EXCERPT FROM VIRGINIA HEFFERNAN’S NEW BOOK ON THE RING OF FIRE / 8 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM
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Stuart ‘Tookie’ Angus remembered as a ‘rainmaker,’ mentor, and ‘brilliant’ lawyer OBITUARY | ‘He became. . .
not merely one of our lawyers, but rather one of us’ Teck Resources’ Highland Valley Copper mine in B.C. TECK RESOURCES
Glencore sweetens offer for Teck with US$8.2B cash incentive M&A
| Shareholder vote on Teck’s restructuring plans set for Apr. 26
BY CECILIA JAMASMIE
G
lencore (LSE: GLEN) is stepping up efforts to take over Teck Resources (TSX:
TECK.A/TECK.B; NYSE: TECK) by adding a US$8.2-billion cash component to its original US$23-billion bid for Canada’s largest diversified miner.
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The revised proposal, announced on Apr. 11, gives Teck’s shareholders the option to receive cash instead of exposure to the companies’ combined coal portfolio, plus a 24% stake of the combined metals-focused business. The Swiss miner and commodities trader’s original all-stock deal was to acquire Teck and then separate itself into two companies, with one unit holding assets in thermal and metallurgical coal, as well as oil, and the other containing its base metals portfolio. Teck’s chief executive Jonathan Price, who took the company’s top job in September, said on Apr. 10 that Glencore’s original proposal was structurally flawed and “a complete non-starter.” Price added that an acquisition by Glencore would destroy value for the company’s shareholders as it would reduce their exposure to copper and expose them to “significant jurisdictional, ESG [environmental, social and corporate governance] and execution risks.” But with its fresh offer, Glencore said it would effectively buy Teck’s shareholders out of their coal exposure. It acknowledged that certain investors may prefer a full coal exit while others may just want to cut their thermal coal exposure. Glencore CEO Gary Nagle said Teck should review the sweetened deal and delay the vote on its own plans to split the business, which is scheduled for Apr. 26. “We believe that it is in your shareholders’ interests to engage with Glencore and we see no valid reason not to delay your shareholders meeting,” Nagle said in a statement. See TECK / 5
T
he Howe Street investment community is grieving the loss of industry veteran Stuart ‘Tookie’ Angus. Angus, who leaves a deep mark after a 50-year career in the industry, peacefully passed surrounded by loved ones on Mar. 24 at the age of 74. Those who knew Angus say his empathy for other people, deep understanding of finance and mining, and exceptional work ethic made him indispensable in the tightly knit Vancouver mineral exploration and mining industry. “Tookie put people together, he mentored and advised a whole generation of geologists and promoters on how to make good deals, and he was integrally involved in mergers valued at over $8 billion,” says industry heavyweight Ross Beaty, who first met Angus in 1978 and says he was ultimately involved in more than 5,000 transactions. “He got deals completed, something few lawyers know how to do. He was a vibrant, dynamic and brilliant business lawyer who was an integral part of the Vancouver and Canadian mining scene for decades.” Beaty, who counted Angus as a close friend as well as a business colleague, credits Angus, who was a director of his first company, with helping him sell it to a U.S. mining firm in 1994. Angus integrated himself into the industry because he was interested in it, Beaty says. “He voraciously read mining publications such as The Northern Miner, got to know the dealmakers, and was smart and enjoyable to work with,” he says. Angus had an extensive legal and mining background, starting with his graduation from the University of British Columbia with a Bachelor of Law degree. During his career, he founded Fasken’s Global Mining Group, leading the practice for five years before moving to Endeavour Financial where he and served as managing director of mergers and acquisitions. He was also a retired member of the Law Society of British Colum-
HIGHLIGHTS FROM THE FEDERAL BUDGET’S $21B CLEAN TECH PUSH / 2
Stuart ‘Tookie’ Angus
bia, and served as a director or advisor to countless juniors over the years. Beaty especially liked Angus’s enthusiasm for deals and for people See ANGUS / 7 PM40069240