Skip to main content

The Amaya Gaming Group headquarters are pictured on June 13, 2014 in Montreal.Ryan Remiorz/The Canadian Press

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

Canadian gaming company Amaya Inc.'s (AYA-T) Chief Executive Officer David Baazov said he plans to make an offer to buy the company at about $21 (Canadian) per share.

Baazov currently owns 24.6 million common shares of Amaya, representing about 18.6 per cent of the outstanding common shares, and has options to buy 550,000 more shares.

The offer represents a 40 per cent premium to the company's closing on the Toronto Stock Exchange on Friday.

**

Temple Hotels Inc. (TPH-T) is suspending its quarterly dividend of 2.5 cents per share, citing lower oil prices in its key markets.

"The significant and sustained decline in oil prices has resulted in continued deterioration in market conditions in Alberta (and Fort McMurray in particular), where Temple has significant hotel ownership, and has negatively impacted operating results," the company stated.

"The board of directors believes that it is prudent to focus on improving balance sheet liquidity at this time."

**

Echelon Financial Holdings Inc. (EFH-T) says it has formed a special strategic review committee to look at financial opportunities facing the company, "including its international operations."

The property and casualty insurance company said the four-member special committee has met several times with senior management and is in the process of selecting an independent financial adviser.

"Given the nature of the process, the company does not intend to provide updates until such time as the board of directors approves a strategic direction, or otherwise determines that further disclosure is advisable," the company stated.

**

Gilead Sciences, Inc. (GILD-N) says its chairman and CEO John Martin will become executive chairman of the company as of March 10.

The California-based biopharmaceutical company said its new CEO will be John Milligan, now the president and chief operating officer.

Mr. Martin joined Gilead in 1990 and has been CEO since 1996 and chairman since 2008. Mr. Milligan also joined Gilead in 1990 and was appointed CFO in 2007 and president in 2008.

**

Corus Entertainment Inc. says it's expanding in the live events business with a summer music festival associated with its CMT specialty TV channel. The Toronto-based company says the CMT Music Fest on July 8 and 9 will be followed by future Corus Live events built around its brands for kids, families and women.

Corus CEO Doug Murphy says the initiative represents a new source of revenue for the integrated media company, which owns a variety of TV channels and radio stations and the Nelvana animation studio.

**

Royal Nickel Corp. (RNX-T) has made two acquisitions it says will "transform the company into a cash generating low-cost nickel, copper and gold producer."

Royal Nickel said it's buying a 67-per-cent interest in Salt Lake Mining Pty Ltd. in exchange for 32.5 million common shares and $2.5-million in cash. Salt Lake's main asset is the Beta Hunt Mine in Australia.

The company also bought VMS Ventures Inc. As part of the deal, VMS shareholders will receive 36 million Royal Nickel common shares, approximately $3.5-million cash, and the payment of a dividend in-kind of approximately 30 million North American Nickel common shares currently held by VMS.

VMS is a public company whose main asset is a 30-per-cent interest in the Reed Mine in central Manitoba. HudBay Minerals Inc. owns the other 70 per cent interest.

**

Bombardier Inc. (BBD.B-T) says its Bombardier Traxx AC3 Last Mile Locomotive, which falls under its Bombardier Transportation division, has been approved in Austria.

Bombardier said it means the locomotive is now approved for operation in Germany, Austria and Switzerland.

"Approval in Austria is another very important milestone for further implementing of Traxx AC3 Last Mile locomotives in Central Europe, but also in Austria itself," stated Christian Diewald, managing director Bombardier Transportation Austria. "It is the only locomotive which has already proven its strong performance in Last Mile operation during many successful test runs in Austria as well as in commercial operation in Switzerland - now it is ready for revenue service in Austria."

**

Taseko Mines Ltd (TKO-T, TGB-N) says it has a secured a $70-million (U.S.) credit facility agreement with an affiliate of RK Mine Finance, one of the world's largest metal merchants.

"In addition to repaying the May 2016 loan, this facility strengthens our balance sheet with approximately $40-million of additional liquidity in a time of extremely challenging financial markets. It is also a significant endorsement of Taseko's strategy and its assets by a major global copper financer," stated Taseko CEO Russell Hallbauer. "This credit facility also protects Taseko's cash flow because there are no principal or interest payments due during the three-year term."

Taseko said the credit facility is secured by a first priority charge over Taseko's assets, including its joint venture interest in the Gibraltar Mine, shares in all material subsidiaries and the Florence Copper Project assets.

**

 ZCL Composites Inc. (ZCL-T) appointed Rene Aldana as chief operating officer and provided an update on its "value enhancing initiatives."

The liquid storage and fluid handling company said it's looking at acquisitions, divestitures and further returns of capital to shareholders. It said the company is "well positioned to do so as a result of its solid operating results and progress divesting underperforming business units, consolidating redundant capacity and monetizing non-productive assets."

Mr. Aldana started on Jan. 19, the company said.

***

Eastern Platinum Ltd (ELR-T ) says Ian Rozier has stepped down as president and CEO as of Jan. 31 and will remain as a director.

Chairman David Cohen will also take on the jobs of president and CEO.

With files from wire services

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe