RE:RE:RE:And you are voting for Cation? Are you nuts?Exactly.
75% of that offering was taken up by the big banks - BMO as lead, followed by TD, RBC, CIBC and Scotia.
Lead banks advise on timing, price, strategy - all of that stuff and $650 million of equity is a hell of a lot of equity to place in a good market; nonetheless in September 2016. Firms like Macquarie, GMP, Peters, Raymond James, etc. get tapped in these deals because they have relationships and something to add to the offering that is different than the big guys. Retail investor clients, smaller institutions, family offices, overseas distribution, etc.
In reality, Sandy and Macquarie probably got the call because they needed some more retail content or Macquarie brought with it some Australian or other distribution channels that might absorb some piece of it. If they had 'gotten on their high horse' and protested the need for the offering, they just would have found some other shop to place the money like Credit Suisse or someone else.
It is ridiculous to suggest that Sandy has a shadow of blame on an offering to which he was barely a player. In reality, Macquarie hasn't been relevant in Calgary since shortly after they acquired Tristone.