Wheaton Precious Metals™ Corp. (“Wheaton” or the “Company”) (TSX:WPM) (NYSE:WPM) has been notified of an unsolicited “mini-tender” offer made by TRC Capital Corporation (“TRC Capital”) to purchase up to 5,000,000 Wheaton common shares, or approximately 1.1% of the common shares outstanding, at a price of CAD$26.75 per share in cash. Wheaton does not endorse this unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to the offer.

Wheaton cautions shareholders that the mini-tender offer has been made at a price below market, representing a discount of 4.57% to the closing price of Wheaton common shares on the Toronto Stock Exchange and a discount of 4.69% to the closing price of Wheaton common shares on the New York Stock Exchange on June 6, 2017, the last trading day before the mini-tender offer was commenced. In addition, the offer is subject to a number of conditions.

Wheaton is not associated with TRC Capital, its mini-tender offer or the mini-tender offer documentation.

TRC Capital has made similar unsolicited mini-tender offers for shares of numerous other public companies. Mini-tender offers are designed to seek less than 5% of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements applicable to most bids under Canadian and United States securities legislation.

The Canadian Securities Administrators (CSA) have expressed serious concerns about mini-tender offers, such as the possibility that investors might tender to a mini-tender offer based upon a misunderstanding of the terms of the offer, including the per securities price available under the offer relative to the market price of such securities. Comments from the CSA on mini-tenders can be found on the Ontario Securities Commission website at http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp.

The U.S. Securities and Exchange Commission (SEC) has also published investor tips regarding mini-tender offers on its website at http://www.sec.gov/investor/pubs/minitend.htm. The SEC states: “Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.” Wheaton also encourages brokers and dealers, as well as other market participants, to review the SEC’s letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC’s website at: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.

Wheaton urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC Capital’s offer. Wheaton recommends that shareholders take no action in response to TRC Capital’s mini-tender offer. According to TRC Capital’s offer documents, Wheaton shareholders who have already tendered their shares may withdraw their shares at any time before 12:01 a.m. (Toronto time) on July 7, 2017 by following the procedures described in the TRC Capital offer documents.

Wheaton requests that a copy of this news release be included with all distributions of materials relating to TRC Capital’s mini-tender offer related to Wheaton common shares.

Sierra Wireless Announces Joint Business Relationship with PwC Canada to Help Enterprises Transform their Business with IoT

Sierra Wireless (NASDAQ: SWIR) (TSX: SW), the leading provider of fully integrated device-to-cloud solutions for the Internet of Things (IoT), has announced that it has entered into a joint business relationship with PwC Canada to help enterprises around the world develop and launch transformative IoT services and new business models.

The IoT is creating new service-oriented opportunities, driving organizations to modernize so they can capitalize on growing amounts of IoT data and provide an enhanced customer experience. According to PwC Canada’s 2017 Global Digital IQ® Survey, 73 percent of organizations are making substantial investments in the IoT.

The implementation of IoT solutions is very complex; many projects lack a clear definition of use case, face significant delays, go over budget or fail to launch all together. Together, Sierra Wireless and PWC Canada can advise enterprises on IoT transformation best practices and technologies, from articulating the value proposition and building the business case, through to implementation.

“Sierra Wireless has helped thousands of companies, large and small, to join the IoT,” said René Link, CMO & SVP Corporate Strategy, Sierra Wireless. “IoT transformation can be a very complex process, and the combined expertise of Sierra Wireless and PwC Canada will ensure the right technology and business insights drive successful IoT implementations.”

Shaw Communications Inc. significantly enhances its wireless network capabilities

As previously announced, Shaw Communications Inc. (“Shaw” or “the Company”) has entered into a series of transactions that enhance the Company’s long-term growth prospects. “Today represents another important milestone regarding our commitment of becoming Canada’s leading connectivity provider. We believe that both transactions are optimizing the value and strategic positioning of our portfolio of assets and will generate long term benefits for all of our stakeholders, including our employees, customers and shareholders,” said Brad Shaw, Chief Executive Officer, Shaw Communications.

