Montreal-based Aimia Inc., the owner of Aeroplan and other loyalty programs, has joint ventures in Mexico, Brazil, India and now, China.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Aimia Inc. (AIM-T) said today that declines in the British pound-Canadian dollar exchange rate is "unlikely to have a material mid-term impact on the company's financial results."
The company says it expects a period of uncertainty in the near term. "Over the longer term, the company will evaluate the impact, if any, of the UK's move to leave the EU to the business climate, regulatory environment, and trade flows," the company stated.
Aimia owns and operates Nectar in the UK, the largest loyalty coalition program in the country.
"We do not expect a material impact on Adjusted EBITDA or free cash flow from a weaker pound, as the pressure on gross billings and operating costs from our U.K. business when the pound falls is counterbalanced by a reduction in costs related to global product development work that is also done in London," said Rupert Duchesne, group chief executive, in a release.
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Sherritt International Corp. (S-T) says it has started a 14-day shutdown at the Ambatovy Joint Venture, an activity originally set for August.
"A blockage in the tailings pipe was the main driver in the decision to accelerate the shutdown, as the process of emptying the pipe and addressing the associated causes and repairs requires a full re-start," the company said.
"Production in the quarter is affected by the shutdown and by a continuation of equipment reliability issues that affected first quarter production."
The company said it will review full-year production guidance and update it when it reports second quarter results.
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Summit Industrial Income REIT (SMU.UN-T) says it's buying a 50 per cent interest in a 56,208-square-foot light industrial property in the Montreal area for $3.4-million.
The purchase price was satisfied by a new 10-year $2.5-million mortgage with a 3.38 per cent interest rate.
"We are pleased to be expanding our presence in Canada's second largest industrial property market," stated CEO Paul Dykeman in a release. "Fundamentals remain very positive in Montreal with increasing demand, improving vacancies, and growing monthly rents driven primarily by high US demand resulting from the low Canadian dollar, large scale infrastructure projects in the region, and increased capital investment."
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Melcor Developments Ltd. (MRD-T) says its chief financial officer, Jonathan Chia, has resigned effective August 25 to take an executive position with a private company.
The company appointed Naomi Stefura as Interim CFO.
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Imperial Metals Corp. (III-T) says the BC government has issued the necessary authorizations to allow its Mount Polley Mine to return to normal operations with its repaired Tailings Storage Facility (TSF), following a breach nearly two years ago.
"Over the past two years the management and staff at Mount Polley have worked tirelessly in close cooperation with regulatory agencies, First Nations and members of the local communities, to repair and buttress the TSF," the company stated.