Latest news with #BMONesbittBurns
Yahoo
27-05-2025
- Business
- Yahoo
Urban Infrastructure Group Adds Capital Markets Depth as Steve Kaszas Joins as Board Director
Brampton, Ontario--(Newsfile Corp. - May 27, 2025) - Urban Infrastructure Group Inc. (TSXV: UIG) (the "Company") is thrilled to announce the addition of Steve Kaszas to its board of directors. Steve brings over four decades of experience in the financial services industry and has built a distinguished career characterized by strategic leadership, client-focused investment management, and a deep commitment to community began his career at Burns Fry in 1983 and quickly rose to become a shareholder in 1984. As a senior leader with The Altberg Kaszas Group at BMO Nesbitt Burns, Steve leveraged his expertise and global network to deliver investment strategies and superior client service while leveraging his insights from a broad spectrum of international financial his professional accomplishments, Steve is a dedicated community advocate and a recipient of the Queen Elizabeth II Golden Jubilee Medal (2003) in recognition of his significant contributions to Canada and the broader community. The Board firmly believes Steve will be a valuable addition to the Company. "We, at Urban, are fortunate to be able to add a director of Steve's calibre to our board. Steve's impeccable track record at BMO Nesbitt Burns as well as his vast network deliver an advantage that we will leverage on behalf of the Company and its shareholders," said Gary Alves, President and C.O.O. "I am excited to join the ranks of this hard-working team and assist in their goal of creating homes for all Canadians," said Steve Kaszas. About Urban Infrastructure Group Inc. Urban Infrastructure Group stands as a premier provider of concrete and drainage infrastructure construction services, specializing in Stage 1 development-—the critical foundation phase of the construction process. As industry leaders in early-stage infrastructure development, the Company delivers essential groundwork for large-scale, master-planned residential communities throughout Ontario. With a distinguished portfolio of partnerships, Urban Infrastructure Group collaborates with prominent developers and stakeholders behind Ontario's most ambitious and transformative residential development projects. The Company's expertise in foundational infrastructure enables the successful realization of complex, community-shaping initiatives that form the backbone of the region's expanding residential landscape. Connect with UIG: Contact: Bill MitoulasInvestor RelationsT: 416.479.9547E: bill@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of UIG, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Some of these risks are described under the "Caution on Forward-Looking Information" section and "Risk Factors" section of the MD&A. Although UIG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. UIG does not undertake to update any forward-looking information, except in accordance with applicable securities laws. To view the source version of this press release, please visit
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Why Canadian energy is a secret bargain, spurring a hostile takeover bid in the oil sands
Panic over U.S. President Donald Trump's global trade war and unexpected production bumps from countries outside North America have sent oil prices plummeting, making investors fear a 2014-style crash all over again. Adjusting for inflation, the current price of West Texas Intermediate crude, the North American benchmark, is hovering around US$45. The last time it fell to this level, a decade ago, it spelled disaster for Canadian producers – and for the Canadian economy. But this is not 2014. After years of painful restructuring, the Canadian oil industry is much stronger today, and some producers are now so resilient that they've earned the right to brag. 'The discipline today is night-and-day different,' Jeremy McCrea, an energy analyst at BMO Nesbitt Burns, said in an interview. The new era is defined by cost constraint, an aversion to debt and a promise to return excess cash to shareholders instead of spending it on endless expansion. There is also a growing global appetite for natural gas, which is seen as a logical fuel source for AI data centres, and an increasing likelihood that Canada will build more export plants sourced by low-cost gas from the Montney formation in northeast British Columbia. In short, Canada's energy sector is sitting pretty. Yet with more than half of the S&P/TSX Capped Energy subindex trading below their September, 2014, prices, investors aren't ready to admit it yet. Producers, however, see opportunity, which explains why Strathcona Resources Ltd. SCR-T launched a hostile takeover bid for MEG Energy Corp. MEG-T, one of the few pure-play companies focused on the Canadian oil sands. MEG runs a low-cost oil sands operation at Christina Lake, earned $507-million in profit last year and recently paid down a good chunk of its debt early, yet its shares have been trading roughly 45 per cent below their September, 2014, level. It's an odd scenario because the industry looked quite different before the 2014 crash. Costs were bloated, everyone was taking on debt to expand and oil and gas companies were treated as growth stocks. Then Saudi Arabia shocked the market with plans to boost production and the growth bubble burst. 