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Alberta

Province launching review of Calgary Board of Education

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From the Province of Alberta

Calgary Board of Education review underway

The province has launched an independent, external review to examine the finances and governance of the Calgary Board of Education.

The financial and governance review was deemed necessary after the Calgary Board of Education demonstrated an inability to appropriately manage its finances following a series of questionable decisions.

“I expect all boards to prioritize the educational experience of Alberta’s students. With an operating budget of $1.2 billion, I believe the Calgary Board of Education has many options available that would allow it to operate within its budget allocation while still providing students with a world-class, high-quality education. My hope is that this inquiry will provide context to recent board decisions, so we can provide them with much-needed guidance.”

Adriana LaGrange, Minister of Education

The review into the board’s financial cost-management processes and governance, led by Grant Thornton LLP, will begin immediately. The report, which is expected to cost between $100,000 and $125,000, is due to the minister by Jan. 31, 2020. The minister will be provided with information on board finances and board governance.

The review was ordered under Section 70(1) of the Education Act, which allows the minister to appoint a person to conduct an inquiry into the administrative and financial condition of a board, private school or early childhood services program.

After 15 years as a TV reporter with Global and CBC and as news director of RDTV in Red Deer, Duane set out on his own 2008 as a visual storyteller. During this period, he became fascinated with a burgeoning online world and how it could better serve local communities. This fascination led to Todayville, launched in 2016.

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Alberta

Pembina to pocket $350 million after terminating acquisition of Inter Pipeline

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CALGARY — Pembina Pipeline Corp. will pocket a $350-million break fee after terminating its acquisition of Inter Pipeline Ltd.

The move follows Inter Pipeline’s board advising that it would no longer recommend that shareholders support the deal after rival Brookfield Infrastructure Partners LP upped its hostile takeover bid for the Calgary-based Inter Pipeline.

Inter Pipeline had resisted Brookfield’s bid after signing a friendly all-stock deal to be bought by Pembina that would have seen its shareholders receive half a Pembina share for each Inter Pipeline share they hold.

Prominent shareholder advisory firm ISS recommended that Inter Pipeline investors reject the company’s proposed sale to Pembina and instead support the takeover by Brookfield after Inter Pipeline’s largest shareholder upped its offer to $16 billion, including debt.

Pembina’s CEO Mick Dilger says he’s disappointed by the outcome as the logic of a combination with Inter Pipeline remains “unparalleled” and the value creation impossible to replicate.

He says the company will continue to seek growth opportunities through other acquisitions.

“Pembina remains optimistic about its future, including the profitability of our existing business given foreseeable sector tailwinds, as well as with tremendous flexibility to pursue an ever increasing and more diverse set of opportunities for growth, some of which we were able to highlight and advance during this process,” he stated.

Inter Pipeline subsequently said it is open to working with Brookfield to reach a “mutually agreeable transaction.”

This report by The Canadian Press was first published July 26, 2021.

Companies in this story: (TSX:IPL, TSX:PPL, TSX:BIPC)

The Canadian Press

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Alberta

Yamamoto among four players to receive qualifying offers from the Edmonton Oilers

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EDMONTON — The Edmonton Oilers extended qualifying offers to forwards Tyler Benson, Cooper Marody and Kailer Yamamoto as well as goalie Stuart Skinner on Sunday.

Benson, 23, has one assist in seven career NHL games. He was selected in the second round. No. 23 overall, in 2016.

Marody, 24,was originally drafted by the Philadelphia Flyers in 2015 and has appeared in six career NHL contests.

The 22-year-old Yamamoto had eight goals and 13 assists in 52 games with Edmonton last season. The ’17 draft pick has 20 goals and 32 assists in 105 career NHL contests.

Skinner, 22, played in one game with Edmonton last year. He was drafted by the Oilers in 2017.

This report by The Canadian Press was first published July 25, 2021.

The Canadian Press

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