63.80 +0.02 (0.03%)
After hours: 5:34PM EDT
|Bid||63.68 x 800|
|Ask||65.78 x 1300|
|Day's Range||60.89 - 63.82|
|52 Week Range||49.55 - 82.74|
|Beta (5Y Monthly)||0.72|
|PE Ratio (TTM)||10.15|
|Earnings Date||Nov. 30, 2016 - Dec. 05, 2016|
|Forward Dividend & Yield||3.07 (5.22%)|
|Ex-Dividend Date||Apr. 22, 2020|
|1y Target Est||88.84|
The Quebec government is coming to the rescue of Cirque du Soleil, announcing a loan of up to US$200 million as part of an agreement that could eventually see the province take over the live entertainment giant now walking a financial tightrope.Economy Minister Pierre Fitzgibbon said Tuesday the province will become a creditor of the company under an agreement in principle between the provincially owned Investissement Quebec agency and Cirque's three main shareholders — Texas-based TPG Capital, Chinese firm Fosun and Quebec pension fund manager Caisse de depot et placement."Under the circumstances, this is a very nice transaction," Fitzgibbon told reporters."The reason why we supported existing shareholders is that we wanted to anchor the takeover of Cirque in Quebec. One day, Cirque will once again be Quebec-owned."The province would also have the option of buying Cirque in the event that shareholders decide to sell their stakes, Fitzgibbon said.He said financial support would not be used to pay bondholders and would come with multiple conditions, including that the company's head office remain in the province and that senior executives reside there.Cirque, which carries a debt estimated at more than US$900 million following an ambitious four-year expansion, has seen its operations paralyzed due to the COVID-19 pandemic, which prompted it to cancel all 44 shows and lay off about 4,700 employees, roughly 95 per cent its workforce.The company has studied potential solutions, including creditor protection, and ramped up efforts to attract an investor or purchaser, or to negotiate another injection of capital from the current owners."If in the process other shareholders (were to acquire) Cirque, that money could also be available," Fitzgibbon said, referring to the US$200-million loan.The three current owners, who recently provided emergency funding of US$50 million, have a plan to revive the company, he added.Cirque spokeswoman Caroline Couillard said it welcomed financial support from the province. "The strong interest...once again testifies to the strength of our brand and the importance of preserving Cirque's Quebec heritage," she said in an email.The minister's announcement followed one by Cirque founder Guy Laliberte Sunday, who said he wants to buy back the 36-year-old circus company that he sold for US$1.5-billion in 2015 after growing it from a troupe of stilt walkers and fire-breathers into a global entertainment giant.Laliberte, who sold his remaining 10 per cent stake in February for an estimated $100 million, said his intention was to keep the headquarters in Montreal and hire mainly Quebecers to run the company.Quebecor Inc. has also voiced a desire to "rescue" Cirque, saying in a letter to federal ministers earlier this month it was in funding talks with the Caisse, the Fonds de Solidarite FTQ and the Royal Bank of Canada.The Montreal-based media giant run by Pierre Karl Peladeau said in a separate release it is ready to spend "several hundred million dollars" to revive Cirque operations, despite not having access to their books.The Quebec government had previously signalled it was ready to help the circus financially, with Fitzgibbon confirming last week the provincial government was in talks with potential investors.This report by The Canadian Press was first published May 26, 2020.Companies in this story: (TSX:RY)Julien Arsenault, The Canadian Press
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(Bloomberg) -- Elevator queues, mandatory masks and staggered start times may await Toronto’s office workers when they start venturing back to North America’s second-largest financial center.These are among the measures Cadillac Fairview Corp. Ltd. is pursuing as the commercial property firm prepares for a “measured” return of workers to downtown buildings. The company is landlord to some of Canada’s largest banks as the owner of office towers such as TD Centre and RBC Centre.“It’s going to be a gradual but steady climb back to normalcy,” Sal Iacono, Cadillac Fairview’s executive vice-president of operations, said in an interview.Ontario has been easing restrictions on business as the Covid-19 pandemic, which has killed nearly 2,000 people in the province, finally eases.Office workers should brace for dramatic changes, with numerous precautions to protect them and the public. Cadillac Fairview, which is owned by the Ontario Teachers’ Pension Plan and oversees 70 properties in Canada including the Toronto Eaton Centre shopping mall, is just one of the city’s large landlords adopting new measures to make returning to work safe.Elevators will have limits of four people and Cadillac Fairview plans to add thin anti-microbial film over the buttons. It’s looking to introduce digital apps so people can schedule their elevator rides instead of waiting in line, Iacono said, “so that you know with certainty that you’re not going to have to wait a long time in order to be able to access your floors.”Shift WorkThe company is also working with tenants on ways to stagger start and end times for employees to avoid crowding in lobbies and common areas.“In order to be able to allow the maximum number of people to come into those office buildings, we’re going to have to change our behaviors for a period of time,” Iacono said.Building occupants at Cadillac Fairview office properties will be required to wear non-medical face masks or coverings in elevators and they’ll be “strongly encouraged” to wear them in common areas, including the underground PATH network that links downtown office buildings in Canada’s largest city.Commercial landlords including Brookfield Properties and Oxford Properties Group have already put down social distance markings and signage throughout downtown. But the many bankers, investment managers, accountants and lawyers who typically populate Toronto’s cluster of skyscrapers likely haven’t seen them yet due to weeks of working from home.In the depths of the pandemic shutdown the number of people in office buildings were no more than 5% to 10% of normal levels, Iacono estimated. He got a first-hand look at how the city’s core has become a ghost town a couple weeks ago during a visit to his office by the shuttered Eaton Centre to sign some paperwork.“The mall under normal circumstances has 53 million people a year going through it, so to see Toronto Eaton Centre as empty as it was on the day that I was there was a little dystopian,” he said. “I took the elevator up to my office and we had two people on our floor.”Even with restrictions easing, Iacono doesn’t anticipate a rush back to the office. Ontario has kept schools and daycares closed, which means a slow return for many workers.In markets that have reopened, Iacono is seeing between 15% and 30% of office workers returning at first, with that percentage increasing over time.“I try to dispel the notion that on the first day that the government lifts restrictions in the market that everybody shows up back at the office all at the same time like any normal day pre-Covid,” he said. “That’s not going to be the case.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Royal Bank (RY) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
TORONTO, May 20, 2020 /CNW/ - Today, RBC announced a new virtual performance series, First Up with RBCxMusic that will support and promote emerging Canadian recording artists and musicians through the challenging circumstances caused by the COVID-19 pandemic. Musicians and recording artists who traditionally rely on income from paid performances continue to experience financial hardship with the suspension of live events. According to a recent survey by Music Canada and Connect Music Licensing, nearly half of artists reported they have lost more than 75% of their income since the crisis.
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