The transactions has announced include a share purchase agreement with GI Partners portfolio company Peak 10 Holding Corporation (“Peak 10”) to sell 100% of Shaw’s wholly-owned subsidiary, ViaWest, Inc. (“ViaWest”), for approximately C$2.3 billion (US$1.675 billion) (the “ViaWest Transaction”). ViaWest provides hybrid IT solutions including colocation, cloud computing and security and compliance for North American enterprises.

Concurrently, Shaw also announced that it has entered into a definitive agreement with Quebecor Media Inc. (“Quebecor”) to acquire 700 MHz and 2500 MHz wireless spectrum licences for $430 million (the “Spectrum Transaction”). The spectrum licences being acquired comprise the 10 MHz licences of 700 MHz spectrum in each of British Columbia, Alberta, and Southern Ontario, as well as the 20 MHz licences of 2500 MHz spectrum in each of Vancouver, Edmonton, Calgary, and Toronto.

“Considering the acquisition of WIND (now Freedom Mobile) in 2016, we now have more synergistic investment opportunities as a leading enhanced connectivity provider within our Canadian footprint,” Mr. Shaw said. “We believe this incremental investment in our wireless business, particularly with the addition of the 700 MHz spectrum, will materially improve our long-term wireless customer experience, and will further enable our ability to offer converged network solutions to our customers.”

“We are excited about our wireless opportunity, and the additional spectrum and network investment will create a compelling wireless experience for our existing and future customers,” Mr. Shaw said. “We are pleased that we have entered into an agreement with Quebecor, and we are excited about putting this spectrum to use for the benefit of Canadians.”

ViaWest Transaction Details

The purchase price of approximately C$2.3 billion (US$1.675 billion), represents an attractive return on Shaw’s original investment of US$1.2 billion, or approximately C$1.3 billion at the prevailing exchange rate at the time. Consideration pursuant to the ViaWest Transaction is comprised of all cash.

Shaw expects to realize net cash proceeds from the ViaWest Transaction of approximately C$900 million after the repayment of ViaWest level indebtedness of approximately US$580 million, repayment of the US$380 million Shaw credit facility borrowings associated with the original investment and subsequent INetU acquisition, and estimated ViaWest Transaction expenses and taxes.

The ViaWest Transaction is subject to customary conditions, including U.S. regulatory approval and is expected to close by the end of fiscal 2017 . The ViaWest Transaction is not subject to a financing condition.

TD Securities Inc. (“TD Securities”) acting as exclusive financial advisor to Shaw, provided an opinion to the Board of Directors of Shaw that, subject to the assumptions, qualifications and limitations provided therein, the consideration to be received by Shaw pursuant to the ViaWest Transaction is fair, from a financial point of view, to Shaw.

Spectrum Transaction Details

The Spectrum Transaction is subject to customary closing conditions and all necessary regulatory approvals from the Ministry of Innovation, Science and Economic Development Canada (“ISED”) and under the Competition Act. The Spectrum Transaction has received all required internal approvals at Shaw and Quebecor and is not subject to approval by the shareholders of Shaw or further approval by the shareholders of Quebecor.

The Spectrum Transaction will be funded using a combination of cash proceeds from the ViaWest Transaction, cash on hand and/or Shaw’s existing credit facility, and is expected to close in the Summer of 2017.

In addition to the spectrum acquisition cost, capital expenditures associated with the deployment of the acquired spectrum are estimated to be approximately $350 million. The Company expects the majority of the capital related to the network build to be incurred during fiscal 20181, which reinforces Shaw’s commitment to the wireless space, and improves our long-term wireless growth prospects.

Additional Details

Shaw’s pro forma net debt to EBITDA leverage metric, assuming closing of both the ViaWest Transaction and the Spectrum Transaction, is expected to be below the low end of our target 2.0x-2.5x, and our $1.5 billion credit facility will be fully undrawn.

Shaw will discuss the ViaWest Transaction and the Spectrum Transaction in conjunction with our third quarter fiscal 2017 results on the previously-scheduled conference call for Wednesday June 28, 2017.

