Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Detour Gold Corp. (DGC-T) issued a letter to shareholders ahead of a special meeting set for Dec. 11 highlighting what it calls the “responsible approach to board refreshment.”
In a release, Detour said its letter "spotlights the clear choice for shareholders: the responsible change the company is recommending which balances shareholders' desire for change with the continuity needed to ensure successful execution of the 2018 Life of Mine Plan versus the reckless wholesale board change being demanded by Paulson and Co. that results in a board Paulson controls and one that jeopardizes the continued successful execution of the 2018 Life of Mine Plan and puts shareholders' investments at risk."
Hedge fund Paulson & Co is calling for the company to be sold or to replace the board. According to Detour, Paulson & Co rejected its proposals to remove interim CEO to settle the proxy dispute over the company’s future. Detour said Paulson rejected an offer to refresh its board and have interim CEO Michael Kenyon stepping down before the next annual general meeting.
-with a file from Reuters.
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Lundin Mining Corp. (LUN-T) announced late Wednesday that it intends to buy back up to about 63.7 million shares, subject to acceptance by the TSX, which represents 10 per cent of its shares outstanding. “The actual number of common shares that may be purchased and the timing of such purchases will be determined by the company,” Lundin stated in a release. “Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors.” The stock was up 9 per cent in Stockholm as of about 9 am ET.
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Bonterra Energy Corp (BNE-T) announced it’s slashing its monthly dividend to a penny per share from 10 cents per share starting with the the November 2018 dividend payable December 31, 2018.
"In response to the recent significant increase in the Canadian oil price differentials for light oil, and deteriorating West Texas Intermediate prices, Bonterra is taking necessary steps to protect its balance sheet and prudently manage cash outflows between debt repayment, the monthly dividend payment and capital spending," the company stated, citing a drop in oil prices from $77.20 per barrel in the third quarter to approximately $21.50 per barrel today. "Until there is a required rebalancing of supply and demand, which could occur through a number of factors including the willingness of provincial and federal governments to build pipelines taking oil to tidewater, further industry production shut-ins, additional crude by rail capacity coming on-line, the start-up of Enbridge Line 3 replacement and refinery demand increases, these steps remain necessary to protect the value of Bonterra for our shareholders."
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Laurentian Bank of Canada (LB-T) said the Canada Industrial Relations Board (CIRB) informed the company the application for revocation filed by an employee of the Laurentian Bank was rejected by the Board.
The union certification covers all Laurentian Bank unionized employees who have been without a work contract since December 31, 2017, the company stated. “The majority of these employees work in branches in the province of Quebec as well as some in the Montreal corporate office,” it stated. “The bank is fully engaged in the bargaining process for the renewal of the collective agreement and hopes to reach an agreement that will allow the transformation of its retail services sector to occur.”
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Ensign Energy Services Inc. (ESI-T) says it and Trinidad Drilling Ltd. (TGD-T) agreed to replace the Trinidad board of directors with five nominees of Ensign. The announcement followed the termination of the arrangement agreement between Trinidad and Precision Drilling Corp. (PD-T).
Ensign and Trinidad also agreed that Robert Geddes and Michael Gray should be appointed as president and chief operating officer, and chief financial officer, respectively, of Trinidad.
Ensign also said late Wednesday it now owns approximately 66.7 per cent of the outstanding Trinidad shares.
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Wayland Group (WAYL-CN) reported third-quarter revenue of $225,122 compared to $721,035 during the same period in 2017. The company said the decrease was due to the company shifting resources to address the recently legalized recreational adult-use market in Canada.
Its net loss was $12.1-million or 9 cents per share versus a loss of $5.4-million or 7 cents a year earlier.
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1933 Industries Inc. (TGIF-CN) reported record revenues of $12.6-million in the fourth quarter, up from $1-million a year earlier. Its net loss was $5.7-million or 2 cents per share versus a loss of $2.7-million or 6 cents a year earlier.
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