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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.
Pure Industrial Real Estate Trust (AAR.UN-T) says it's buying a $277.4-million of properties, is starting a 330,000 square-foot development project and announced a $125-million equity financing.
The properties are in Alberta and the southeastern U.S. The previously announced development project is in Richmond, B.C. Together, the moves will add 3.1 million square feet to the REIT's gross leasable area, the company said in a release.
The financing is a bought deal with a syndicate of underwriters led by BMO Nesbitt Burns Inc. and RBC Dominion Securities. They're buying 23.4 million trust units at $5.35 each.
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ECN Capital Corp. (ECN-T), the new specialty equipment finance company spun out of Element Financial Corp., says its board has established an initial annual dividend of 4 cents per share, to be distributed quarterly.
"The board's decision to establish this initial dividend policy for ECN Capital signals that it has confidence in management's ability to execute the company's strategy and to continue to identify and exploit profitable growth opportunities in the North American commercial finance market," stated CEO Steven Hudson.
ECN Capital also said it received investment grade ratings from both DBRS Limited and Kroll Bond Rating Agency.
It also determined $1.7-billion to be the aggregate fair market value of the company, or $4.41 per share, based common shares currently issued and outstanding.
"An independent valuation was obtained to assist the Element board in determining the fair market value of the assets and liabilities pertaining to the separation transaction and now held by ECN Capital," the company said in a release.
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Northview Apartment Real Estate Investment Trust (NVU.UN-T) says it has appointed former Alberta premier and former federal cabinet minister Jim Prentice to its board.
"Mr. Prentice currently serves in a number of advisory roles relating to energy and finance," Northview said in a release.
He is an industry advisor to private equity firm Warburg Pincus LLP and is a global fellow at the Canada Institute of the Woodrow Wilson Center in Washington, D.C.
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Granite Real Estate Investment Trust (GRT.UN-T) says it has an agreement with Magna International Inc. and some of its Cosma International Group subsidiaries to extend or renew early and extend the leases for 15 properties.
"Granite's stated top strategic priority has been to solidify and extend the cash flow from five special purpose properties with leases expiring before the end of 2018," the company said in a release. 'This key priority has now been achieved and in each case the lease term has been extended beyond the original contractual lease renewal term."
As a result of its agreements, Granite said it has locked-in annual rental revenue or more than $68 million, 75 per cent of which is for 15 years or longer.
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Aralez Pharmaceuticals Inc. (ARLZ-Q, ARZ-T) says it will acquire the U.S. rights to Toprol-XL, which helps with the treatment of hypertension, as part of an agreement with AstraZeneca.
"We are delighted to enter into an agreement with AstraZeneca for the U.S. rights to Toprol-XL and its AG, a beta blocker that further broadens our cardiovascular portfolio and, importantly, strengthens our financial profile by generating meaningful cash, which should accelerate our profitability to 2017 on an adjusted basis in addition to offsetting launch costs for YOSPRALA™ and ZONTIVITY," stated Aralex CEO Adrian Adams in a release.
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AutoCanada Inc. (ACQ-T) is buying Wellington Motors Ltd., which operates a Chrysler Dodge Jeep Ram Fiat dealership in Guelph, Ont.
"We are thrilled to acquire such a flagship store in Ontario," stated CEO Steven Landry in a release.
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BSM Technologies Inc. (GPS-T) is buying Mobi Corp., a private software provider, for $8-million (U.S.)
"We are continuously working to strengthen our competitive position and overall value proposition with innovative solutions that further entrench us with our customers and ultimately better serve their needs, increasing overall customer satisfaction," stated BSM CEO Aly Rahemtulla in a release. "Through our acquisition of Mobi, we are able to move beyond collecting and reporting data toward providing our customers with solutions to optimize their daily operations. In addition, the acquisition will add predominantly SaaS recurring revenue and will drive EBITDA margin expansion."
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Penn West Petroleum (PWT-T, PWE-N) appointed David French as president and CEO as of Oct. 24, succeeding Dave Roberts who has been in the role since June, 2013.
Mr. French most recently served as president and CEO of Bankers Petroleum Ltd.
"David has the right combination of technical, executive management and business development skills to lead Penn West in its evolution into a best in class light oil growth company with a solid balance sheet," stated Penn West chairman Rick George in a release.
The company said Mr. Roberts will continue to lead Penn West in October working with Mr. French and the board as part of the transition.
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Theratechnologies Inc. (TH-T) reported third-quarter revenue of $8.9-million compared to $9.2-million a year earlier.
Net profit was $888,000 or a penny per share compared to $12-million or 2 cents per share in the comparable period of fiscal 2015.
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Diversified Royalty Corp. (DIV-T) will hold a special meeting of shareholders on Nov. 10 to vote on the reduction of the stated capital of the corporation's common shares to $200-million.