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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.

Laughing Water Capital, LP, which describes itself as a “significant shareholder” of Aimia Inc. (AIM-T), issued a public letter to the company board calling on its legacy directors to resign.

The letter states, in part, that the legacy directors "do not have the support of shareholders, and would be unlikely to win a 'normal' vote.'" It also states that "Aimia is no longer the company it was when the legacy directors took their positions," adding that the incumbent board "does not possess the requisite skill set to guide the 'new Aimia.'"

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Aimia announced on Thursday that it will cut about 25 per cent of its workforce as its charts its course following the sale of its flagship Aeroplan program. The company says it expects to have about 550 employees by the end of 2019. Following a review of its future without Aeroplan, Aimia says it wants to become a consolidator in the loyalty program business. It says it will look to evolve through a combination of organic growth and acquisitions. Aimia completed the sale of the Aeroplan loyalty program to Air Canada earlier this year.

-- With files from The Canadian Press

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Valener Inc. (VNR-T) says it has an agreement to be acquired by Noverco Inc. for $26 per common share in cash and $25 per preferred share in cash.

The $26-per-common-share offer is a 30-per-cent premium the Valener's closing price per Dec. 12, 2018, the day prior to Noverco’s initial approach to Valener regarding a potential transaction. It's also a 10-per-cent premium to the all-time high closing price of $23.67 on March 22, the company stated.

The acquisition implies a total enterprise value for Valener of approximately $1.2-billion, the company stated, including the assumption of existing indebtedness.

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AGT Food and Ingredients Inc. (AGT-T) reported fourth-quarter revenue of $421.5-million down from $459.1-million a year earlier and below expectations of $448.9-million. Its net loss was $9.8-million or 41 cents per share versus a loss of $16.8-million or 66 cents a year earlier. Adjusted earnings were $2.2-million or 9 cents per share versus a loss of $4.2-million or 17 cents a year earlier, according to its financial statements on Sedar.com.

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Newstrike Brands Ltd. (HIP-X) announced that it is making a US$5-million investment in Green Tank Technologies, a manufacturer of cannabis vape hardware and technology. “The investment by Newstrike strengthens the existing partnership between Newstrike’s wholly-owned subsidiary, Up Cannabis, and Green Tank, as both companies prepare for the legalization of cannabis oil vaping,” the company states.

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Savaria Corp (SIS-T) reported fourth-quarter net income of $4.8-million or 11 cents per share down from $8.3-million or 20 cents per share a year earlier. Revenue was $93.1-million up from $55.2-million a year earlier.

Analysts were expecting revenue of $91.8-million and earnings of 13 cents in the latest quarter.

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PRO Real Estate Investment Trust (PRV.UN-T) reported fourth-quarter property revenue of $12.2-million up from $8.2-million a year ago. Net comprehensive income reached $6.5-million compared to $4.9-million for the same period last year.

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The Westaim Corp (WED-X) recorded a net profit of US$6.7-million or 4 cents per share for the fourth quarter, compared to a net profit of US$6.8-million or 5 cents per share for the same time last year. Revenue was US$1.1-million versus US$1.2-million a year earlier. The expectation was for revenue of US$1.5-million.

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RNC Minerals (RNX-T) reported adjusted EBITDA improved to $15.9-million in the fourth quarter, a $17.5-million increase from the comparable quarter of 2017, “reflecting the impact of higher sales and revenue and lower production costs.”

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