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Here are the top reads on deals and financial services over the last 24 hours,

‘It’s been a disastrous investment:’ Shareholders of Montreal’s Velan call for sale amid sliding results, ongoing family feud: A group of discontented shareholders is urging Velan Inc. to put itself up for sale amid disappointing financial results and discord among the family members who control the company. “It’s been a disastrous investment,” said Stephen Takacsy, president and chief executive officer of Lester Asset Management in Montreal. Mr. Takacsy is part of a group of six institutional investors that own approximately 16 per cent of Velan’s total equity and is pushing the board of directors to launch a strategic review, as the company prepares for its annual meeting on Thursday. The group is also open to a privatization. “The company should never have gone public,” Mr. Takacsy said. Story (Joe Castaldo)

HBC hires advisers to help in review of privatization bid: Hudson’s Bay Co.’s special board committee has hired advisers to help evaluate a $1-billion take-private bid by the retailer’s executive chairman, and it pledged to consider criticism from minority shareholders. Story (Jeffrey Jones)

Hudbay names interim CEO supported by private equity fund: Hudbay Minerals Inc. said on Wednesday that chief executive Alan Hair has stepped down after more than 20 years with the company and named Peter Kukielski, who was backed by its second largest investor in a proxy battle, as interim CEO. Story (Reuters)

Court rejects class-action certification in case against Richardson GMP and broker Woodward: A judge has rejected a bid for class-action certification by former clients of Richardson GMP who allege they suffered major losses due to code-of-conduct breaches and negligence by a former star investment adviser and the brokerage. Story (Jeffrey Jones)

GMP’s Fricker to get $1-million bonus as he steps down: GMP Capital Inc.’s CEO Harris Fricker will receive a $1-million bonus – in addition to his multimillion-dollar severance – as he steps down next month, passing the reins over to Kishore Kapoor, a director at GMP. Story (Clare O’Hara)

Canadian virtual currency exchanges to fall under FINTRAC watch in June 2020: Canada’s cryptocurrency exchanges will come under the purview of the country’s anti-money-laundering watchdog by next summer, bringing increased accountability to the nascent sector. Story (Alexandra Posadzki)


CIBC to launch exchange-traded bonds: CIBC World Markets says a new type of bond has opened up the debt markets to mid-sized companies seeking to issue debt without diluting existing shareholders’ stakes. The listed bonds, which were pioneered by CIBC, are similar to convertible debentures in that they trade on an exchange, making them more accessible to yield-hungry retail investors looking to invest in familiar names. But unlike convertible bonds, these offerings can’t be converted into equity, nor do they come with warrants attached, so current shareholders won’t experience dilution. Story (Alexandra Posadzki)

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