Based in Saskatoon, Canada, Cameco was the world's largest uranium mining company. It had developed its policy for corporate social responsibility in northern Saskatchewan where it had its major mining operations and where there was a large Cree and Dene Indigenous population. The issue centres on whether the same corporate social responsibility policy can be applied to the company's joint venture with the Kyrgyzstan government to operate a gold mine in eastern Kyrgyzstan. Complicating the decision was a chemical spill that had occurred several months before, and relations with citizens in nearby communities were at an all-time low. The joint venture's vice-president of human resources and corporate relations must decide which of the programs might be successfully implemented in Kyrgyzstan, what new programs might need to be developed, and how best to communicate company policy to the local community.
Four Seasons Hotels and Resorts Inc. had grown significantly during the past 20 years, and most recently, had fundamentally changed the nature of its business from hotel ownership to hotel and resort management. The focus of the case is on what more could be done to enhance the value of the firm. Should an equity offering be undertaken? Was the timing right? Who should be the underwriters? What should be the criteria for selecting one underwriter over another? Should it be a global equity offering or should it be kept in Canada? Would debt refinancing be a better alternative? What would be the advantage of one over the other? Who should be the target buyers? What would the impact of each choice be on shareholder value?
A diversified global interests company, which is financed through medium and long-term loans, is preparing a US$1 billion bond offering. Students will have to figure the individual bond price, including the possible cost of the issue, while considering the receptiveness of the market, given the change in sovereignty over Hong Kong.