KINDER MORGAN: shares on TSX on May 30!

[Oscar]

Kinder Morgan shares start trading on the TSX on May 30

[ https://canadians.org/blog/kinder-morga ... tsx-may-30 ]

May 27, 2017 - 7:30 am

Shares in Kinder Morgan Canada will start trading on the Toronto Stock Exchange on Tuesday May 30, the day before Green Party leader Andrew Weaver's May 31 deadline to announce an agreement on which party he will partner with to form the next provincial government in British Columbia.

The Financial Post reports, "On Tuesday the market will, for the first time, get to pass judgment on the recently priced initial public offering of Kinder Morgan Canada. So far the underwriters have rounded up enough investors for 102.9 million shares. Those shares were priced at $17 — or a tad below the previous marketing range of $19-$21 a share."

The article adds, "On Tuesday, those newly issued shares will start trading on the TSX [the Toronto Stock Exchange]. And there will be some nervous anticipation given three main factors: the very recent election of a minority government in B.C. (with the Greens and the NDP, who are opposed to the pipeline, holding the balance of power); the reality that Kinder Morgan faced to get the deal over the line; and the quality of the demand."

Yesterday, San Francisco-based Wells Fargo, the world's second largest bank, issued two reports on Kinder Morgan Inc.

The newspaper notes, "Canadian investors view the B.C. government election outcome 'as negative for TMX [TransMountain]' and believe 'activist, environmental, and certain First Nations opposition will be strong and they see significant headline risk over the next 2-3 years, which will impact the trading of the stock', noted the report. The analysts behind the report commented that even if the pipeline is ultimately built, 'Do I want to deal with the volatility along the way?'"

The Council of Canadians has two online action alerts on these issues.

1- Stop your pension from building pipelines!
[ https://secure.canadians.org/ea-action/ ... n.id=65322 ]
By clicking on this, you can send an e-mail to the Canada Pension Plan Investment Board that says, "Following reports that Kinder Morgan has started talks with the Canada Pension Plan Investment Board (CPPIB) about investing in the Trans Mountain pipeline, I am writing to urge you to reject the proposal and refuse to invest in this destructive pipeline project. ...As a CPP contributor, I urge the CPPIB to take a principled stance and publicly refuse to invest any money in Kinder Morgan’s Trans Mountain pipeline."

2- NDP & Greens can stop the extreme energy agenda in B.C.
[ https://secure.canadians.org/ea-action/ ... n.id=70001 ]
By clicking on this, you can send an email to NDP leader John Horgan and Green Party leader Andrew Weaver that says, "NDP and Green Party voters have clearly expressed opposition to Kinder Morgan’s Trans Mountain pipeline, Site C and the expansion of the LNG and fracking industry. They want B.C. to embark on a just energy transition process and ensure Indigenous rights are respected. The time for action and collaboration is now. Working together to address these pressing issues would be an earnest step in that direction."

The Council of Canadians has also made a financial contribution to the Secwepemc’ulecw Assembly that is taking place on June 2-4 in Clearwater, which is situated within the territory of the Secwepemc Nation and on the route of the pipeline. The Trans Mountain pipeline would cross 518 kilometres of Secwepemc territory, but that nation has not given its free, prior and informed consent to the pipeline.

The Canadian Press reports, "Kinder Morgan says it will proceed with the $7.4-billion Trans Mountain pipeline expansion as long as it secures satisfactory financing for the project through its initial public offering. ...Kinder Morgan says it’s expecting to begin construction for the project in September, with a completion date set for December 2019."

Please take action to stop this now.

#StopKM


Brent Patterson's blog
Political Director of the Council of Canadians
[ https://canadians.org/blogs/brent-patterson ]