Two Canadian Edge Portfolio Conservative Holdings, Brookfield Renewable Energy Partners LP (TSX: BEP-U, NYSE: BEP) and Shaw Communications Inc (TSX: SJR/B, NYSE: SJR), and one Aggressive Holding, ARC Resources Ltd (TSX: ARX, OTC: AETUF), reported financial and operating results since the January 2014 issue of CE was published.

Brookfield Renewable, reporting fourth-quarter and full-year 2013 numbers, and Shaw, reporting fiscal 2014 first-quarter numbers, also boosted their respective payouts, the latter by 6.9 percent, the former by 7.8 percent.

ARC Resources, reporting fourth-quarter and full-year 2013 numbers, posted company-record production and guided to output growth in 2014 that justifies an increase in our recommended buy-under target.

Brookfield Renewable and ARC Resources were absolutely on point with financial, operating and development updates.

The pure-play renewable power producer turned recent investment into distribution growth, while the rock-solid oil and gas producer set the table for explosive growth in 2014 and delivered a key project on time and under budget. Dividend growth is not part of ARC management’s plan right now, but value creation continues with impressive production-per-share growth.

Shaw Communications’ dividend increase is certainly a welcome development, a sign of management’s confidence in the core cable TV operation as well as an indication of strong belief in its Internet and WiFi growth initiatives.

But the western Canada-focused company continues to lose subscribers. Rate increases have offset some of the damage, as has success with its Internet and WiFi rollout, which has helped limit churn. Shaw remains a solid option for dependable cash flow, though we will be monitoring subscriber trends close over the next several quarters.

For level-headed investors focused on company-level developments rather than larger-seeming questions such as whether this selloff devolve into a truly “buyable” correction, these three names represent solid value for the long term at current levels.

Of course our top recommendations for new money this month include Best Buys Bank of Nova Scotia (TSX: BNS, NYSE: BNS) and new Aggressive Holding ShawCor Ltd (TSX: SCL, OTC: SAWLF). But any Portfolio Holding trading below our recommended buy-under target is ripe for picking by investors who haven’t yet established a position in a given stock.

Conservative Roundup

From Dec. 31, 2013, through Feb. 7, 2014, the S&P/TSX Composite Index is actually in positive territory in local currency terms, including dividends, with a total return this young trading year of 1.5 percent.

The S&P 500 Index, meanwhile, is off 2.6 percent, including dividends. The MSCI World Index, through Feb. 6, is down 4 percent. Adjusting the S&P/TSX to US dollar terms makes for a 2.2 percent loss.

The Canadian dollar has rebounded a bit in recent days, rising from a nearly five-year low of USD0.8952 on Jan. 29, 2014, to USD0.9065 on Feb. 7.

Although the prevailing mood around global equity indexes is colored by the weak start to the 2014 trading year, wonder whether this will prove the long-awaited correction for the post-March 2009 rally and concern about emerging-market “contagion” spreading around the world, Conservative Holdings stalwart Pembina Pipeline Ltd (TSX: PPL, NYSE: PBA) this week pushed out to a new 52-week high on the Toronto Stock Exchange (TSX).

As we noted last month, Pembina has commitments from shippers to support approximately CAD2 billion in pipeline expansions and has recently wrapped up financing initiatives that attracted strong investor support.

Pembina continues to demonstrate it’s one of the best invest-to-grow, high-dividend stories in the world. A strong rally has carried the stock just beyond our recommended buy-under target. But Pembina Pipeline is a strong buy on any dip below USD35.

Bird Construction Inc (TSX: BDT, OTC: BIRDF) has also posted a solid market performance to start 2014. One of our Best Buys in the January 2014 issue, the industrial, commercial and institutional general contractor has posted a total return of 2.8 percent on the TSX since Dec. 31, 2013.

Since Jan. 10, 2014, Bird is down 1.3 percent in US dollar terms compared to losses of 1.6 percent for the broader S&P/TSX Composite and 3.6 percent for the S&P 500.