Advisors and Legal Counsel for Shaw

TD Securities acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Dentons Canada LLP provided legal advice with respect to the ViaWest Transaction. Dentons Canada LLP provided legal advice with respect to the Spectrum Transaction.

1 Note: Shaw has an August fiscal year-end.


SaskTel has announced that rural Saskatchewan is getting another round of wireless upgrades this year to address the ever-growing demand for wireless service. Since April, SaskTel has upgraded the wireless LTE capacity in 19 rural and resort communities and plans to do the same in 35 more communities before the end of summer. By adding LTE network carriers on the towers that serve these communities, SaskTel is increasing the LTE capacity in each of these communities by 20% to 100%.

SaskTel anticipates that the LTE enhancements in the majority of the 35 communities will be completed in time for the Canada Day Long Weekend. While the remaining communities will be upgraded in time for the August Long Weekend. See the attached appendix for a full list of planned and completed upgrades.

“Our government is committed to investing in the future of Saskatchewan,” said Dustin Duncan, Minister Responsible for SaskTel. “Todays announcement is a step forward that ensures the people of rural Saskatchewan have access to the fast and reliable communications services that are required to connect and be successful in todays economy and into the future.”

“We are pleased to enhance our wireless service in these rural and resort communities so that the people living in them or just visiting for the weekend will be able to stay connected to their lives and the people that matter most to them.” said Ron Styles, SaskTel President and CEO.

These upgrades come on the heels of SaskTel’s most ambitious LTE expansion which brought wireless LTE service for the first time to more than 400 towers in rural Saskatchewan in 2016/17 increasing SaskTel’s LTE footprint to cover 99% of the population of the province. The LTE enhancements from this year and the large expansion project from 2016/17 are part of SaskTel’s commitment to invest $1.4 billion of capital in Saskatchewan through 2016-2021.

European Tier-1 Mobile Operator Launches Sandvine’s Mobile Data Management Features, Signs Initial Enterprise Customers

Sandvine, (TSX:SVC) a leading provider of intelligent broadband network solutions for fixed and mobile operators has announced that a new European tier-1 mobile communications service provider (CSP) has launched mobile data management features of Sandvine’s Cloud Services Policy Controller product, and has signed several initial enterprise customers for the service.

The initial enterprise mobile customers, served from the CSP’s cloud, operate in dramatically different industries, but each immediately recognized the cost control and productivity benefits associated with viewing and controlling the domestic and international mobile data usage of thousands of its users in real-time. In this deployment, Sandvine’s local partner used the Cloud Services Policy Controller’s APIs to integrate the product directly into the CSP’s enterprise customer service portal, and plans to integrate the functionality into the CSP’s enterprise mobile application for Android and iOS in the near future.

“The recent addition of mobile data management features to Sandvine’s Cloud Services Policy Controller is generating a tremendous amount of interest from mobile CSPs looking to learn how they can help busineess customers view, control, and protect their mobile data,” said Dave Caputo, CEO, Sandvine. “The product allows CSPs to differentiate their offerings in the competitive business market and gain a new subscription-based revenue stream by offering business customers fine-grained policy control of employees’ mobile data.”

Sandvine’s Cloud Services Policy Controller delivers powerful mobile data management functionality through a virtualized platform, flexible APIs, and a web-based portal. With these capabilities, IT administrators can eliminate bill shock, increase employee productivity, and strengthen mobile security through unique features, including:

Real-Time Geolocation: View the real-time location of domestic and roaming users and devices on an interactive map.
Application Management and Roaming Zone Control: Create data usage policies that allow the business to automatically block or rate-limit individual applications (e.g. Netflix or YouTube) or traffic categories (e.g. Real-Time Entertainment or Social Networking) during specific times of day, or while roaming in specific zones.
User Notifications and Configurable Data Thresholds: Send customizable usage notifications or roaming alerts to users and IT administrators based on configurable data thresholds for domestic Internet usage and data roaming.
Simple Deployment Model: No software or configuration required on end-user devices. Deploy the Cloud Services Policy Controller in the CSP’s cloudand enable the mobile data management functionality on a per business customer basis.

