The Globe and Mail - 13.11.2019

BUSINESSCLASSIFIED

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DIVIDENDS LEGALS

NOTICEIS HEREBY GIVENthat the Boardof Directors ofSun LifeFinancialInc.hasdeclared dividendsinCanadiancurrency, payable December 31, 2019 , toShareholdersofrecordon November 27, 2019 ,as follows:

$0.296875 per share on
Class ANon-Cumulative
PreferredShares,Series 1;

$0.30 per share on the

PreferredShares,Series 8R;

FloatingRatePreferred
Shares,Series 9QR;

PreferredShares,Series
lOR;

FloatingRatePreferred
Shares,Series llQR;

PreferredShares,Series
12 R;and

$0.55 per share on
CommonShares.
By order of the Boardof
Directors
TroyKrushel
Vice-President,Associate
General CounselGCorporate
Secretary
November 06, 2019
Toronto,Ontario,Canada

DIVIDENDNOTICE

NOTICE OF BANKRUPTCIES AND FIRST MEETINGS OF CREDITORS (Subsection 102(4)of the Act) IN THE MATTER OF THE BANKRUPTCIES OF: 7936567 Canada Inc., legal person duly incorporatedunder the Act, having their mailing address and their chief place of businessat1,Place Ville-Marie, Suite 2500, Montreal, Quebec, H3B 1R1 -and- 11641638 Canada Inc., legal person duly incorporated under the Act, having their mailing address and their chief place of business at 1, Place Ville-Marie, Suite 2500, Montreal, Quebec, H3B 1R1 -and- 11641735 Canada Inc., legal person duly incorporated under the Act, having their mailing address and their chief place of business at 1, Place Ville-Marie, Suite 2500, Montreal, Quebec, H3B 1R1 Bankrupts NOTICE is hereby given that the bankruptcies of7936567 Canada Inc., 11641638 Canada Inc. and 11641735 Canada Inc.occurred on the 7th day of November, 2019. The first meetings of creditors of the bankrupts will be held on the 26th day of November 2019, at 10:00 a.m., at the office ofDeloitte Restructuring Inc.located at 1190 avenue des Canadiens- de-Montréal (La Tour Deloitte), Suite 500, Montreal, Quebec, H3B 0M7. DatedatMontreal,this13thdayofNovember2019. DEFOITTEREMTRUCTURINGINC. In its capacity as Trustee in the bankruptcies of: 7936567 Canada Inc., 11641638 Canada Inc., 11641735 Canada Inc., and not in its personal capacity 1190 avenue des Canadiens-de-Montréal, Suite 500 Montreal, Quebec, H3B 0M7 Tel.: 514-393-7150 • Fax: 514-390-4103

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WEDNESDAY,NOVEMBER13,2019 | THE GLOBE AND MAILO REPORT ON BUSINESS| B7

Co-working companies say their industry’s growth will slow
and become more disciplined in the wake of the troubles at
WeWork, which is racing to restructure its money-losing busi-
ness.
“What we have learned is that growth for growth’s sake is
not a long-term, viable business model,” Ryan Simonetti,
chief executive officer of U.S.-based Convene, said at an indus-
try discussion Tuesday on shared office space.
“You can grow quickly and create a lot of value for both
your customers, employees and investors, but you don’t have
to do it in a non-disciplined, rapid way,” he said. Convene has
30 locations in the United States.
WeWork used billions of dollars in investor funds to expand
from one location in Manhattan to 600 locations in 122 cities
in less than a decade. That has left WeWork with US$47.2-bil-
lion in lease obligations and no profits. In the first half of this
year, the company lost US$900-million on revenue of
US$1.54-billion, according to regulatory filings.
After its initial public offering failed in September, WeWork
replaced its executive chairman and chief executive officer,
received a financial bailout from its largest investor and is
now under pressure to cut jobs and divest assets.
Its difficulties have shaken the co-working industry, which
counts hundreds of shared office companies worldwide, in-
cluding more than 200 in Canada.
“We have grown almost fourfold in the last year. Given what
happened with WeWork, we will probably slow down,” Ed-
ward Shenderovich, chairman of
co-working company Knotel, said
on the panel.
Knotel has more than 200 loca-
tions globally, including in Toron-
to, according to the company. Mr.
Shenderovich did not elaborate
on why his business would slow
and Knotel did not immediately
respond to a request for more in-
formation.
Fora, a co-working business
with 15 locations in Britain, said
the idea of growing fast in the
hopes of dominating the sector is
misguided. “To pursue growth for
the sake of growth – we have got to
stop all of that,” Enrico Sanna, Fo-
ra’s CEO, said on the panel, adding
that he reviews dozens of locations before doing a deal.
Shared offices have been around for decades, but WeWork
popularized the concept with its chic spaces, lounges and free
beer.
Its spaces were coveted by smaller tech companies and
contract workers, many of which did not have the capital to
spend on office amenities and did not want to get locked into
long leases. WeWork’s reputation helped fuel a global co-
working frenzy.
But since WeWork started unravelling, property owners are
not only wary of WeWork, they are more cautious about the
co-working sector.
The commercial real estate industry has expressed con-
cerns over what will happen to a city’s office market if We-
Work is forced to shed unprofitable locations or is unable to
fulfill their own lease obligations.
In addition, the co-working business model is being ques-
tioned. WeWork, along with most of the industry, including
the biggest provider IWG PLC, run a rent-arbitrage business.
The co-working company signs a long-term lease and spends
capital to renovate the space. It then charges a premium to
rent out the same space on a short-term basis and expects to
profit on the price difference.
Now, property owners are looking at different models such
as a partnership, where a landlord would share the upside and
risks with the tenant.
“We are seeing increased interest from owners about this
type of partnership,” Mindspace’s CEO, Dan Zakai, said ahead
of the panel discussion. Mindspace has 30 locations in Europe
and the U.S. “Owners [think] that a different type of partner-
ship model is the way to go,” he said.

