Unconventional Oil

[Tackler]

Globe says Clarke buying trusts, plans oil sands move

2007-04-09 06:55 MT - In the News

The Globe and Mail reports in its Saturday, April 7, edition that just days after the federal government kicked the legs out from under the income trust sector, bankers were making investor George Armoyan an offer: We will raise $100-million by selling bonds so you can go shopping for stakes in battered trusts. The Globe's Boyd Erman writes that Mr. Armoyan, a specialist in broken trusts, had already made a list of targets as the carnage in the sector played out in the hours after Finance Minister Jim Flaherty's Oct. 31 announcement. He knew he was going to need more money to buy everything he wanted, so he quickly took the investment bankers from National Bank Financial and CIBC World Markets up on the offer. Since then, through his investment vehicle Clarke, Mr. Armoyan has disclosed purchases of big positions in CanWel Building Materials Income Fund, Oceanex Income Fund, Hardwoods Distribution Income Fund and TerraVest Income Fund. His next target? The oil field services sector. He has got the cash, from a bond sale and thanks to a big cheque from the recent sale of Entertainment One Income Fund.