Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
TransAlta Corp. (TA-T; TAC-N) says an independent arbitration panel has provided it force majeure relief for the Keephills 1 outage that started on March 5, 2013.
"The decision by the panel validates our internal policies and operating practices concerning the safety of our equipment," stated Wayne Collins, executive vice -president of the company's coal and mining operations. "The course of action that we took in 2013 to protect the safety of our equipment has been upheld by their decision."
The company said it will be reversing its accounting provision of approximately $95 million in its fourth-quarter results, which it said was equivalent to roughly one half of the expected exposure.
"This will have a positive impact on 2016 EBITDA [earnings before interest, taxes, depreciation and amoritization], however there will be no impact to AFFO [adjusted funds from operations]," stated chief financial officer Donald Tremblay in a release.
DH Corp. (DH-T) is cutting its quarterly dividend by 63 per cent to 12 cents per share from 32 cents starting in 2017.
"The reduction in the dividend will provide additional capital for the company to repurchase shares, reduce debt, and invest in the growth of the business," the company said.
"Over the last several years, D+H has been executing on its strategic transformation into a global financial technology provider. The decision we announced today is consistent with that direction and enables us to position our capital structure to support this continued evolution," stated CEO Gerrard Schmid.
Medical Facilities Corp. (DR-T) appointed Tyler Murphy as executive vice president of finance, effective today. He will become the chief financial officer after the retirement of Michael Salter, the current CFO, at the end of the year, the company said.
Hardwoods Distribution Inc. (HWD-T) says a group of U.S. manufacturers filed a trade petition in that country related to imported hardwood plywood from China, alleging it's being sold at prices below cost and subsidized by the Chinese government.
Hardwoods says potential trade duties would impact the market for hardwood plywood in the U.S., and could include "significant changes to the selling prices, margins, and/or product supply availability of both imported and domestically manufactured hardwood plywood."
Hardwoods says the proportion of its total sales falling within the scope of this trade case is less than 11 per cent of annual revenues.
"We will closely monitor the situation and make adjustments to our product sourcing that arise as a result of developments in this new trade case," stated CEO Rob Brown in a release. "Our focus will continue to be on successfully meeting the ongoing product needs of our customers."
Etrion Corp. (ETX-T) signed a project finance agreement with Sumitomo Mitsui Trust Bank for the construction of the 13.2-megawatt Komatsu solar project in Japan.
"I am delighted to announce the signing of the $33-million project financing for our 13.2 MW Komatsu project, our fourth utility-scale solar project in Japan," stated Etrion CEO Marco Northland.
Etrion will own 85.1 per cent of the Komatsu project, and Hitachi High-Technologies will own the remaining 14.9 per cent.