Clearwater Seafoods Income Fund jumped around 100 per cent to its highest levels in about three years early Friday after confirming that its board of trustees received a non-binding proposal from Cooke Aquaculture Inc. to acquire all of the issued and outstanding units of the fund not already owned by Cooke and all of the Clearwater Fine Foods Inc-owned Class B exchangeable units of Clearwater Seafoods Limited Partnership, together with the special voting units of the fund that attach to those Class B Units, and the 51 outstanding common shares of CS ManPar Inc. The proposal contemplates the payment of cash consideration in the amount of $3.50 for each fund nit, class B unit and common share of CS ManPar that would be acquired. The proposal also suggests that Cooke would intend to acquire and, at its option convert, all of the fund’s outstanding convertible debentures, although no terms have been specified for the acquisition of the convertible debentures.
Canadian oil sands developer Connacher Oil & Gas Ltd has hit a new year low of 71 cents after posting a wider quarterly loss with a drop in crude oil production more than cancelling out a rise in bitumen production. Second-quarter net loss widened to $44.2-million or 10 cents per share from $31.7-million or 7 cents per share in the previous corresponding period. Crude oil production fell to 398 barrels per day from 540 barrels per day in the first quarter and 906 in the year earlier period. But bitumen production more than doubled to 13,720 barrels per day.
InnVest Real Estate Investment Trust announced financial results for the three months ended June 30, 2011. Second-quarter highlights included: revenue per available room on a same hotel basis declined 1.2 per cent with a 2.1 per cent drop in average daily rate offsetting gains in occupancy; overall, hotel revenue declined 0.4 per cent to $162.6-million; hotel operating income was down 1.6 per cent to $42.9-million; InnVest realized profit of $2.0-million compared to a net loss of $41.3-million in 2010. Excluding non-cash items relating to IFRS and deferred income taxes, InnVest realized a net loss of $438,000 compared to profit of $916,000 in the prior period. Funds from operations and distributable income each improved modestly reflecting lower interest charges and during the second quarter, $8.5-million was invested in the portfolio including the completion of room renovations in two key assets and markets. These investments are expected to contribute to improved hotel performance in future periods. “Second-quarter results highlight continued improvement in demand to our portfolio. This was particularly encouraging given challenging circumstances during the quarter which included the federal election and its impact on government-related travel in April, weak leisure demand due to poor weather and high gasoline prices, and revenue displacement caused by renovations. These factors, in addition to the prior period benefit from the G8 and G20 meetings held in the Toronto area, limited year-over-year growth in funds from operations and distributable income,” Kenneth Gibson, InnVest’s president and chief executive officer said in a statement. “Our strategy through the first half of the year was focused on driving occupancy to the portfolio. We expect rate growth to follow during the busier summer season, aided by recent renovations at two of our largest hotels.”
Wescast Industries Inc. , a global automotive parts supplier, reported 2011 second-quarter sales of $71.4-million and a net loss of $1.1-million. The company said it had booked $61.5-million of average annualized new and replacement business globally in the first six months of 2011 which it expects will “positively impact our results in the future”. It reported consolidated sales of $71.4-million, consistent with the $71.1-million reported in the second-quarter of 2010, reflecting higher sales generated by the company’s European and Asian business units and lower sales in North America. The company reported a second-quarter net loss of $1.1-million compared with a net loss of $1.4-million reported in 2010. The net loss per share on a diluted basis was $0.09, compared with a net loss of $0.10 last year. Included in the net loss for the quarter was share-based payments expense of $1.2-million and expenses of $0.6-million related to a review of strategic alternatives with the objective of enhancing shareholder value. It said the share-based payments expense for the quarter was due mainly to the significant increase in the company’s share price during the quarter. The combined negative impact on the diluted net loss per share for the quarter was $0.14.Report Typo/Error
Follow us on Twitter: