ESG influencing company strategy, increasing oil market vulnerability: reports

The Alberta Investment Management Corp. will receive a majority stake in a wholly owned subsidiary of an oil and gas development and production company in order to settle its debts.

Razor Energy Corp., a petroleum producer headquartered in Calgary, has reached an agreement with the investment organization that will eliminate $63.2 million of secured debt held by the AIMCo. Razor Energy will hand over 70 per cent of its common share holdings in FutEra Power Corp, which specializes in carbon neutral geothermal projects.

Read: AIMCo revealing details of ESG integration process: report

Following the transfer, FutEra’s ownership structure will be reorganized. It will launch a new class of voting — convertible preferred shares with the right to receive cumulative dividends. The shares will be auctioned to eligible Razor Energy shareholders, who must be based in Canada or the U.S., on May 16.