Zero initial public offerings on market in first quarter
The market for initial public offerings was dormant on the Toronto Stock Exchange in the first quarter of 2009, with zero new listings for the third quarter in a row.,It’s not unusual for IPO activity to be minimal in the January-March quarter, PricewaterhouseCoopers said in its quarterly survey. Only three new issues made it to the TSX in the first quarter of 2008 for a total value of $113 million and only five IPOs in the first three months of 2007 with a value of $191 million. But PricewaterhouseCoopers says the nine consecutive months without an IPO on Canada’s main stock market reflects a wariness among investors.
Western Financial announces $30 million in Debenture financing
Western Financial Group Inc. (TSX:WES), an Alberta based insurer and bank, says it has hired a syndicate of agents to seek a private placement of up to $30 million of convertible unsecured subordinated debentures. The money raised from the financing will be used to increase ownership of certain strategic investments and for general corporate purposes, the company said Thursday. Western Financial shares were halted on the TSX pending news. The debentures are unsecured and pay an annual interest of 12 per cent and will mature June 30, 2014. They can be converted into common shares of Western Financial at $3 each. It is expected to close April 21.
Suncor, Petro-Can postpone AGMs
Suncor Energy Inc. (TSX:SU) and Petro-Canada (TSX:PCA) are postponing their annual general meetings to early June because of their plan to merge. Both companies said Thursday they will hold their meetings on June 4 in Calgary, when shareholders will also vote on the $19-billion combination.
