Caught in an emerging market storm, some resource-rich states may keep more windfall income in liquid assets, ready to aid their economies, rather than locked up in strategic investment for future generations, sister news service Reuters reported.
4 min read · 25 February 2014
Cardiome Pharma Corp (NASDAQ: CRME, TSX: COM) and CarCor Investment Holdings LLC, the shareholder from which Cardiome bought Swiss pharmaceutical company Correvio LLC in late 2013, have agreed to primary and secondary offerings totaling $30 million. Cardiome will use the proceeds of the primary offering for working capital and general corporate purposes, including to fund expansion of sales and marketing efforts. Around the time of the Correvio acquisition, Cardiome is reported to have received an investment from U.S. private equity firm Fortress Investment Group. Based in Vancouver, the company is focused on the development and commercialization of cardiovascular therapies.
5 min read · 24 February 2014
A large majority of the small Canadian-listed mining companies that help drive global mineral exploration expect to drill this year after a grim period of hibernation for many cash-strapped explorers, according to a Reuters survey. The results of the survey of more than 60 mining executives are one of the first clear indications of a turning point in sentiment among so-called junior miners. Although money has begun to trickle back, the cost of drilling is down and the price of gold is up from last year's painful lows, hopes for the sector have been muted at best.
5 min read · 24 February 2014
Ontario Municipal Employees Retirement System (OMERS) reported $4 billion in investment income in 2013, reflecting a 6.5% gross return, compared with a minimum target of 7% gross return. Overall performance was supported by the strong results of OMERS' private equity, infrastructure and other private-market investments, which turned in a combined 15.5% gross return last year. With net investment assets of $7.1 billion, OMERS Private Equity alone earned $1.4 billion, or a 23.6% gross return, in 2013. At the end of December, the Toronto-based OMERS' total assets under management stood at $65.1 billion.
5 min read · 24 February 2014
CEOs attending the Québec Technology Association's CEO Vision event on February 21st elected Benjamin Desmarais, president, CEO and co-founder of Fibrenoire, as "2014 Investissement Québec CEO of the Year." Desmarais was recognized for his role in a transation that involved the simultaneous acquisition of three fiber optic networks. This resulted in the doubling of company's sales, and making Fibrenoire the largest enterprise fiber optic network operator in Québec. The Montréal-based company has been a portfolio investment of Canadian private equity firm Novacap Technologies since May 2013.
3 min read · 24 February 2014
Trimel Pharmaceuticals Corp (TSX: TRL), a Mississauga, Ont.-based specialty pharmaceutical company that develops medications for male hypogonadism, female sexual dysfunction, and various respiratory disorders, has completed a private placement. The investment, which generated gross proceeds of more than $10.5 million, was provided by First Generation Capital and West Face Capital. The funds will allow Trimel to focus on key operational objectives and milestones. Toronto-based private investment firm West Face Capital last month initially closed its West Face Alternative Credit Fund Group at around $400 million in commitments.
2 min read · 24 February 2014
Eldorado Gold Corp (TSX: ELD) plans to sell a minority stake in its stalled Eastern Dragon project to Chinese private equity firm CDH Investments, the Canadian miner said on Monday. CDH will acquire 20 percent of the gold mine in the northern Chinese province of Heilongjiang for US$40 million in cash. Eldorado said it expected CDH to help complete the development of Eastern Dragon. Based in Vancouver, Eldorado is low-cost gold producer with over 20 years of experience building and operating gold mines in Europe, Asia and South America.
1 min read · 24 February 2014
The owners of helicopter transport services firm Avincis have invited banks to pitch for an initial public offering (IPO) that could value the firm at up to 2 billion pounds ($3.3 billion), three sources familiar with the situation told sister news service Reuters.
2 min read · 24 February 2014
KKR & Co LP’s founders Henry Kravis and George Roberts received $161.4 million and $165.5 million respectively in cash dividends and executive pay in 2013, over 17 percent more than they got in 2012, a regulatory filing showed, sister news service Reuters reported.
2 min read · 24 February 2014
Focus Media Holding Ltd, a Chinese display advertising company backed by Carlyle Group and other private equity firms, plans a $1 billion initial public offering in Hong Kong early in 2015, affiliated news service IFR reported, citing sources familiar with the plans.
2 min read · 24 February 2014
