About

New Focus

Cogency is focused on providing investment banking, communications and management services. Previously we were best known as a hands-on investor in small cap oil & gas and the investment products business.

Investment Banking

Cogency is active with companies in a number of different industries. Mining is a current focus because of bullish markets for certain base metals and industrial minerals. Much of the optimism is based on the expected market growth for electric vehicles over the next decade. Cogency's mining activities includes project financing work.

Project finance is complicated, more so than corporate finance. It is complicated because project development is inherently risky. Empirical industry data confirms far too many mining projects are over budget, delayed or both.

Serious project lenders and investors are not passive, they actively manage these risks. The result is usually a complicated project finance plan involving all stakeholders including developers, vendors, customers, lenders and investors. The following includes some project finance and mining reference material. The Wharton piece is classic.

Project Finance-4 Stages           Dec 2017
Copper Prices Climb           Dec 2017
Mining Law-Stikemans               Oct 2017
Reeling In Cost Overruns           Sept 2017
Mine-PwC                                     2017
Aboriginal Handbook-Man        2016
Refresher on IRR                         March 2016
Refresher on NPV                       Nov 2014
Project Finance-Wharton          Fall 1996

Communications

Cogency has significant corporate and investor communications experience. Notably, it has been involved in a number of shareholder activist situations opposed to oil & gas companies in Calgary. The following includes some of our communications pieces.

Investor Communications         Dec 2017
SaveEagle Circular                     May 2017
SaveEagle Press Release          May 2017
AOS Investment Report              Nov 2016
AOS Investment Report             Feb 2016
Cogency Interview                     April 2014
AOS Due Diligence Report        Mar 2014
Pace Video                                   Feb 2013
Pace Press Release                    Feb 2013

Helicopter Industry

In 2014 we were diversifying. One new mandate was with a helicopter operator in Quebec. We got serious about the business at that time. Helicopters are a very small part of the total aircraft market. Prior to 2015 the business experienced amazing growth on the back of global resource markets, the offshore oil & gas business in particular. Helicopter operators, leasing companies and manufacturers all prospered through the summer of 2014. The subsequent fall in the price of oil caused a significant industry wide decline in revenues, profitability and values. The offshore oil & gas market may never be the same and it's the most important segment of the industry. The June Press Release below describes how we approached the business. In addition there are three short research pieces.

Cogency Strategic Initiative     June 2015
Helicopter Leasing                    May 2015
Helicopter Manufacturers        March 2015
Helicopter Operators                March 2015