Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Aimia Inc. (AIM-T) announced the departure of its president and chief strategy officer Nathaniel Felsher. In a brief statement issued after markets closed on Thursday, the company said it “wishes to acknowledge Mr. Felsher’s contributions during this pivotal period and wishes him well in his future endeavours.”
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Valener Inc. (VNR-T) increased its annualized dividend from $1.16 to $1.20 per common share, which is a penny more paid quarterly or 30 cents.
The company also reported a net loss of $1.2 million or 3 cents per share, or a penny per share adjusted, for the fourth quarter compared to a loss $3.2-million or 8 cents per share, or an adjusted loss of 7 cents per share for the same quarter last year. Analysts were expecting an adjusted loss of 9 cents in the latest quarter.
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Timbercreek Financial Corp. (TF-T) said it has an amendment to increase its credit facility by $60-million and extend the terms of the facility for an additional year. The facility is provided by a syndicate of lenders, with the Toronto-Dominion Bank acting as sole lead arranger, sole book-runner and administration agent, the company stated.
The amendment increases the Company’s existing revolving credit facilities to an aggregate amount of $500 million. “Proceeds from the increased capacity under the revolving credit facilities will be used for general corporate purposes and to fund mortgage investments or future acquisitions,” the company stated.
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Minto Apartment Real Estate Investment Trust (MI.UN-T) said it has waived its conditions under a definitive agreement to purchase two urban multi-residential rental buildings in Calgary for a total of $63.8-million. The REIT also said it has agreed to advance to Minto Properties Inc. up to $30-million in financing for the redevelopment of a commercial property at Fifth Avenue and Bank Street in Ottawa to a mixed-use multi-residential and retail property.
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Goodfood Market Corp. (FOOD-T) reported fourth quarter grew 185 per cent to $21.4-million compared to $7.5-million for the same period last year. Its adjusted net loss for the quarter ended Aug. 31 was $3-million or 6 cents per share compared to an adjusted net loss of $2.3-million or 5 cents last year. Analysts were expecting a loss of 5 cents and revenue of $20.8-million in the latest quarter.
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Trinidad Drilling Ltd. (TDG-T) said its board of directors intends to waive the application of its shareholder rights plan, saying its no longer required for its intended purpose.
"The Trinidad board believes that the shareholder rights plan is no longer required given the process that Trinidad has undertaken since early 2018 and the resultant strategic merger proposed between Trinidad and Precision Drilling Corporation," it stated, adding that it believes the Precision option is the "best available option for Trinidad shareholders and unanimously recommends" that shareholders vote in favour of the proposed deal.
Ensign Energy Services Inc. (ESI-T), which has made a competing offer for Trinidad, issued a release saying it’s “pleased” by the announcement from Trinidad. “Trinidad’s decision to waiver their poison pill option is an important step in this process for Ensign as it removes a barrier to completion in the form of an inappropriate dilutive defensive tactic and is in the best interest of Trinidad shareholders,” stated Ensign CEO Bob Geddes, adding that it’s seeing “growing support” for its offer.
Meantime, Precision Drilling (PD-T; PDS-N) issued a release to confirm its continued support for the merger with Trinidad. "The company strongly encourages Trinidad shareholders not to tender their Trinidad shares to Ensign Energy Services Inc’s. opportunistic all cash take-over offer ... "