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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Aritzia Inc. (ATZ-T) reported second-quarter comparable sales growth of 11.5 per cent, following 5.4-per-cent growth in the second quarter last year. Net revenue increased by 18 per cent to $205.4-million from $174-million in the same quarter last year. Analysts were expecting revenue to come in at $198.5-million in the latest quarter.

"The strong momentum in our business accelerated in the second quarter as we once again delivered double-digit comparable sales growth," said Brian Hill, Founder, CEO of Aritzia. "Total net revenue increased by 18 per cent reflecting strength in both our stores and eCommerce across the U.S. and Canada. We are particularly pleased with the exceptional performance in our U.S. business where revenue increased 40 per cent year-over-year illustrating the growing appeal for our uniquely positioned brand. "

Net income increased by 203 per cent to $15.1-million from $5-million a year ago. Adjusted net income came in at 16 cents per share, which beat expectations of 12 cents and compared to 9 cents last year.

**

Hudbay Minerals Inc. (HBM-T; HBM-N) issued a statement after markets closed on Thursday to comment on a media report “speculating on a potential business acquisition” by the company. Bloomberg reported the company is in talks to buy Chilean miner Mantos Copper SA.

“While the company’s policy is to avoid comment on speculation and rumours, Hudbay emphasizes that it has had a consistent strategy of optimizing the value of its current operations and evaluating growth opportunities that are complementary to its current business and that it continues to adhere to this strategy,” it stated."As described in Hudbay’s public disclosure, this may include acquisitions that fit Hudbay’s stringent criteria, ranging from early stage exploration to producing mines, provided they are accretive to shareholder value on a per share basis. Further, any acquisitions would ensure that Hudbay retains the financial flexibility and management capacity to maximize the value of its assets and existing growth opportunities."

On Friday, major shareholder Waterton Global Resource Management, Inc., which says it owns approximately 4.8 per cent of Hudbay, called on the miner's board to "immediately terminate any discussions or plans to execute the Mantos transaction and any other material acquisitions in the near future." Waterton said it doesn't make a habit of issuing public statements: "However, in light of the gravity of the circumstances and potential imminent material erosion of shareholder value, we have been left with no other choice but to engage on a public basis in an effort to protect value on behalf of all shareholders," adding that it was "extremely disturbed and troubled by the Bloomberg report."

A letter to the company's board states: "Our informed, unyielding view is that under no circumstances should Hudbay be engaging in any material acquisitions at this time, including any transactions that could adversely impact shareholders, the company's balance sheet, and/or the company's ability to effectively progress its current portfolio of assets."

Waterton also said it has contacted institutional investors holding approximately one-third of Hudbay’s shares. “Thus far, unanimously, all of these shareholders are emphatically opposed to the company engaging in a material M&A transaction. Prior to executing on any transaction, the Board should solicit the opinion of its shareholders.”

**

Canada’s Precision Drilling Corp (PD-T) said on Friday it would buy smaller rival Trinidad Drilling Ltd (TGD-T) in a deal valued at $1.03-billion, trumping a hostile bid from Ensign Energy Services (ESI-T).

Precision has offered 0.445 of its common shares for each outstanding Trinidad share, valuing it at $2.11 per share and a premium of about 15 per cent to Trinidad stock’s closing on Thursday.

Oilfield services provider Ensign had offered $1.68 per Trinidad share in cash in August.

Precision said on Friday the deal will position the newly combined company as the third-largest driller in the United States with a rig fleet that includes over 200 active rigs and 322 total rigs.

- The Canadian Press

**

Molson Coors Canada (MCC), the Canadian business unit of Molson Coors Brewing Company (TAP-N; TPX-T) and HEXO Corp. (HEXO-T) says they have closed the previously announced transaction to form a joint venture to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization.

The joint venture will be calle Truss and will be led by former Molson Coors executive Brett Vye as CEO. Mr. Vye will report to the Truss board of directors consisting of three members appointed by MCC and two members appointed by HEXO.

"When consumable cannabis is legalized in Canada, Truss will be ready to make its mark as a responsible leader in providing high-quality beverages for the Canadian consumer," Mr. Vye stated in a release.

**

Postmedia Network Canada Corp. (PNC.B-T) investor Leon Cooperman has increased his stake in the company to nearly 14 per cent from about 6 per cent after buying 7.2 million shares at about 76 cents U.S. each.

“Mr. Cooperman has acquired the common shares for investment purposes, and may acquire further common shares or dispose of his holdings ... as investment conditions warrant,” according to a release.

**

1933 Industries Inc. (TGIF-CN), until recently known as Friday Night, says its subsidiary Infused MFG began sales of its products in Colorado in conjunction with a previously announced licensing agreement with Denver Dab Co.

Under the terms of the agreement, DDC has begun manufacturing and distributing Infused’s Canna Hemp CBD and hemp-based products on an exclusive basis to retail cannabis dispensaries in Colorado.

1933 Industries also announced its subsidiary, Alternative Medicine Association, has a licensing agreement with DDC for the exclusive rights to produce, manufacture, market, and sell DDC's Licensed Products in Nevada.

**

Alcanna Inc. (CLIQ-T) says it has received five of the 17 interim cannabis licenses issued by Alberta Gaming, Liquor and Cannabis. “These interim licenses allow us to order and have product shipped to these five retail locations in preparation for legalization,” the company stated. “All retailers that were issued an interim license are still required to fulfill all conditions established by the AGLC prior to receiving their final sales license on October 17, 2018.”

Alcanna also announced its cannabis stores will be operated under the banner “Nova Cannabis.”

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 3:52pm EDT.

SymbolName% changeLast
HBM-T
Hudbay Minerals Inc
+1.07%9.48
HBM-N
Hudbay Minerals Inc
+1.16%7
ATZ-T
Aritzia Inc
-0.51%37.4
TAP-N
Molson Coors Brewing Company
-0.13%67.25
ESI-T
Ensign Energy Services Inc
0%2.59
PD-T
Precision Drilling Corp
+0.33%91.13
TGIF-CN
1933 Industries Inc
-25%0.015

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