Sandvine’s Cloud Services Policy Controller is a cloud-based, application-aware solution that is delivered to businesses as-a-service from their CSP, managed service provider, or system integrator. Growth in consumer subscribers is slowing or stalled for CSPs in many markets, but growth in the profitable business services segment is booming. Sandvine’s Cloud Services Policy Controller allows CSPs to differentiate their offering to attract new and retain existing business customers.

Canadian economy surges ahead in 2017 – RBC Economics

The Canadian economy is humming along as the country nears its 150th birthday, according to the latest RBC Economic Outlook quarterly report. Consumer spending, housing starts, and a strong turnaround in business investment are largely responsible for the continued momentum that has built on the robust gains in the second half of last year. RBC Economics expects real gross domestic product (GDP) to grow by 2.6 per cent in 2017 and 2.1 per cent in 2018.

Continuing an eight-year trend, consumers are expected to provide a large lift to the economy in 2017. With business investment on the rise and government spending on infrastructure ramping up, RBC Economics projects the economy will grow at nearly double the average pace of the prior two years.

“Canada’s economy is on track to post its strongest gain in three years”, said Craig Wright, senior vice-president and chief economist at RBC. “While we don’t discount the risk of a slowdown resulting from the pending renegotiation of NAFTA or the expected cooling of the housing market, we remain confident the economy will continue to grow at an above-potential pace for the remainder of this year.”

Business investment in the first quarter provided the biggest lift to growth since 2012, following two years of significant declines. While future increases may be more muted, continued investment combined with government spending on infrastructure will help offset a slowdown in housing activity and will sustain the accelerated growth in 2017.

Amid uncertainty over the emergence of trade protectionist measures by the U.S., the Bank of Canada is expected to keep interest rates on hold through the remainder of 2017. However, the sustained above-potential growth that we forecast for next year will see the central bank start to tighten policy. The overnight rate is expected to finish 2018 at 1.25 per cent up from 0.50 per cent today.

A period of weakening ahead for the Canadian dollar
Political uncertainty will likely remain high in the near term, and stronger growth and more aggressive tightening by the U.S. Federal Reserve should result in strengthening the U.S. dollar. Even with oil prices forecast to see some recovery, the divergence in monetary policy between Canada and the U.S. and unease surrounding the outcome of the NAFTA renegotiations will continue to depress the Canadian dollar.

RBC forecasts the Canadian dollar will end 2017 at 71.4 U.S. cents. The outlook is brighter for 2018, when the Canadian dollar is expected to rise to 75.2 U.S. cents, as the Bank of Canada starts to raise the overnight rate and oil prices continue to march upward.

B.C.’s economy leading the provincial pack
Nearly all of the provincial economies are forecast to grow, at least modestly, in 2017. After revising our previous estimate, B.C. is projected to once again lead all provinces with 3.0 per cent growth in 2017, showing few signs of a slowdown despite a 40 per cent correction in the Vancouver housing market.

Alberta’s economy is on the path to recovery led by an improved outlook for oil prices, which will also contribute to positive growth for Saskatchewan in 2017. However, the upturn in the energy sector will not be enough for Newfoundland and Labrador to mask deep economic contraction in other sectors, leading the provincial economy to contract a projected 2.2 per cent in 2017.

Outside of Canada

Global economy advances despite uncertainty
Amidst an uncertain political backdrop, the global economy continues to build momentum. RBC forecasts global growth will reach 3.5 per cent this year, surpassing the 3.1 per cent growth in 2016.

The greatest source of uncertainty remains what policies the U.S. administration will implement in the months ahead. Election results in France and the Netherlands have lessened uncertainty concerning Europe, although the snap election in the U.K. and imminent Brexit negotiations have started to take a toll on the economy.

U.S. economy picks up steam
Despite a sluggish start to 2017, solid wage growth and rising confidence will see consumer spending rebound. Broad-based gains in U.S. business investment will contribute to the overall momentum. RBC projects the U.S. economy to grow 2.2 per cent in 2017 and 2.3 per cent in 2018.

Even with a slight weakening, the U.S. dollar remains strong and will likely act as an impediment to robust export growth. Imports are forecast to grow more quickly as U.S. companies take advantage of the relatively strong currency to purchase imported machinery and equipment.

A complete copy of the RBC Economic and Financial Market Outlook is now available. A separate RBC Economics Provincial Outlook assesses the provinces according to economic and employment growth, unemployment rates, retail sales, housing starts and consumer price indices.

Rogers Media Sales Signs Two Major Deals, Delivering Extended Reach, Premium Content, and Brand-Safe Environments to Clients

As the advertising community gathers for Rogers Media’s annual Upfront, Rogers Media Sales has announced two blockbuster deals that expand reach and deliver brand-safe, premium-content environments to advertisers. An all-new collaboration with The Weather Company (an IBM Business) and an extended deal with Meredith, which includes Canada’s #1 digital food site allrecipes.com, deliver fresh platforms and relevant audiences to Rogers Media’s advertising partners.

“These new agreements provide more scale and integrated brand opportunities to our advertising partners in a trusted environment that aligns with our key online properties,” said Al Dark, Senior Vice President of Sales, Rogers Media. “Leveraging that scale and delivering premium content opportunities helps our advertisers build meaningful connections between their brands and our audiences.”

Deal highlights include:

The Weather Company (an IBM Business)
Rogers Media and The Weather Company team up to provide weather information and content customized specifically for the Canadian market. With this agreement, The Weather Company will provide in-depth weather data and forecasts, as well as curated content, across Rogers Media properties. In turn, Rogers Media will provide locally relevant articles, photos, and video content across the Canadian versions of The Weather Channel app and weather.com. The Weather Company and Rogers Media Sales will also work together to enhance advertising across both companies’ properties, with Rogers Media leveraging its ad sales capabilities to monetize The Weather Channel properties in Canada. Additionally, national and local Canadian marketers will have access to Weather’s innovative data-driven advertising solution, WEATHERfx, across both companies’ properties.

Meredith and allrecipes.com
Building on a successful collaboration that began in 2013 with MarthaStewart.com and has steadily grown to include sales representation for virtually all of Meredith Corporation’s digital brands, today’s renewed deal now includes Canada’s #1 food site, allrecipes.com. With 5.1 million unique visitors in April1, allrecipes.com expands and enhances Rogers Media Sales’ reach in the food and lifestyle vertical. Allrecipes.com joins other Meredith key lifestyle brands, including Parents, Parenting, and Better Homes & Gardens.

These strategic agreements solidify Rogers Media Sales’ commitment to providing a trusted, brand-safe environment at scale to its advertising partners, focusing on lifestyle, entertainment, and news and information verticals. Each month, more than 13.8 million Canadians visit Rogers Media digital properties across all devices, totalling 403 million minutes viewed2.

With these new deals, Rogers Media digital network now reaches 24.7 million Canadians3, building on strategic partnerships established with other world-class organizations including the National Hockey League, Major League Baseball, Conde Nast Entertainment, and more.

1 Source: comScore, Inc. Media Metrix Multi-Platform April 2017, Canada
2 Source: comScore, Inc. Media Metrix Multi-Platform April 2017, Canada
3 Source: comScore: Multiplatform (Custom Roll-up) 2+, April 2017, Canada

RioCan Real Estate Investment Trust Announces June 2017 Distribution

RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) has announced a distribution of 11.75 cents per unit for the month of June. The distribution will be payable on July 10, 2017 to unitholders of record as at June 30, 2017.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at March 31, 2017. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 46 million square feet. For the past 25 years, we have shaped the future, sensibly cultivated growth, and taken our stakeholders and partners wherever they needed to go. Currently, we have approximately 6,250 retail tenants and 700 employees with a presence from coast to coast. We know that there is a home for every retailer. Whether we find it today or build it for tomorrow, we deliver real vision, solid ground. For more information, visit www.riocan.com.