'No one wants to go back to that ever again,' said Mr. McCrea, the BMO analyst. It wasn't just negligence from the producers. As investment in the oil sands exploded, the U.S. energy industry went through a revolution and new technology – fracking – unlocked oil and gas reserves that previously weren't accessible. The U.S. quickly went from being Canada's largest export market to its top competitor. Around the same time, the ESG era that promoted environmental, societal and governance concerns took hold, putting a spotlight on oil sands emissions. Canada also struggled to get a pipeline or LNG plant built to export its energy beyond the U.S. What snapped Canadian energy out of its seven-year rut was Russia's attack on Ukraine in February, 2022, which put an international focus on energy security. For the next few years, Canadian producers were akin to malfunctioning ATMs, spitting out cash as oil and gas prices soared. Things have since settled down, but many companies are still quite profitable even as oil prices fall. Suncor SU-T, for instance, has pledged to cut production costs and in 2024 the company beat its US$4 target per barrel, lowering expenses by US$7 per barrel. The sector's debt load also continues to improve. Cenovus Energy Inc. CVE-T has been hampered by leverage concerns for years, but in March Moody's Investors Service upgraded its debt rating to 'Baa1′ – the same level as industry darling Canadian Natural Resources Ltd. CNQ-T – citing the company's 'commitment to a conservative financial policy,' among other things. Summarizing this new-look Canadian industry, Mark Oberstoetter, head of research for upstream companies at energy consultancy Wood Mackenzie, offered this comparison: Since 2014, 'everyone's been working out, but Canada has been training with a weighted vest.' Adding to the bull case: Canada has long-life oil reserves, meanwhile U.S. shale oil wells are starting to run dry, and the Trans Mountain pipeline expansion is now up and running. Because more oil can be moved to the West Coast for export, the price differential between Canadian heavy crude, known as Western Canadian Select and West Texas Intermediate oil, is now around only US$12, because more Canadian oil can be exported abroad from the West Coast. Previously, it would get trapped in Canada and the supply glut would hurt domestic prices. WTI oil could drop US$20 per barrel, and the Canadian differential could drop another US$20. Despite all that, investors aren't convinced. Cenovus got a debt rating upgrade, and its shares are down 31.7 per cent over the past year. Part of what's still missing, explained Benoit Gervais, head of the resource team at Mackenzie Investments, is policy certainty. Investors can't get too excited about Canadian energy if new export projects never get built. 'Mark Carney really needs to be careful with his first move,' he said. If the new Prime Minister isn't clear about his energy agenda, and the permanency of it, 'we won't attract a meaningful amount of capital. It's pretty simple.' To that end, the new federal Minister of Energy and Natural Resources, Tim Hodgson, who used to sit on MEG's board of directors, delivered a speech in Calgary on Friday and had a clear message: Canada will remain a reliable global supplier of oil and gas for decades to come. 'No more asking, 'Why build?'' he said. 'The real question is, 'How do we get it done?''
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Énergir Announces a Private Placement of $300 Million Series 2025-1 First Mortgage Bonds
MONTRÉAL, May 15, 2025 (GLOBE NEWSWIRE) -- Énergir Inc. and Énergir, L.P. announce today a private placement by Énergir, L.P. of $300 million aggregate principal amount of Series 2025-1 First Mortgage Bonds (the 'Series 2025-1 Bonds'). The Series 2025-1 Bonds will be secured by a hypothec on the assets of Énergir, L.P. The Series 2025-1 Bonds, bearing interest at the rate of 4.65% per annum, are expected to be dated May 20, 2025 and to mature on May 20, 2055 and would be issued at a price of $998.87 per $1,000 principal amount. The Series 2025-1 Bonds have been assigned a provisional rating of A by Standard & Poor's and a provisional rating of A by DBRS Limited. Closing of the offering of the Series 2025-1 Bonds is expected to occur on May 20, 2025, subject to customary closing conditions. Énergir, L.P. intends to use the proceeds to repay existing indebtedness and for general corporate purposes. The Series 2025-1 Bonds are offered on an agency basis through a syndicate of dealers led by BMO Nesbitt Burns Inc., Scotia Capital Inc. and TD Securities Inc., as joint bookrunners and co-lead private placement agents, together with CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Merrill Lynch Canada Inc., Mizuho Securities Canada Inc. and Casgrain & Company Limited, as agents. The Series 2025-1 Bonds have not been and will not be qualified for distribution to the public under applicable Canadian securities laws and, accordingly, any offer or sale of the Series 2025-1 Bonds in Canada is being