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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.
Brookfield Capital Partners Ltd. says it now owns just over 13 per cent of Performance Sports Group Ltd. (PSG-T) after buying another about 1.5 million shares, or about a 3-per-cent stake, over the past two weeks.
In a release, the company said it bought the shares at an average price equal to $5.08 each, for about $7.5-million.
The shares closed at $5.25 on the TSX on Monday.
Brookfield said the shares were acquired for investment purposes.
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Ballard Power Systems (BLDP-Q;BLD-T) says Audi and Volkswagen have accelerated a fuel cell technology solutions program with the company.
Ballard said it has received purchase orders from Audi to accelerate "certain key development activities" as part of a technology solutions program it has with Volkswagen Group.
Ballard said the current six-year engineering services contract with Volkswagen Group runs to March, 2019, with an optional two-year extension beyond that date. The contract has an estimated value of $100-million to $140-million.
"This acceleration of the HyMotion program confirms Volkswagen Group's commitment to fuel cell technology and its long-term partnership with Ballard," CEO Randy MacEwen said in a release.
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Chemtrade Logistics Income Fund (CHE.UN-T) says the Canexus Corp. (CUS-T) board has not engaged with it on its revised proposal to buy Canexus for $1.50 per share in cash.
Chemtrade said it was advised on Sept. 20 by the Canexus CEO that the Canexus Board had unanimously rejected its proposal.
"We are disappointed that the Canexus board continues to refuse to engage with us. Only a year ago the board determined that a sale of Canexus was in the best interests of Canexus and its shareholders," stated Chemtrade CEO Mark Davis in a release. "We encourage the Canexus board to engage in constructive discussions with Chemtrade so that shareholders can benefit from the opportunity to receive fair value and liquidity in a fully-funded all-cash transaction."
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Westport Fuel Systems Inc. (WPT-T;WPRT-Q) has signed a new multi-year agreement between a distributor of Westport Fuel Systems and Honda Turkey to supply liquefied petroleum gas systems for the new Civic ECO model that will be launched next month.
"Honda has been at the forefront of the alternative fuel vehicle market in Turkey," said Marco Seimandi, Westport's sales and marketing division director.
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Perpetual Energy Inc. (PMT-T) says it's selling a large percentage of its mature shallow gas properties in east central and northeast Alberta.
"Perpetual's funds flow is expected to be positively impacted by the disposition as the Shallow Gas Properties continue to operate on a negative cash flow basis as a result of depressed natural gas prices combined with high fixed operating costs which include extremely high municipal property taxes," the company said in a release. " Including adjustments related to the estimated value of its proved and probable reserves, future asset retirement obligations net of salvage value and the fair market value of undeveloped land, the company estimates that the transaction increases its net asset value discounted at 10 per cent on a pro forma basis at McDaniel's April 1, 2016 commodity price forecasts by $28.5-million."
It also said it refinanced a financial arrangement secured by some of its shares of Tourmaline Oil Corp. (TOU-T) by extending the term to March from November and with fewer shares. "The TOU Share financial arrangement continues to represent a collateralization of TOU Shares, not a sale, and Perpetual retains substantially all rights and privileges associated with the ownership of such shares," the company said.