The Toronto Stock Exchange will open for trading today below 13,000 for the first time since mid-October. The losses were widespread yesterday. One outlier was the energy group. It snapped a four-day losing streak even as crude languishes around $38/ barrel. But make no mistake – with the TSX down five per cent this month alone, oil has been the culprit.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cott Corp. (COT-N, BCB-T) is acquiring European water and office coffee services company Eden Springs for $683 million (470 million euros).
"The acquisition is consistent with Cott's stated diversification strategy," Cott said in a release. "[It] broadens the distribution platform of Cott's existing UK/European business by providing access to a direct-to-consumer route distribution platform in Europe serving over 800,000 homes and offices."
It said the deal will be accretive to adjusted free cash flows in its first full year.
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Stingray Digital Group Inc. (RAY.A-T, RAY.B-T) says Music Choice has filed a complaint for patent infringement in the U.S. District Court for the Eastern District of Texas, Marshall Division, and calls the action a "desperate attempt" to disrupt the business.
Stingray said the claim alleges infringement of certain claims under four U.S. patents.
"Although Stingray is in the process of analyzing the claims made in the complaint, including the validity of the patents asserted by Music Choice, Stingray believes that the Music Choice allegations are simply not relevant: Stingray does not use (much less infringe) the Music Choice patents," the company stated in a release.
Stingray said the complaint is "without merit and primarily motivated by competitive concerns rather than a desire to protect its intellectual property."
Stingray said the action is a "desperate attempt to disrupt how enthusiastically customers have embraced Stingray's innovative product offering alleging infringement of certain claims. Stingray intends to vigorously defend itself against this action."
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InterRent Real Estate Investment Trust (IIP.UN-T) is selling properties in Sarnia and Niagara Falls, Ont. for $32.1 million, or approximately $77,350 per suite.
Net proceeds from the disposition of approximately $13.9 million, the company said.
"As previously announced, InterRent has been actively pursuing an asset allocation strategy of monetizing value created by the REIT in smaller non-core markets and recycling capital into core growth markets," it said.
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Total Energy Services Inc. (TOT-T) increased its 2016 capital expenditure budget to $17.2 million from $12.1 million.
"This $5.1 million increase will be directed towards the acquisition of certain oil and gas rental equipment, oilfield transportation equipment and real estate located in the United States," the company said.
It said it plans to finance the capital expenditure budget "from cash on hand, operating cash flow and, if necessary, its $65 million credit facility which is currently undrawn."
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Calian Group Ltd. (CTY-T) says its training division has been awarded three more contracts in emergency response preparedness training with the City of Kingston, Olds College and Bruce Power.
"These contracts and our strong presence at the World Conference on Disaster Management demonstrate the unique strength and expertise of Calian's training service line," stated CEO Kevin Ford in a release. "Aligned with the service line evolution pillar of our growth strategy, we are continually growing and evolving this service line to provide governments and private organizations alike with world class training capabilities."
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Slate Office REIT (SOT.UN-T) says it's buying Gateway Centre, a suburban office complex in Markham, Ont. for $57.5 million.
The REIT is also exercising its option to increase its interest in three office properties in St. John's, Nfld. to 49 per cent from 30 per cent, with an additional investment of $27.3 million.
The REIT also announced it would raise $50 million in a bought deal with a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets. The financing include 6.4 million trust units at $7.85 per unit.
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Primero Mining Corp. (PPP-N) says it plans to raise $45 million in a bought deal with a syndicate of underwriters led by BMO Capital Markets.
It includes 19.2 million units at a price of $2.35 each.
The net proceeds will be used to further development of its San Dimas and Black Fox mines as well as for exploration, working capital and general corporate purposes.
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Pure Industrial Real Estate Trust (AAR.UN-T) says it plans to raise $110 million in a bought deal with a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets.
The will buy 21.8 million units at $5.05 each.
The proceeds will be used to pay debt, fund a planned development project in Vancouver, for tenant expansion projects in Ontario and the U.S. and for general trust purposes, the company said.