Cadillac shares drop 10% after financing plan unveiled

Article Abstract:

Cadillac Fairview Corp., a Toronto, Ontario-based real estate developer, saw its shares dropped by 10% after unveiling its financing plan. The company intends to raise C$100 million by selling convertible debentures to repay short-term debt and fund further growth, including acquisitions. According to an industry observer, the share price plunged because investors are not open to Cadillac tapping the capital markets without having a specific use for the money at this time. Cadillac, which spent C$750 million on its 1998 acquisitions, agreed to sell the debentures to a syndicate of brokerage companies on a brought-deal basis.

Comment:

Sees its shares drop by 10% after unveiling its financing plan

Financial management, Ontario, Cadillac Fairview Corp., Article

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Dundee to let buyers back out of condos

Article Abstract:

Dundeee Realty Corp has announced that it will give buyers of a mothballed luxury condominium project in downtown Toronto to right to back out of their sales agreement. The project hit a snag when partner Livent Inc walked out of the project when it filed for bankruptcy protection. The condominiums were supposed to be an integral part of a four-star hotel and theater complex knowm as Pantages Place in which Dundee was to spend C$80 million to build a 41-storey hotel-condonium tower.

Canada, Strategy & planning, Dundee Realty Corp.

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