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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.
IBI Group Inc. (IBG-T) says it will redeem the entire aggregate principal amount of $31.2-million of its outstanding 7-per-cent convertible unsecured subordinated debentures due June 30, 2019.
It said conversion price is $5 per common share. The debentures will be redeemed on Oct. 31, 2016.
"The total redemption amount payable for each $1,000 principal amount of the debentures will equal a redemption price of $1,000 plus accrued and unpaid interest of $23.59 up to but excluding the redemption date," the company said in a release.
Its stock was halted after markets closed on Thursday.
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Fiera Capital Corp. (FSZ-T) has offered to buy London-based Charlemagne Capital Ltd., which has assets under management of more than $2-billion (U.S.)
"The acquisition of Charlemagne Capital would be an important step in advancing our global presence by teaming up with a high quality emerging and frontier markets specialist, with an excellent track record of performance, a proven team of investment professionals and a strong culturally aligned management team," said Fiera Capital CEO Jean-Guy Desjardins in a release.. "The addition of emerging and frontier markets strategies to our strong global offering in equities would benefit our clients who are consistently looking for diversification opportunities."
The deal is valued at about £40.7-million ($69.4-million Canadian) including the payment of a special dividend by Charlemagne Capital.
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American Hotel Income Properties REIT (HOT.UN-T) is buying four Marriott-branded hotels in Jacksonville and Lake City, Florida, and Chattanooga, Tennessee for an aggregate purchase price of $47 -million (U.S.), excluding closing and post-acquisition adjustments.
The purchase price does not include $2.8-million for the completion of brand-mandated property improvement plans, the company said in a release.
"This acquisition is consistent with AHIP's strategy of owning high quality, branded, select-service hotels in strong secondary markets. This portfolio will integrate nicely with our existing portfolio of Florida and Georgia hotels and increases our percentage of Marriott-branded hotel rooms to over 40 per cent of our Branded portfolio," stated president Ian McAuley.
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Alterra Power Corp. (AXY-T) says it has reached agreement to refinance a portion of the approximately $72-million (U.S.) bond held by Reykjavik Energy scheduled to mature in December.
Under the agreement, Reykjavik Energy will continue to hold 50 per cent of the outstanding principal.
"The extended bond, issued from an Alterra subsidiary, will have substantially the same terms as the bond it replaces, except for the reduced principal, a maturity of 18 months, and a revised coupon of 5 per cent," Alterra said in a release.
"The extended bond is non-recourse to Alterra, with security consisting solely of approximately 17 per cent of the outstanding shares of Alterra's Icelandic subsidiary, HS Orka."
Alterra said it's in advanced discussions with a second lender to provide the remaining $36-million payment to complete the refinancing.
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Callidus Capital Corp (CBL-T) says its the board is seeking proposals to potentially privatize the company.
It also extended its substantial issuer bid for the purchase and cancellation of up to 3.6 million shares at $16.50 each. The offer is being extended to Oct. 31 from Sept. 30. As of Sept. 29, the company said it had taken up and paid for 1.9 million shares as part of the offer.
"The company had previously announced that if its shares continue to trade at a significant discount to their fair market value, it might seek to privatize the company," it said in a release.
"We have previously outlined a four stage process we would pursue to eliminate the persistent discount on our shares. We have undertaken a normal course issuer bid, the implementation of a dividend, and a substantial issuer bid. Despite these steps, the company's strong operating and financial performance, and the restart of growth in the loan portfolio, Callidus shares continue to trade at a significant discount," stated executive chairman Newton Glassman. "Accordingly, our board has determined to explore the possibility of a privatization of the company with a view to maximizing value for all shareholders, and will be hiring advisors to assist in that regard."