During the third quarter of 2013 Bird added construction contracts totaling CAD275 million to its backlog. And late last year management announced new contract awards in the amount of CAD400 million, boosting a backlog that stood at CAD1.104 billion as of Sept. 30, 2013, and setting the stage for a solid recovery in 2014.

On Jan. 17, 2014, Statistics Canada reported that the value of investment in non-residential construction for the fourth quarter of 2013 increased by 1.1 percent sequentially and 5.2 percent year over year to CAD12.9 billion. StatsCan also noted that total investment in non-residential construction increased for the second consecutive quarter and increased three over the past four quarters.

All three sectors posted higher investment in the quarter, with industrial (0.3 percent), commercial (1.7 percent) and institutional (1.1 percent) showing positive growth.

Growth in 2014 is likely to be led by industrial and commercial projects, as StatsCan reported on Jan. 9, 2014, that applications for institutional permits declined by 32 percent to CAD354 million in November following a 15 percent decrease in October. This marked the fourth decline in five months.

Commercial permits increased by 1.8 percent to CAD1.9 billion following a strong increase in October. This marks the fourth increase in five months and the highest level since July 2013.

Industrial permits declined by 2.2 percent to CAD455 million following relatively stable permits in October.

Industrial permits have declined for four consecutive months, largely due to fewer transportation-related buildings in Ontario and utilities buildings in British Columbia and Newfoundland.

Despite the short-term weakness the industrial segment, driven by spending on large transit, utility and natural-resource projects, will drive overall construction growth and Bird’s earnings in coming years. Bird Construction is a buy under USD14.50.

Cineplex Inc (TSX: CGX, OTC: CPXGF) has added a couple new revenue streams to complement its strong core movie theater operation.

Its Cineplex Digital Networks unit announced a deal with North American coffee-and-donuts powerhouse Tim Hortons Inc (TSX: THI, NYSE: THI) to launch TimsTV, which will be one of the largest digital programming networks in the Canadian restaurant and retail sectors.

The network will be broadcast to 2,200 existing Tim Hortons restaurants in Canada and most new Tim Hortons restaurants currently in development.  Tim Hortons and Cineplex expect TimsTV to begin rolling out across Canada in late February.

Cineplex Media will sell advertising for TimsTV, opening a new “channel” in one of Canada’s top retail destinations. Cineplex Digital Networks will install all necessary equipment and provide network management and maintenance and repair services throughout the duration of the partnership.

It’s yet another way that Cineplex is leveraging cutting-edge digital technology to generate revenue.

Cineplex has also acquired a 50 percent stake in YoYo’s YogurtCafe, a London, Ontario-based self-serve frozen yogurt chain with stores throughout the province.

Cineplex recently opened YoYo’s Yogurt Cafe stores at CineplexCinemas Queensway and VIP in Toronto, Ontario, and the Pergola Commons development in Guelph, Ontario. The company will open new YoYo’sYogurt Cafe franchises in a number of new and existing theatres and stand-alone locations going forward.

The acquisition complements Cineplex’ proprietary food service brands, Outtakes Backstage Bistro and Poptopia, and is part of management’s strategy to expand its in-theater food service offerings while also extending its in-house brands outside its theater.

Management described the purchase price for the 50 percent stake as “not material.” Cineplex also has the right to purchase the remaining 50 percent of YoYo that it doesn’t already own.

Even as management diversifies the revenue base and makes cash flow less dependent on often-volatile Hollywood, Cineplex was buoyed by North American box office number for the fourth quarter, as ticket sales grew by 0.8 percent.

Growth was driven by franchise entries “The Hunger Games: Catching Fire,” “Thor: The Dark World” and “The Hobbit: The Desolation of Smaug,” with solid contributions from one-offs (for now) “Frozen” and “Gravity.”  All five generated box office in excess of USD200 million.

It was the second-best fourth quarter result ever, trailing only 2009.

This is a positive sign for Cineplex’ full-year results for its core operation.

Cineplex has built a fantastic track record, rooted in its 77 percent market share and its control of about 95 percent of the on-screen advertisement market. It also generates the highest cash-per-patron figures in the industry, reflecting management’s investment in advanced projection technology.

