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.
Pengrowth Energy Corp. (PGF-T, PGH-N) is suspending its dividend, citing weakness in oil and gas prices, and says its capital budget will focus on maintenance and won't include a drilling program.
"While the company recognizes the importance of its dividend to shareholders, maintaining its balance sheet in this environment takes precedence," the company stated late Wednesday. "No cash dividend will be paid for the first quarter of 2016."
The Calgary-based company said its board will continue to review the dividend each quarter.
"Pengrowth is taking this necessary step during this period of low prices to emerge with a better financial position when prices recover."
The company also said its budget will be "very conservative" for 2016.
"As such, our 2016 budget does not contemplate any development drilling and is intended to protect our balance sheet by allowing us to reduce our debt position with excess cash flow. Proceeds from dispositions and our ongoing cost reduction initiatives will also be applied to reducing our debt position," stated chief executive Derek Evans.
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Ballard Power Systems (BLD-T, BLDP-N) says it has a follow-on purchase order from an environment and energy company, Nisshinbo Holdings Inc., for a program related to "the development of a breakthrough catalyst technology" that will help reduce the cost of certain proton exchange membrane (PEM) fuel cells.
Ballard said the program is now entering its seventh phase.
The company said program is part of its technology solutions group that helps customers solve technical and business challenges in their PEM fuel cell programs.
Ballard and Nisshinbo are working to develop a new PEM fuel cell catalyst technology that would reduce the cost of component parts used in Ballard's air-cooled fuel cell stacks, the company said.
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California-based FireEye, Inc. (FEYE-N) says it has bought privately held iSIGHT Partners, a provider of cyber threat intelligence for global enterprises.
"With the acquisition, FireEye creates the world's most advanced and comprehensive private cyber threat intelligence operation," the company stated.
FireEye said it's paying approximately $200 million in cash to the former iSIGHT shareholders for 100 per cent of the outstanding shares of iSIGHT. As well, iSIGHT shareholders will "have the opportunity to earn an additional amount of $75 million in cash and equity upon the achievement of a threat intelligence bookings target on or before the end of FireEye's second quarter of 2018," the company stated.
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Amaya Inc. (AYA-N, AYA-T) updated its 2015 full-year financial guidance, saying it expects revenues, and adjusted earnings to each fall "within the upper end of the previously announced guidance ranges," and adjusted net leverage ratio to fall within the lower end.
"There were no material changes to the assumptions used to determine the previously announced guidance or the update provided in this release," the company stated before markets opened on Thursday.
In November, the company reduced its revenue estimate for 2015 to a range of between $1.289-billion and $1.339-billion, about 13 per cent below the midpoint of its previous estimate of $1.446-billion and $1.564 billion.
Amaya also cut its profit estimates for this year to a range of between $1.66 and $1.75 per diluted share of adjusted earnings, which is below the previous range of between $1.76 and $2 per diluted share. The company's stock plunged after the announcement, dropping to a new 52-week low of $20.22. The shares closed at $14.52 on Wednesday.
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Com Dev International Ltd. (CDV-T) says it has signed an agreement to become the exclusive supplier of satellite switches for a key customer over the next three years.
It didn't name the customer.
"This is the second long-term agreement Com Dev has reached with a major satellite prime contractor since the start of the company's fiscal year in November 2015, and the third overall," the company stated
The space hardware company says it expects the lifetime value of the contract will be up to $10 million, "contingent on the number of satellites its customer is awarded over the next three years."
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MTY Food Group Inc. (MTY-T) is increasing its quarterly dividend by 15 per cent to 11.5 cents per share from 10 cents.
The restaurant franchise company said the new dividend will be payable on Feb. 12, to shareholders of record on Feb.
"We are excited to increase our dividend once again this year," stated chairman and chief executive Stanley Ma. "The increase demonstrates our confidence in the strength of the company and in MTY's cash flow generation capabilities. This increase does not affect our growth strategy, including but not limited to acquisitions and organic growth."