TSX

Pieridae To Be Listed On TSX

Daily Oil Bulletin Monday, June 1, 2020, 7:34 AM MDT

Pieridae Energy Limited’s common shares have been approved for listing on the Toronto Stock Exchange (TSX) and are expected to begin trading on the exchange at the opening of the market on June 3, 2020.

Concurrent with the TSX listing, the common shares of Pieridae are expected to be de-listed from the TSX Venture Exchange. Pieridae's trading symbol will remain "PEA".

TMX Group Ltd., which owns the TSX, has indicated on its website that companies may derive additional benefits from listing on the TSX such as:

• increased access to capital;

• greater visibility - TSXV graduates listed on the TSX are covered by an average of five analysts;

• access to institutional capital - institutional investors have invested $15 billion in TSXV graduates;

• enhanced liquidity on world markets - roughly 40 per cent of TSX trading is originated by international headquartered investment dealers.

Pieridae Moves Up to Bigger Exchange

AllNovaScotia.com June 2, 2020 Geoff Bird

Pieridae Energy Ltd. is graduating to the Toronto Stock Exchange, where the Goldboro LNG developer says it will be on the radar of a larger pool of potential investors.

CEO Alfred Sorensen says the move up from the TSX Venture Exchange is a "big step" for the company.

"The key here is that being a member of the TSX allows Pieridae to tell its story to a bigger investor audience, including the Canadian institutional investment community, which should improve liquidity in the stock," he said in a statement Monday.

Pieridae's stock, under the ticker symbol PEA, will start trading Wednesday on the TSX. Its stock was unchanged Monday at 30 cents (52-week high/low: $1.60/16 cents).

Pieridae shares have lost more than half their value over the last month after Alberta's energy regulator denied the company's acquisition of some of Shell Canada's natural gas assets in the province, citing concerns over environmental cleanup issues (see 2020-05-15).

Pieridae has said it expects it will be able to address those concerns.

The company acquired Shell's Foothills operations for $190 million in 2019. The properties form the core of a production platform to supply its $8-billion LNG export terminal planned for Guysborough County.

Pieridae made a $94-million all-stock acquisition of a smaller company, Ikkuma Resources, about 10 months prior to the Shell deal.

Historic low commodity prices and market uncertainty has led big energy players to rethink or abandon their proposed LNG plants, and small ones like Bear Head owner LNG Ltd. have fallen into insolvency (see 2020-05-05).

Pieridae, however, is still committed to Goldboro, where it has planned since 2012 an LNG terminal underpinned by a long-term contract with German utility Uniper.

Still, depressed market conditions and COVID-19 uncertainty led Sorensen and crew to push back their final investment decision on the Goldboro project by a year to June 30, 2021 (see 2020-04-17).

Pieridae to be listed on Toronto Stock Exchange

Offshore Energy June 2, 2020, by Mirza Duran

Canada’s Pieridae Energy, the developer of the Goldboro LNG export project, said Monday that its shares have been approved for listing on the Toronto Stock Exchange.

The company’s shares are expected to start trading on the TSX at the opening of the market on June 3.

Concurrent with the TSX listing, Pieridae’s shares will be de-listed from the TSX Venture Exchange.

Pieridae’s trading symbol will remain “PEA”.

“This is a big step for our company, and we look forward to the benefits being part of the TSX provide”, Pieridae chief executive Alfred Sorensen said in a statement.

“The key here is that being a member of the TSX allows Pieridae to tell its story to a bigger investor audience, including the Canadian institutional investment community, which should improve liquidity in the stock”, he said.

Worth mentioning here, Alberta’s energy regulator has recently blocked a deal for the Foothills assets between Pieridae and Shell’s Canadian unit citing clean-up concerns.

The Foothills assets are seen as an anchor production for the Goldboro LNG project in Nova Scotia.

Pieridae announced in April this year it would postpone its decision on the LNG project due to the effects of the coronavirus pandemic.

The company also managed to renegotiate extensions of the key deadlines regarding the LNG project under its long-term deal with Germany’s Uniper.

Pieridae has a 20-year agreement with German utility Uniper for all of the volumes from the first Goldboro liquefaction train.

The Goldboro LNG facility will have two trains with a combined production capacity of 9.6 million tonnes per year.