Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Alcanna Inc. (CLIQ-T) announced it will eliminate its quarterly cash dividend effective immediately. As a result of the termination of its dividend, the company also terminated is Dividend Reinvestment Plan.
"The company has embarked on a capital-intensive growth strategy over the next two-to-three years," it stated in a release. "Capital will be invested in as many as 10 new Wine and Beyond stores in Alberta and possibly elsewhere, building out Nova Cannabis stores, funding the initial launch of the Canadian Liquor Retailers Alliance, as well as completion of the ERP and potential future acquisitions. The company believes that it is in the best interests of the shareholders to invest all free cash flow in the growth opportunities available to the business which is expected to result in an increase in shareholder value over the medium term versus continuing dividend payments."
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Enghouse Systems Ltd. (ENGH-T) reported fourth-quarter revenue was $85.8-million, an increase of 1.9 per cent over revenue of $84.2-million in the fourth quarter last year.
Net income for the quarter was $19.6-million or 71 cents per share, compared to the prior year's fourth-quarter net income of $18.9-million, or 69 cents per diluted share.
Analysts were expecting revenue of $89.3-million and earnings of 64 cents per share in the latest quarter.
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Hudbay Minerals Inc. (HBM-T; HBM-N) said Waterton Global Resource Management Inc. has withdrawn its special meeting requisition “for the purpose of considering an advisory resolution.” The company canceled the shareholder meeting it had previously set for Feb. 28, 2019.
In a release, Hudbay provided some history on discussions with Waterton about changing the board. Hudbay said Waterton “has now responded by announcing its intent to nominate a majority slate of directors. While Hudbay remains open to continued dialogue, it is disappointed with Waterton’s personal attacks on certain of the company’s leadership, its selective use of performance metrics and its revisionist history regarding its confrontational approach to date.”
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TerrAscend Corp. (TER-CN) says it has agreed to terms on a US$75-million credit facility with certain funds managed by JW Asset Management LLC, where its chair Jason Wild is the president and chief investment officer. “These funds are also the largest shareholders of TerrAscend,” the company stated. “The credit facility is intended to give TerrAscend access to non-dilutive capital for acquisitions in the United States, as well as for general corporate and working capital purposes.”
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Organigram Holdings Inc. (OGI-X) reported sales of $3.2-million in the fourth quarter ended Aug. 31, before the legalization of marijuana in Canada, up from $1.8-million a year ago. Net income was $18.1-million or 16 cents per share versus a loss of $2-million or 2 cents a year ago.
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