de dépôt et placement du Québec created at co-investment platform to invest in infrastructure opportunities in Mexico; JV will include a consortium of Mexican institutional investors joined under CKD Infraestructura México, S.A. de C.V., a newly-created trust expects to invest up to CAD$2.8 billion over the next five years
+ Infrastructure Ontario and Groves Memorial Community Hospital issued an RFQ to design, build and finance a new hospital in Fergus, ON; completion expected mid-2019
+ University of Calgary officially opened two new on-campus student residence buildings; Aurora (268 beds - undergrads) and Crowsnest Hall (390 beds – grad students)
QUOTES
+ It is a good rule after reading a new book, never to allow yourself another new one till you have read an old one in between. – C.S. Lewis
+ A woman is like a tea bag – you can’t tell how strong she is until you put her in hot water. – Eleanor Roosevelt
KUDOS
+ to Brett Wilson, recipient of the 2015 Bob Edwards Award, awarded by Calgary Public Library Foundation
+ to Pat Ottmann, Publisher of Business In Calgary magazine – celebrating its 25th Anniversary
SHAREHOLDER MEETINGS
+ Sept. 22; Alimentation Couche-Tard Inc., Shareholders Annual Meeting, Laval
+ Sept. 29; Deep Well Oil & Gas Inc., Edmonton
+ Sept. 29; Calgary Philharmonic Society, Annual General Meeting, Calgary
+ 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
+ Bank of Canada Governor Stephen Poloz was in town – spoke at the 2016 Economic Outlook event sponsored by Calgary Economic Development; said we’ve managed in the past and we’ll manage in the future. Duh! OK, he said more … like ‘Why did oil prices fall so much? …supply rose sharply’ .. Double-duh! [comments excerpted from his own press release]. He’s gone back to Ottawa, having said/done nothing here worth reporting
+ Barnwell Canada Limited closed its US$14.8 million acquisition of Dunvegan and Belloy area oil and natural gas properties
+ Caisse de dépôt et placement du Québec created at co-investment platform to invest in infrastructure opportunities in Mexico; JV will include a consortium of Mexican institutional investors joined under CKD Infraestructura México, S.A. de C.V., a newly-created trust expects to invest up to CAD$2.8 billion over the next five years
+ Canadian Pacific Railway Limited closes is sale of the Delaware & Hudson line (Schenectady, NY to Sunbury, PA) for US$214.5 million
+ Candax Energy Inc. announced a going-private transaction; Geofinance N.V. holds 80.7%
+ Cardinal Energy Ltd. agreed to acquire of portfolio of Mistue area central Alberta light oil assets for $129 million
+ Conference Board of Canada forecasting mild-recession for Alberta this year, and next …
+ current energy prices – live link to Bloomberg energy prices ; crude prices rose 3% yesterday as U.S. glut subsides and concern rose of reduced drilling activity; OPEC are now projecting US$80/bbl by 2020 which seems to have speculators in a tizzy … as if OPEC’s grip is reliable. Meanwhile Saudi’s continue to flood the market, keeping prices low, in some strange hope that everyone else will decrease projection so they can improve/maintain market share – a very expensive strategy indeed while they face huge domestic budget deficits … tic toc …
+ Montana Exploration Corp. and Gale Force Petroleum Inc. completed their plan of arrangement; will continue as Montana Exploration
+ Nexen Energy ULC has resumed full production at its Long Lake project now that the AER suspension has been lifted
+ Northern Frontier Corp. closed its $3.7 million acquisition of SL Oilfield Construction Ltd.
+ Quicksilver Resources Inc. started the process to sell substantially all of its Canadian and U.S. assets in conjunction with its U.S. Chapter 11 bankruptcy proceedings
+ Stantec Inc. growing again: agreed to acquire/merge with Fay, Spofford & Thorndike (9 offices, 280 employees)
+ Suncor Energy Inc. agreed to acquire a 10% working interest in the Fort Hills oil sands project from Total E&P Cana Ltd. for $310 million; Suncor now holds 50.8% of Fort Hills
+ Total Energy Services Inc. is making a takeover bid to acquire Strad Energy Services Ltd.