Hollywood continues to execute on its “tent-pole” strategy, churning out solid new entries in its existing franchises and developing potential new multi-volume stories. Cineplex’ media division, primarily its in-store digital signage business, as well as its concession extension beyond theaters and its home entertainment penetration with SuperTicket and UltraViolet offerings will drive upside.

Cineplex has announced dividend increases in May 2007 (4.4 percent), May 2008 (5 percent), May 2011 (2.4 percent), May 2012 (4.7 percent) and May 2013 (6.7 percent). History suggests an increase in May 2014 on the order of 4 percent to 6 percent. Based on this projection–as well as management’s record of execution–we’re boosting our buy-under target. Cineplex is now a buy under USD36.

Brookfield Renewable Energy Partners LP (TSX: BEP-U, NYSE: BEP) made the most of its fourth-quarter and full-year 2013 earnings announcement, revealing good operating and financial results, a solid distribution increase and a significant acquisition.

Operating and financial numbers reflect the impact of recent acquisitions as well as more normal generating conditions for Brookfield Renewable’s projects. The distribution increase suggests management is confident of current and future prospects. And the acquisition–another chapter in this invest-to-grow story–should support the new rate and provide part of the foundation for increases to come.

At last check Brookfield Renewable’s unit price had surged by 3.8 percent intraday on Feb. 6, 2014, indicating investors’ satisfaction with the day’s events. The LP is now up 15.2 percent from its 52-week closing low of CAD26.07 on Aug. 19, 2013, on the Toronto Stock Exchange. The S&P/TSX Composite is up 9 percent on price-only terms for the comparable period.

Brookfield Renewable’s New York Stock Exchange listing was up 3.6 percent nearing the close of trading on Feb. 6. At USD27.20 the unit price is up 8.6 percent from its Aug. 19, 2013, 52-week NYSE closing low. The S&P 500 is up 7.6 percent on price-only terms for the comparable period.

Total generation for the fourth quarter was 5,268 gigawatt-hours (GWh), an increase 30 percent from the prior corresponding period. The hydroelectric portfolio generated 4,550 GWh, up 36.8 percent year over year and in line with the long-term average.

The increase reflected strong performance of new assets and a return to more normal hydro conditions compared to an unusually dry fourth quarter of 2012.

Recent acquisitions and assets reaching commercial operations within the last year resulted in generation increasing by 655 GWh. Management noted that reservoir levels on a portfolio basis are in line with long-term average conditions for this time of year.

The wind portfolio generated 503 GWh, below the long-term average of 617 GWh and 20 GWh higher than the prior year as a result of new facilities acquired in the western US.

Fourth-quarter adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) were USD272 million, up from USD195 million for the fourth quarter of 2012.

Funds from operations (FFO) were USD137 million, USD0.52 per unit, up from USD74 million or USD0.28 per unit, a year ago. The fourth-quarter payout ratio based on FFO was 69.7 percent.

Full-year generation was up 39.4 percent to 22,222 GWh, exceeding the long-term average by 386 GWh. Adjusted EBITDA was USD1.208 billion, up from USD852 million in 2012. FFO were USD594 million, or USD2.24 per unit, up from USD347 million, or USD1.31 per unit, in 2012. The 2013 payout ratio based on FFO was 63.9 percent.

The quarterly distribution rate of USD0.3875, or USD1.55 per on an annualized basis, represents an increase of 6.9 percent above the USD0.3625, or USD1.45 annualized, paid on Jan. 31, 2014.

The LP’s board declared a quarterly distribution of USD0.2583 per unit, payable on March 31, 2014, to unitholders of record as of Feb. 28, 2014. This reflects the distribution increase and is pro-rated for the two-month period in connection with the change in quarterly record and payment dates that was announced in November 2013.

The next quarterly dividend of USD0.3875 per unit will be paid on June 30, 2014, to shareholders of record as of May 31, 2014.

The new annualized rate of USD1.55 per unit represents 69.1 percent of 2013 FFO per share, consistent with management’s policy of targeting a distribution in the range of 60 percent to 70 percent of FFO and annual increases of 3 percent to 5 percent.

