Minority shareholders in GMP Capital oppose restructuring offer: GMP Capital Inc. faces a shareholder revolt over plans to restructure the company and give Winnipeg’s Richardson family a larger stake, with the wealth manager’s former chief executive officer and a hedge fund attempting to block the deal ahead of a vote next month. (Andrew Willis and David Milstead)
Rogers vows to keep Cogeco headquarters in Quebec if deal goes through: Rogers Communications Inc. is vowing to keep the headquarters of Cogeco Inc. and Cogeco Communications Inc. in Quebec if it is successful in acquiring the Canadian operations of the Montreal-based cable and media business. (Alexandra Posadzki and Nicolas Van Praet)
Securities regulators warn about proposals to limit Ontario regulator’s enforcement powers: Canada’s provincial securities regulators are warning Ontario against proceeding with several proposed changes to its capital markets enforcement regime that would give greater rights to individuals and companies under investigation and limit the ability of investigators to use contempt proceedings to encourage co-operation. (Mark Rendell)
How Cogeco takeover bid could reshape Canada’s telecom landscape: A takeover bid for Cogeco Inc. and Cogeco Communications Inc. is expected to redraw the Canadian telecom and media landscape, even if the hostile offer proves unsuccessful. (Andrew Willis and Nicolas Van Praet)
Montreal payment processing company Nuvei unveils plans to go public: Payment processing company Nuvei Corp. has filed to go public on the Toronto Stock Exchange, capitalizing on a surge in investor interest in digital technology stocks as the pandemic has forced more commerce online. (Mark Rendell)
Canadian insurers suffer hit from legacy of annuity-style contracts: A product that troubled Canadian life insurers during the last financial crisis a decade ago has come back to bite some industry players again. (Clare O’Hara and David Milstead)
Canada’s bank regulator rolling back loan deferral programs for banks, insurers: Canada’s banking regulator is rolling back two emergency programs introduced at the beginning of the pandemic, including a crucial measure that made it easier for banks to offer loan payment deferrals to clients. On Monday, OSFI said it was rescinding the March changes, so that deferred loans will no longer be treated as performing loans. (Mark Rendell and Clare O’Hara)
BlackBerry scales back debt offering in face of shareholder complaints: BlackBerry Ltd. and Fairfax Financial Holdings Ltd. have once again restructured a debt refinancing deal to avoid a shareholder vote after the Toronto Stock Exchange withdrew its approval of the transaction. BlackBerry said it cut the size of a convertible-debt offering from US$535-million to US$365-million, thus limiting the number of shares that Fairfax, already a major shareholder, would own if it were to swap its bonds for stock.(David Milstead)
In case you miss it
The workplace will be a whole new world: A guide to returning to the office: Before this pandemic is over, you could very well return to your office, and work. What awaits you there will be strange, challenging, awkward and, for some, the possibility to feel a little bit normal again. (Joe Castaldo)
Illustration by Murat Yükselir
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