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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.

A U.S. activist investor is suing TransAlta Corp. (TA-T) in a bid to stop the power producer’s $750-million partnership deal with Brookfield Renewable Partners LP, claiming executives and directors are putting their own interests above those of shareholders.

New York-based Mangrove Partners Master Fund Ltd. is seeking to have an Ontario judge set aside the Brookfield transaction after the fund last week abandoned an effort to persuade securities regulators to force TransAlta into delaying its annual meeting and holding a separate shareholder vote on the deal.

Mangrove, which has 7.1 per cent of TransAlta’s shares, asserts that the transaction was rushed and prevented a possible sweeter deal for the generator’s hydroelectric assets, which it says are the company’s crown jewels. It has said it intends to withhold votes for three TransAlta directors at the annual meeting, which is scheduled for Friday.

- Jeffrey Jones

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K-Bro Linen Inc. (KBL-T) announced that its board of directors has approved the adoption of a shareholder rights plan “similar to shareholder rights plans adopted by other public companies.”

It said the rights plan has been adopted “to ensure, to the extent possible, that all shareholders of the corporation are treated fairly in connection with any unsolicited take-over bid or other acquisition of control of the corporation.” It stated the rights plan “is not being adopted in response to any specific proposal to acquire control of the corporation, and the board is not aware of any pending or threatened take-over bid for the corporation.”

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FSD Pharma Inc. (HUGE-C) announced a share -xchange deal with Aura Health Inc., a Toronto-based cannabis company focused on the medical cannabis industry. The agreement sees FSD acquire about 13.6 million Aura shares valued at $3-million in exchange for about 13.2 million FSD shares valued at $3-million.

"As part of the transaction, Aura and FSD will enter into a consulting agreement. Aura will assist FSD with obtaining euGMP certification at the company's existing licensed facility through Pharmadrug Production GmbH, a company for which Aura Health is in the process of acquiring an 80-per-cent equity interest," the companies stated.

"This is an exciting opportunity for FSD Pharma to capitalize in the global medicinal cannabis space," stated Dr. Raza Bokhari, executive co-chairman and CEO.

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Cresco Labs Inc. (CL-C) reported fourth-quarter revenue of US$17-million, up 411 per cent year-over-year and above expectations of $15.2-million. Its net loss of US$2.6-million in the quarter ended Dec. 31, compared to a net loss of US$3-million in the prior-year period.

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TerrAscend Corp. (TER-C) reported fourth-quarter revenue of $5-million versus nil in the same quarter last year. Its net loss was $11.7-million or 13 cents per share quarter ended Dec. 31, compared with a net loss of $778,000 or 2 cents a year earlier.

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Magellan Aerospace Corp. (MAL-T) announced that it has reached a multi-year agreement with The Boeing Co. (BA-N) to manufacture 777X control surface ribs in support of Boeing’s Focused Factory initiative.

“In order to provide the best solution for Boeing on this multi-year package, Magellan will provide internal dual source capability for risk mitigation and business continuity,” the company stated.

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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 2:08pm EDT.

SymbolName% changeLast
TA-T
Transalta Corp
-0.57%8.7
KBL-T
Kbro Linen Inc
+1.39%35.03
HUGE-CN
Fsd Pharma Inc Subordinate Voting Share
+2.11%0.97
CL-CN
Cresco Labs Inc
-6.56%2.85
MAL-T
Magellan Aero
-0.25%7.97
BA-N
Boeing Company
+0.53%192.97

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