Co-workingCEOsvow

toscale backon growth,

insistindustryneeds

tobemoredisciplined

RACHELLEYOUNGLAI

Youcangrow
quicklyandcreatea

lotofvalueforboth

yourcustomers,

employeesand

investors,butyou

don’thavetodoitin

anon-disciplined,

rapidway.

RYANSIMONETTI
CHIEFEXECUTIVEOFFICER
OFU.S.-BASEDCONVENE

Shares inEnsign Energy Services Inc.fell after it cut its divi-
dend in half owing to what it said was prevailing industry
conditions as it reported a third-quarter loss of $37.8-million.
The oil field services company’s shares closed down 38
cents, or about 14 per cent, at $2.30 in trading on the Toronto
Stock Exchange after falling as low as $2.29.
The drop came after Ensign said it will pay a quarterly divi-
dend of six cents a share, down from 12 cents, to allow it “pur-
sue alternative uses of available cash.”
The company also ended its dividend reinvestment plan.
The reduced payment to shareholders came as the compa-
ny said its loss in its latest quarter amounted to 24 cents a
share compared with a loss of $32.8-million, or 21 cents a
share, in the same quarter last year.
Revenue in the quarter totalled $393.5-million, up from
$288.7-million in the third quarter of 2018.
Ensign acquired an 89.3-per-cent stake in Trinidad Drilling
Ltd. in the fourth quarter of 2018 and the remaining stake in
the first quarter of 2019.

THECANADIANPRESS

ENSIGNENERGYSERVICES(ESI)
CLOSE:$2.30,DOWN38¢

Ensignpostsprofitloss,

slashesdividendinhalf

CALGARY

U.S. President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China “soon,” but offered no new details on negotiations in a campaign-style speech touting his administration’s economic record. Markets had been on edge about Mr. Trump’s highly antici- pated remarks to the Economic Club of New York, but barely moved after the speech, which contained no major policy announcements. Rumours early on Tuesday that Mr. Trump might announce a ven- ue and date for signing a trade deal with Chinese President Xi Jinping proved unfounded. Mr. Trump said U.S. and Chi- nese negotiators were “close” to a “Phase 1” trade deal, but largely repeated well-worn rhetoric about China’s “cheating” on

trade. “They are dying to make a deal. We’re the ones that are de- ciding whether or not we want to make a deal,” Mr. Trump said, echoing remarks he made on Sat- urday. “We’re close,” he said. “A signif- icant Phase 1 trade deal with China could happen. Could happen soon. But we will only accept a deal if it’s good for the United States and our workers and our great companies.” Mr. Trump said he would raise tariffs on Chinese goods “very substantially” if China does not make a deal with the United States. “And that’s going to be true for other countries that mistreat us, too,” he added. White House economic adviser Larry Kudlow later told CNBC that the Phase 1 agreement could in- clude some adjustments to tariffs already in place, but neither side would agree to such steps “until the entire deal is put together.” U.S. stocks largely drifted side- ways as Mr. Trump spoke, holding onto modest gains. The S&P 500 was up about 0.3 per cent in after- noon trade, close to a record high. The response in bond and foreign exchange markets was equally subdued. “The only thing that’s maybe new is that he did not announce a

date and a time for a signing cere- mony,” Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York, said of the speech. “Where markets had been hoping for that, those hopes were dashed,” he added, saying that buying of risk- ier assets faded when it became apparent that no major announ- cement would be made. Mr. Trump once again took aim at the Federal Reserve’s monetary policy decisions that have left U.S. interest rates higher than many other economies and said he would prefer negative rates. The Fed has cut interest rates three times since July, after a string of nine increases since late

Mr. Trump has repeatedly
railed against the Fed for not low-
ering rates even more.
“Remember we are actively
competing with nations that
openly cut interest rates so that
many are now actually getting
paid when they pay off their loan,
known as negative interest. Who
ever heard of such a thing?” Mr.
Trump said in his remarks.
“Give me some of that. Give me
some of that money. I want some
of that money. Our Federal Re-
serve doesn’t let us do it,” he said.

REUTERS

U.S.PresidentDonaldTrumpspeaksattheEconomicClubofNewYorkonTuesday.Marketshadbeenonedge aboutthehighlyanticipatedremarks,butbarelymovedafterthespeech.SPENCERPLATT/GETTYIMAGES

trumpsaysChinadeal‘close’

butgivesnonegotiationdetails

President’sremarks atEconomicClubof NewYorklargelyrepeat rhetoricaboutBeijing’s ‘cheating’ontrade

JEFFMASONNEW YORK

LONDONBritain’s employers cut more jobs from July to
September than in any quarter for four years, according to
official data, which highlighted how the labour market is
slowing as an election nears, although the fall was smaller
than economists forecast. Strong jobs growth has been a
silver lining of the Brexit crisis for British workers as com-
panies hired staff rather than make longer-term commit-
ments to investment. The unemployment rate fell back to
3.8 per cent, its lowest level since early 1975, the Office for
National Statistics said.REUTERS

BRITISHJOBSFALLBYHIGHESTRATE
INFOURYEARSASELECTIONNEARS

The Globe and Mail - 13.11.2019

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