Cara Operations prices shares at $23 in IPO, raises $200M to repay debt + MORE Apr 1st

TORONTO – Cara Operations Ltd. (TSX:CAO) said it has signed a deal to sell 8.7 million subordinate voting shares at a price of $23 per share as part of its initial public offering.
The company behind Harvey’s and Swiss Chalet has also granted the underwriters an over-allotment option for an additional 1.3 million subordinate voting shares.
The money raised will be used to repay debt, Cara said in a statement Wednesday.
Based on the offering price, the company will have a stock market value of about $1.1 billion
The subordinate voting shares, which will trade under the symbol CAO on the Toronto Stock Exchange, will carry one vote per share.
Fairfax Financial Holdings Ltd. and members of the Phelan family will own the company’s multiple voting shares, which will carry 25 votes per share.
Following the offering, Fairfax and the Phelan family will have about 79 per cent of the company’s outstanding shares. If the over-allotment option is exercised in full, that percentage drops to 76 per cent…

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Manjit Singh was previously chief financial officer of the bank’s Canadian retail arm

Pet deposit and rent can be charged by your landlord if you live in Saskatchewan (Getty Images)
Q: I live in Saskatoon, SK, and renters here are getting nailed in regards to deposits and additional pet rent.  Is it illegal in Canada to charge pet rent?
A: Whether or not a landlord can charge a pet deposit — a refundable sum of money provided at the start of your tenancy — or pet rent (monthly, non-refundable payments) depends on what province you live in (as landlord and tenant issues are under provincial jurisdiction).
The Saskatchewan Government has stipulated that landlords can charge tenants either a pet deposit or pet rent—but not both.
Ask Home Owner columnist Romana King your real estate question »
If you’re charged a deposit remember that this cannot exceed more than one month’s rent and is refundable. Just keep in mind that landlords can exceed this one month of rent maximum by asking for a non-refundable pet fee. Just know that if there is any lack of clarity—as in, if it’s not written down—all deposits and fees are considered refundable and any amount above one month’s rent is immediately repayable to the tenant or may be deducted from the rent by the tenant…

Gen. Muhammadu Buhari waves to supporters after casting his vote in his hometown of Daura, northern Nigeria (Ben Curtis/AP File Photo)
The greatest historic changes can sometimes be disguised as the most ordinary moments. A distracted scientist accidentally switches vials in the lab or a frustrated woman simply sits at the front of a bus and, after that, everything is different.
We just witnessed this in Nigeria, when a short telephone call from one politician to another marked a new era in Africa.
Although it went mostly unnoticed in the West, one of the largest countries in the world held a pivotal election this week. Nigeria is Africa’s most populous country. It already has more people than Germany, France and Canada combined, and its population is expected to surpass the European Union’s within the next 35 years.
It is also Africa’s largest economy. Nigeria has a GDP per capita that rivals India and is blessed with more oil reserves than the United States. It receives more foreign direct investment than any other country on the continent…