Finally, Brookfield Renewable has reached an agreement to acquire from an affiliate of LS Power a 33 percent economic and 50 percent voting interest in the 417 megawatt (MW) Safe Harbor hydroelectric facility on the Susquehanna River in Pennsylvania.

Safe Harbor generates an average of 1,100 GWh annually and possesses storage capabilities supporting daily peaking. It’s one of the largest conventional hydroelectric facilities in the PJM Interconnection market, which offers multiple revenue streams, including energy, capacity, ancillaries and renewable energy credits.

The total purchase price for the transaction of USD289 million will be funded through available liquidity and capital from Brookfield Renewable and its institutional partners. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close during the first quarter.

Brookfield Renewable has ample liquidity to fund more growth in 2014, with cash and credit facilities of approximately USD1.2 billion. Management refinanced approximately USD3 billion of existing debt during 2013, reducing borrowing costs and extending maturities in the process.

The company is currently finalizing terms of purchase for the state-owned Bord Gais Energy in Ireland, the energy business of which includes a wind portfolio with an operating capacity expected to exceed 500 MW by 2015. Management expects a deal to be reached in the first half of 2014.

In January Brookfield Renewable and its institutional partners completed the acquisition of a previously announced 85 MW of hydroelectric generation, including a 70 MW portfolio in Maine and the remaining 50 percent interest in a 30 MW facility in California.

And construction of the 45 MW Kokish River hydro project in western Canada is nearing completion, with commissioning of the facility expected in the second quarter.

With asset growth driving distribution growth, Brookfield Renewable Energy Partners is a strong buy under USD34.

Shaw Communications Inc (TSX: SJR/B, NYSE: SJR) boosted its dividend by 7.8 percent, a sure highlight amid fiscal 2014 first-quarter numbers that provided reason for both optimism and caution.

Net income for the three months ended Nov. 30, 2013, was up 4.3 percent to CAD245 million, or CAD0.51 per share, from CAD235 million, or CAD0.50 per share, for the first quarter of fiscal 2012. Revenue for the period was up 3.3 percent to CAD1.362 billion, while operating income before amortization (OIBA) was up 1.2 percent to CAD608 million.

Free cash flow for the period was CAD157 million, down from CAD244 million a year ago due to higher capital expenses and taxes. The dividend payout ratio for the period based on free cash flow was 70.2 percent.

Revenue in the Cable division of CAD844 million was up 4 percent, while OIBA was up 2 percent to CAD405 million.

Satellite revenue was CAD218 million, up from CAD214 million a year ago. OIBA was CAD66 million, down from CAD74 million a year ago. Revenue and OIBA for the Media division of CAD325 million and CAD137 million, respectively, were up 2 percent and 5 percent compared to the first quarter of fiscal 2013.

Growth was driven by higher subscription rates and corresponding growth in average revenue per user, as Shaw lost almost 30,000 cable TV subscribers and more than 9,300 satellite TV customers in the quarter. Analysts were expecting losses of 24,000 cable and 3,400 satellite subscribers.

Shaw added 2,746 Internet subscribers and 1,351 landline phone subscribers during the period.

And here’s the cause for concern for the Western Canadian cable giant: Not only are some customers deciding they can live without traditional TV services but its remaining customers are being courted aggressively by competitors, most significantly Telus Corp (TSX: T, NYSE: TU), which is enticing defectors with offers of iPads and TV sets along with subscription sign-ups.

CEO Brad Shaw has acknowledged the challenge but has said his company is unwilling to offer such expensive inducements to gain new or retain existing subscribers.

Whether Shaw’s subscriber losses suggest a permanent erosion of the traditional cable TV business as consumers turn to Internet-based services such as Netflix Inc (NSDQ: NFLX) remains an open question. The consulting firm Deloitte, for example, recently found that rather than ditching their cable subscriptions Canadians are actually supplementing their existing services with others.

Shaw management too has said that customer losses in its satellite business were due to aggressive competition rather than substitution, stressing that customer retention is a top priority. Cable and home-phone customer trends do reveal some signs of “cord-cutting,” though “it still has a very marginal impact,” according to Shaw CFO Steve Wilson.

