Skip to main content

Oct. 19th. 2012 - LOTS OF LOBSTER ON THE MARKET - Jennifer Cook, retail supervisor at Clearwater Seafoods in Bedford, NS holds some premium hard shelled lobster over the lobster tank on display in the middle of the store. (Sándor Fizli Photo for the Globe And Mail)The Globe and Mail

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Halifax-based Clearwater Seafoods (CLR-T) said it will acquire Macduff Shellfish Group, one of Europe's leading wild shellfish companies, for £94.4-million ($187-million) plus about £4-million ($8-million Canadian) in seasonal working capital debt agreed with existing owners, the Beaton Family and Change Capital Partners.

Clearwater said the deal with expand its supply by 20 per cent, about 15-million pounds. It said it expects the deal will be accretive to its 2016 adjusted earnings of 17 cents (Canadian) per share.

"The acquisition of Macduff brings together two of the world's leading and fastest growing vertically integrated wild shellfish harvesters," said Ian Smith, CEO of Clearwater Seafoods.

"The transaction will allow Clearwater to integrate its vessel management and sustainable harvesting practices, innovative processing technologies along with its global sales, marketing and distribution footprint into Macduff; a company that already possesses a talented local management team, excellent resource assets and a strong presence in the EU, the world's largest and most valuable seafood market. Our companies have been building a working relationship for more than three years and we are confident Macduff represents a highly attractive investment with a strong strategic fit for Clearwater," he said.

======

Calgary-based SMART Technologies Inc. (SMA-T;SMT-Q), a provider of collaboration and educational tools, is undertaking a strategic review — which could include a sale of the company — as sales from SMART kapp digital whiteboard are "growing at a slower rate than originally envisaged, and as a result, the outlook for fiscal 2016 will be weaker than anticipated," the company said.

The company said it has retained Evercore Partners as its financial adviser as part of its strategic review, and is reducing expenses primarily relating to SMART kapp sales and marketing activities and related research and development costs, "while protecting core education and enterprise business operations and associated R&D activities," the company said.

"The new operating model is expected to be in place before calendar year end. These actions are anticipated to result in the company having sufficient liquidity and cash flow neutrality for fiscal year 2017," it said.

======

Vancouver-based Silver Standard Resources Inc. (SSO-T;SSRI-Q) reported that in the third quarter its Marigold mine delivered gold production of about 41,300 ounces of gold, and is on track to achieve the increased 2015 production guidance. The Pirquitas mine in Argentina produced 2.6 million ounces of silver, 5 per cent above its second quarter production and is on track to deliver record annual silver production.

Interact with The Globe