E Global Tech, Pharma, Finance And Energy Stock Highlights

Old Mutual (ODMTY), is preparing to sell its 66%-owned Boston-based US asset management arm to Affiliated Management for cash and a 10% stake in Affiliated. The cash amount to be paid for Old Mutual Asset Mgm (OMAM) was not revealed.

Banco Latinoamericano de Comecio (BLX) led a $59 mn syndication of 3-yr senior notes for another Panama bank. BLX was sole lead arranger and book-runner. Banco Aliado, the 4th largest bank in Panama, is owned by local entrepreneurs and was founded in 1992. This is the second placement by BLX which sold the notes in China, Curacao, Switzerland, Trinidad, the USA, and, of course, Panama.

Bank of Nova Scotia (BNS) reports before the market opens on May 31.

Oil and Gas

Veresen (FCGYFis selling its 33 megaWatt Glen Park hydro-electric power plant for US$61 million plus working capital. The distributable cash from Glen Park will be $47-54 mn. The buyer was not named. The power stations in upstate New York require approval from the Federal Energy Regulatory Commission, the very body that tried to derail VSN's pipeline and gas liquefaction project in Oregon. 

Fellow Canadian Computer Modelling (CMG.TO) is benefiting from the decline of exploration because of oil and gas price uncertainties and cost cutting, This makes its simulators of deposits a key for small caps looking to boost their output without spending on new drilling programs. CMDXF spends heavily on research and is coming up with a new Coflow R10 will be replaced by a new R11 version in H2. This is being used by Shell and Petrobras in offshore waters, where budget cuts are great. CMDXF  also plans a 3rd generation simulator cutout format SR6 system for 2017 for land exploration. It has invested 410 man years in new tech (about C$6.5 mn) and has C$562 mn in working capital so it can continue this spending.

As reported yesterday, Schlumberger Ltd (SLB) was added to the Goldman Sachs “Conviction Buy” list with a $94 target price “given its best-in-class financial, operational, and technical reach.” Analyst Waqaa Syed also thinks the takeover of Cameron gives SLB scale and greater data mining ability. He also predicts SLB will gain from “brownfield development”, more facilities in existing oilfields in the Middle East, Russia, and Latin America and he likes the 2.7% yield.

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