Shaw, recognizing the competitive threat, has reorganized its offerings to emphasize the Internet rather than TV services. The company is currently involved in one of the largest wireless network projects in Canada, with more than 30,000 access points and more than 300,000 customers to date. It has inked deals with just under 40 municipalities and is working to broaden its network coverage. Expanding WiFi access is boosting retention efforts.

The integrity of Shaw vis-à-vis Telus is admirable. And for now its ability to boost subscriber rates is offsetting the impact of Telus’ aggressive inducement package. At some point that will begin to harm Telus’ bottom line. Shaw’s efforts to increase its Internet and WiFi offerings are also having a positive impact.

Shaw Communications remains a buy under USD24.

Aggressive Roundup

Enerplus Corp (TSX: ERF, NYSE: ERF) surged to a new 52-week high after management reported that 2013 production surpassed its own guidance. Enerplus will report full financial and operating for the fourth quarter and for 2013 on or about Feb. 21, 2014.

Average production in 2013 grew by over 9 percent to 89,800 barrels of oil equivalent per day (boe/d), ahead of management guidance of 89,000 boe/d. Fourth-quarter production averaged 94,200 boe/d.

The natural gas weighting increased to 56 percent during the quarter due to continued outperformance in the Marcellus Shale.

Proved plus probable reserves grew by over 17 percent to 406 million barrels of oil equivalent (MMboe), as Enerplus added a total of 93 MMboe of proved plus probable reserves, replacing 284 percent of production in 2013.

Based on production results for 2013 and management’s guidance for solid growth in 2014, we’re boosting our buy-under target for Enerplus, which is now a buy under USD18.

ARC Resources Ltd’s (TSX: ARX, OTC: AETUF) share price is approaching levels it hasn’t seen since August 2008 after management reported expectations-beating fourth-quarter and full-year 2013 production and funds from operations (FFO) numbers.

Production reached a company-record average of 100,883 barrels of oil equivalent per day (boe/d) for the fourth quarter, up 5.3 percent compared to the 95,725 boe/d average for the fourth quarter of 2012.

Full-year production averaged 96,087 boe/d, up 2.7 percent compared to 2012.

Higher production at Ante Creek and Parkland/Tower, along with strong performance at Pembina, contributed to the increase in 2013. ARC’s fourth quarter oil and liquids production reached a record 40,990 barrels per day, 8.8 percent higher than the fourth quarter of 2012.

Output growth combined with a 7.1 percent increase in ARC’s average realized per barrel of oil equivalent drive solid cash flow growth.

FFO reached CAD238 million, or CAD0.76 per share, for the three months ended Dec. 31, 2013, up from CAD208 million, or CAD0.68, for the prior corresponding period.

FFO for 2013 were CAD861.8 million, or CAD2.76 per share, up from CAD719.8 million, or CAD2.42 per share, in 2012.

The fourth-quarter payout ratio based on FFO per share was 39.5 percent. For the year it was 43.5 percent.

Fourth-quarter and full-year 2013 commodity sales revenue of CAD425 million and CAD1.6 billion were up 13 percent and 17 percent, respectively, compared to 2012 due to higher realized crude oil and natural gas prices.

Although crude oil and liquids production accounted for 41 percent and 39 percent of fourth-quarter and full-year production, respectively, they contributed approximately 71 percent and 73 percent of fourth-quarter and full-year sales revenue.

CEO Myron Stadnyk noted in a statement announcing the result that ARC had executed its most significant annual capital program to date.

ARC replaced approximately 200 percent of 2013 total production, adding 68.4 million barrels of oil equivalent (MMboe) of proved plus probable (2P) reserves.

ARC grew proved reserves by 3 percent during 2013 at a replacement cost of CAD18.20 per barrel of oil equivalent. The company’s three-year average proved reserve replacement cost is CAD14.95 per boe. Management is generating returns in excess of its cost of capital, offsetting production declines as demonstrated by production-per-share growth.

ARC expects 2014 average production of 110,000 to 114,000 boe/d, mainly from its northeastern British Columbia Montney formation assets, representing 14.5 percent to 18.6 percent year-over-year production growth compared to 2013.