+ U.S. Federal Reserve DID NOT raise interest rates last week as expected due to concerns the global and U.S. economies have not recovered sufficiently; this is a green-light to bond buyers as assurance the central bank won’t increase rates for some time …and now it appears the Bank of England may cut rates as a fix for too-low inflation
THIS WEEK IN FINANCINGS
- proposed & closed
+ AltaGas Ltd. is on the market to raise $345 million in equity
+ Canadian Apartment Properties REIT is on the market to raised $250 million in equity
+ Cardinal Energy Ltd. is on the market to do a $100 million equity raise
+ Claude Resources Inc. secured $25 million credit facility
+ Exchange Income Corporation closed $75 million equity raise
+ Formation Fluid Technology Inc. is on the market to raise $3 million in convertible unsecured sub. debt
+ Gran Tierra Energy Inc. secured a US$500 million credit facility
+ Macro Enterprises Inc. secured $115 million credit facility
+ Northern Aspect Resources Ltd. is on the market to raise $1 million in equity
+ NorthWest Healthcare Properties REIT is on the market to raise $50 million in equity
+ Perisson Petroleum Corporation closed $2.1 million equity raise
+ Temple Hotels Inc. is on the market to raise $40 million in equity by a rights offering
+ Timbercreek Real Estate Fund closed $11,818,800 equity raise
+ American Hotel Income Properties REIT LP closed its acquisition of a 5-hotel (586 rooms) portfolio; US$44.8 million
+ GWL Realty Advisors acquired an 89 suite apartment in Bedford South, Nova Scotia, for $201.2 million
+ Stantec Tower under development in Edmonton, earlier announced as 62 floors, has grown to 66 – when completed it will be the tallest (at 251 metres) in Canada outside Toronto, Canada’s 7th highest
+ Starwood Waypoint Residential Trust agreed to buy Colony American Homes for US$1.5 billion and bring Starwood’s portfolio to 30,000 rental homes
+ TELUS and Westbank Projects Corp. opened the TELUS Garden office tower in downtown Vancouver; LEED platinum project - $750 million project includes 450,000 sq. ft. of office space, and 53-storey residential building
+ The Cadillac Fairview Corporation Limited completed first office tower development in downtown Montreal in more than 20 yrs.; $200 million/500,000 sq. ft. Deloitte Tower is first in the Quad Windsor project – a LEED Platinum project
this week in REITS
+ Allied Properties REIT closed its acquisition of retail and office components of 560 King Street W in Toronto
+ American Hotel Income Properties REIT LP closed its acquisition of a 5-hotel (586 rooms) portfolio; US$44.8 million
+ American Hotel Income Properties REIT LP closed its US$4.4 million acquisition of 160-room Hampton Inn Harrison, Virginia
+ Bob Choo to CFO @ R&R REIT
+ Canadian Apartment Properties REIT (CAPREIT) agreed to acquire 3,661 suites in Montreal for $490 million
+ Irfan Lakha to Trustee @ R&R REIT
+ Nobel REIT closed its $9.5 million acquisition – a 50% interest in 72 rue Laval in Gatineau, QB; a 68,365 sq. ft. office building, 98.8% leased to Government of Canada
+ NorthWest Healthcare Properties REIT is on the market to raise $50 million in equity
+ Robert Pratt, Trustee @ American Hotel Income Properties REIT LP, resigned
OIL SANDS NEWS
+ Nexen Energy ULC has resumed full production at its Long Lake project now that the AER suspension has been lifted
+ Suncor Energy Inc. agreed to acquire a 10% working interest in the Fort Hills oil sands project from Total E&P Cana Ltd. for $310 million; Suncor now holds 50.8% of Fort Hills
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