Traders work on the floor of the New York Stock Exchange on December 9, 2011 in New York City.Spencer Platt
Crocodile Gold Corp. is likely go higher Wednesday and move well away from near a year low 31.5 cents after it received an offer overnight. Luxor Capital Group, a U.S.-based investment fund manager, announced that investment funds it manages intend to directly or indirectly initiate an offer to acquire up to 215,386,435 common shares of Crocodile Gold, which, together with the Common Shares already owned and controlled by funds managed by Luxor, would constitute approximately 85 per cent of the outstanding Common Shares.
The purchase price under the Offer will be $0.56 per Common Share in cash. The Offer represents a premium of 60 per cent to the closing price of the Common Shares on the Toronto Stock Exchange on Dec. 13, 2011, the last trading day prior to the date of this announcement. It also represents a 61 per cent premium to the volume weighted average trading price of the Common Shares for the last 20 trading days prior to the date of this announcement.
Nordion Inc. , a provider of products and services to the global health sciences market, closed Tuesday down 1 per cent and below its day 20-day and 50-day SMAs of $9.32 and $9.12 respectively. Overnight it reported fourth quarter revenues of $74.0-million, down $7.6-million compared with $81.6-million in the fourth quarter of fiscal 2010. For fiscal 2011, revenues increased 23 per cent to $274.0-million. Net income from continuing operations was $6.5-million ($0.10 earnings per share) down 55 per cent compared with $14.4-million ($0.22 earnings per share). Net income from continuing operations of $43.5-million ($0.67 earnings per share) in fiscal 2011, increased significantly from a loss of $83.8-million ($0.94 loss per share) in fiscal 2010. The Board of Directors for Nordion Inc. declared a quarterly dividend of $0.10 (U.S.) per share on the outstanding common shares of the company. The dividend is payable on Jan. 3, 2012 to shareholders of record at the close of business on Dec. 23, 2011.
Canyon Creek Food Company Ltd. , which rose 1 cent yesterday to move closer to a year high 6 cents, announced that it has entered into supply agreement with Equilibrium Foods in the Ontario market. In Canada, Equilibrium Foods markets its food products under the 'Janet & Greta' brand. Janet & Greta Podleski are the authors of several best-selling cookbooks and are the hosts of the Eat, Shrink & Be Merry television series, seen across the country on The Food Network Canada. Canyon Creek will supply fresh refrigerated soup to Equilibrium Foods which will in turn distribute the soup across Canada through various retail outlets.
Sunwah International Limited , an Asian based financial services firm released its financial results for the first quarter ended Sept. 30, 2011. Financial Highlights for first-quarter Fiscal 2012 include a net loss of $7.7-million (U.S.) compared to a profit of $0.6-million in the first quarter of FY2011; an increase of 92 per cent in commission and fee income to $4.0-million from $2.1-million; a net loss of $12.4-million on the disposal and fair value accounting of financial assets/liabilities as compared to a gain of $2.6-million in last year's comparable period; a final dividend of Canadian Dollar 0.01 per common share payable to shareholders of record as at Oct. 12, 2012.
Whiterock REIT , which closed yesterday's session 2 cents below 20-day average $12.88, announced today that it has entered into an agreement to purchase a portfolio of 9 newly built, multi-tenant flex office properties in Edmonton, Alberta for approximately $108-million. The REIT said it expects the impact from this acquisition to add approximately $0.02 to annualized adjusted funds from operations per unit.
Primary Corp. , which traded just 2 cents above year low $5.20 at yesterday's close, announced today that it has declared a quarterly dividend of $0.08125 per share on its outstanding common shares. The dividend is payable on Jan. 13, 2012 to shareholders of record at the close of business on Dec. 30, 2011. The company also reported the appointment of John R. Anderson, CA, ICD.D to its board of directors. Mr. Anderson will assume the role of Chairman of the Audit Committee.
The Medipattern Corporation , a pioneer in the development of medical imaging software solutions, announced today that its new Visualize:Vascular product has been installed and is in use with customers who occupy all market sectors: vascular surgery, cardiology and radiology. Medipattern CEO, Jeff Collins, said: "We look forward to expanding the product launch on a U.S. national basis during calendar 2012."
Alhambra Resources Ltd. , which was slightly below 50-day SMA 44 cents at yesterday's close, announced today the assay results for 46 diamond drill holes completed at its 100 per cent owned advanced exploration drilling target at the Shirotnaia project area. The international gold producer and explorer said diamond drilling has expanded the dimensions of the area hosting the currently known zones of gold mineralization to 1,800 meters by 750 m, and remains open in 3 directions and depth.
Pacific Northern Gas Ltd. and AltaGas Ltd. today announced shareholder and court approval of the acquisition of all of the issued and outstanding common shares of PNG by AltaGas. The transaction is pending federal regulatory approval. The companies said the proposed transaction was approved by over 99 per cent of PNG shareholders voting in person or represented by proxy at a special meeting held on Dec. 12, 2011.