Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Husky Energy (TSX:HSE) has successfully raised $300 million through a public offering of 10 million preferred shares.
Shareholders will receive an annual dividend of 4.45%, paid out quarterly, for an initial period ending March 31, 2016. Thereafter the rate will be reset every 5 years, equivalent to a 5-year Government of Canada bond, plus 1.73%. Shareholders may also covert their shares into preferred (Series 2) shares, subject to certain conditions on March 31, 2016 or on the same date every five years thereafter.