The company’s initial capital budget for the year is CAD915 million, up from CAD874 million in 2013.

ARC commenced the initial flow of restricted volumes of oil and natural gas production through its new Parkland/Tower gas processing and liquids handling facility late in the fourth quarter of 2013. Construction of the new facility was completed ahead of schedule.

At the time of the plant’s commissioning ARC had an inventory of 26 previously drilled wells at Tower and Parkland tied into the facility and ready to be brought on stream. The existing wells will be systematically brought on production over the course of the first quarter of 2014.

ARC plans to drill additional wells at Tower and Parkland in 2014 and expects to fill the facility over the course of the next 12 to 18 months.

ARC closed the year with a strong balance sheet, including total available credit facilities of CAD2 billion with debt of CAD901.3 million drawn.  ARC had available credit of approximately CAD1 billion after a working capital deficit.

The net debt-to-2013 funds from operations ratio was 1.2 times as of Dec. 31, 2013, and net debt was approximately 10 percent of ARC’s total capitalization at the end of the fourth quarter.

ARC, one of our core energy Holdings, continues to build value for investors. And 2014 is on track to be a year of strong production growth.

Based on its strong production growth profile ARC Resources is now a buy under USD28.

Earnings to Come

Here are estimated and confirmed dates for the next set of operating and financial numbers from Canadian Edge Portfolio Holdings. Except where noted, Holdings will be reporting fourth-quarter and full-year 2013 results.

Should a company post numbers that fundamentally change our investment thesis and require immediate action we’ll issue a Flash Alert.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Feb. 27, 2014 (confirmed)
• Artis REIT (TSX: AX-U, OTC: ARESF)–Feb. 27, 2014 (confirmed)
• Bank of Nova Scotia (TSX: BNS, NYSE: BNS)–March 4, 2014 (FY 2014 Q1, confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–March 12, 2014 (estimate)
• Brookfield Real Estate Services Inc (TSX: BRE, OTC: BREUF)–March 27, 2014 (estimate)
• Canadian Apartment Properties REIT (TSX: CAR-U, OTC: CDPYF)–March 3, 2014 (confirmed)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Feb. 11, 2014 (confirmed)
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Feb. 25, 2014 (confirmed)
• Dundee REIT (TSX: D-U, OTC: DRETF)–Feb. 27, 2014 (confirmed)
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–March 6, 2014 (confirmed)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–Feb. 25, 2014 (confirmed)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Feb. 14, 2014 (estimate)
• Northern Property REIT (TSX: NPR, OTC: NPRUF)–March 13, 2014 (estimate)
• Pembina Pipeline Corp (TSX: PPL, NYSE: PBA)–Feb. 26, 2014 (confirmed)
• RioCan REIT (TSX: REI, OTC: RIOCF)–Feb. 13, 2014 (confirmed)
• Student Transportation Inc (TSX: STB, NSDQ: STB)–Feb. 13, 2014 (confirmed)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–Feb. 27, 2014 (confirmed)

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN OTC: ACAZF)–Feb. 11, 2014 (confirmed)
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–March 14, 2014 (estimate)
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Feb. 20, 2014 (confirmed)
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–March 14, 2014 (estimate)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Feb. 21, 2014 (estimate)
• Extendicare Inc (TSX: EXE, OTC: EXETF)–Feb. 26, 2014 (confirmed)
• Lightstream Resources Ltd (TSX: LTS, OTC: LSTMF)–March 12, 2014 (estimate)
• Magna International Inc (TSX: MG, NYSE: MGA)–March 3, 2014 (confirmed)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Feb. 13, 2014 (estimate)
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–Feb. 11, 2014 (confirmed)
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–Feb. 25, 2014 (estimate)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–March 6, 2014 (estimate)
• ShawCor Ltd (TSX: SCL, OTC: SAWLF)–Feb. 19, 2014 (estimate)
• Vermilion Energy Inc (TSX: VET, NYSE: VET)–March 3, 2014 (confirmed)
• Wajax Corp (TSX: WJX, OTC: WJXFF)–March 5, 2014 (estimate)