May 12, 2017
BNN's Daily Chase: Home Capital future remains uncertain, PrivateBancorp set to vote on CIBC bid
By Andrew Bell
HOME CAPITAL DOUBTS PERSIST
Heading up a public company is lucrative but can also be frustrating, as we’re chronicling on BNN today.
At 10:15 a.m. ET, we hear from Brenda Eprile, new chair at struggling Home Capital (HCG.TO.) Canada's biggest non-bank lender says there are doubts it can stay in business amid “reputational concerns” after the company was accused of misleading investors.
Anthony Scilipoti, CEO of Veritas Investment Research, gives us his take on Home capital at 9:45 a.m. ET. He says investors just got a “stunning disclosure” that collateral with Healthcare of Ontario Pension Plan for a line of credit is much higher than originally disclosed.
CIBC PRIVATEBANCORP VOTE DEADLINE TODAY
Today is the deadline for shareholder to vote on the CIBC’s proposed takeover of Chicago-based PrivateBancorp. Institutional Shareholder Services urged shareholders to reject the $4.9 billion cash-and-stock bid citing uncertainty around the outlook for the Canadian housing market and its possible impact on the country's banking shares.
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PAINTED PONY INVESTORS BACK MULTI-MILLION DOLLAR DEAL
Painted Pony (PPY.TO) CEO Patrick Ward, had a good day yesterday. Investors backed the $277-million of acquisition of gas producer UGR Blair Creek in a deal that had attracted some shareholder opposition. Back on May 11, Canaccord said it reckoned approval would “remove the uncertainty inherent in the stock...and could lead to a significant share price rally.”
CORPORATE LEADERS ON BNN
Corporate leaders on our channel today include Paul Soubry, CEO of bus maker New Flyer Industries (NFI.TO). We’ll ask him if the company, which is hiking its dividend by nearly 40 per cent, faces a threat to its U.S. sales because of trade protectionism under President Donald Trump.
And at 11:05 a.m. ET, we’ll hear from Fortis (FTS.TO) CEO Barry Perry who is planning to purchase a two-thirds interest in the Waneta Dam and related transmission assets in British Columbia from Teck (TECKb.TO) for $1.2 billion in cash.
Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.