made on a basis which is exempt from the prospectus requirements of such securities laws. The Series 2025-1 Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered, sold or delivered in the United States of America or its territories or possessions or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Series 2025-1 Bonds in the United States. About Énergir Inc. and Énergir, L.P. Énergir Inc. mainly holds a 71% interest in Énergir, L.P., for which it acts as the General Partner. With more than $11 billion in assets, Énergir, L.P. is a diversified energy business whose mission is to meet the energy needs of approximately 540,000 customers and the communities it serves in Quebec and Vermont in an increasingly sustainable way. Énergir, L.P. is the largest natural gas distribution company in Quebec, where, through its joint ventures, it also generates electricity from wind power. And through its subsidiaries and other investments, Énergir, L.P. has a presence in the United States, where it generates electricity from hydraulic, wind and solar sources; it is also the largest electricity distributor and the sole pipeline natural gas distributor in the State of Vermont. Énergir, L.P. values energy efficiency and invests its resources and continues its efforts in innovative energy projects, such as renewable natural gas and liquefied and compressed natural gas. Through its subsidiaries, it also provides a variety of energy services. Énergir, L.P. strives to become the partner of choice for those seeking a better energy future. Forward-Looking Statements This news release contains forward-looking statements, including, but not limited to, statements relating to the expected timing completion and use of proceeds of the proposed sale of Series 2025-1 Bonds and other statements that are not historical facts. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from expectations expressed in or implied by such forward-looking statements. The forward-looking statements contained in this news release are as at the date of this news release and, Énergir Inc. and Énergir, L.P. assume no obligation to update or revise any forward-looking statements to reflect new events or circumstances except as required by applicable securities laws. Forward-looking statements are provided herein for the purpose of giving information about the proposed private placement referred to above. Readers are cautioned that such information may not be appropriate for other purposes. The timing and completion of the abovementioned proposed sale of the Series 2025-1 Bonds is subject to customary closing terms and other risks and uncertainties. Accordingly, there can be no assurance that the proposed sale of the Series 2025-1 Bonds will occur, or that it will occur at the expected time indicated in this news release.
CBC
17-04-2025
- Business
- CBC
Former Cornwall mayor Ed Lumley dies
Social Sharing Ed Lumley, former Cornwall mayor and former federal cabinet minister, is being remembered for a life of service after dying at his home in South Lancaster on Wednesday. He was 85. Lumley served as mayor of Cornwall, Ont., from 1972 until 1974, when he was elected Liberal MP for Stormont-Dundas. He served as an MP until 1984, holding several portfolios in the cabinets of Pierre Trudeau and John Turner. After being defeated in the 1984 federal election by Progressive Conservative candidate Norman Warner, Lumley returned to the private sector, where he served as the vice-chairman of BMO Nesbitt Burns and the director of Magna International. He also served on the boards of Bell Canada Enterprises, Canadian National Railway and Air Canada. In 2014, Lumley was awarded the Order of Canada for service to community and country, notably as the federal minister of industry, where he initiated the Canada-U.S. Free Trade discussions. The University of Windsor paid tribute to Lumley, citing his "extraordinary leadership and legacy." From 2006 until 2019, Lumley served as chancellor of the university, after which he was named its chancellor emeritus. Lumley played a "pivotal role" in raising over $100 million to support the university, it said in a statement, most notably through the creation of the Ed Lumley Centre for Engineering Innovation. Since 2015, a scholarship in his name has provided 58 students with up to $32,000 each. "From his roots in Windsor to a distinguished career in public service, corporate leadership, and philanthropy, Dr. Lumley's contributions are lasting and far-reaching," the university said. "We honour his extraordinary life, legacy, and the profound impact he had on generations of students, alumni, and the entire UWindsor community." Lumley was a "great community leader," according to Eric Duncan, the Conservative candidate for Stormont–Dundas–Glengarry. "Ed knew how to get things done — there are many projects in Cornwall that have his fingerprints on it, from his service as mayor, a member of parliament and cabinet minister," Duncan said in a statement posted online. Lumley's name is attached to the arena at the Cornwall Civic Complex, which has hosted World Junior exhibition hockey games and World Junior Curling Championship games. Duncan also remembered Lumley as a husband and family man.
