Aeroplan
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Aimia Inc. (AIM-T) is selling its Air Miles trademarks for Canada to Diversified Royalty Corp. (DIV-T) for $53.8-million. The deal includes additional consideration of up to $13.9-million, which may be paid within the next three years, based on the performance of the program.
"Aimia expects to pay cash taxes related to the sale of these trademarks in 2018 of between $13-million and $16-million," it said in a release. "Annual license fee revenue generated from the trademarks being sold has historically represented approximately $8.5-million on average."
Aimia said the transaction is part of its plan to simplify its business.
"We continue to evaluate and consider further disposals of non-core investments and assets to strengthen our balance sheet," said David Johnston, the company's group chief executive.
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Canopy Growth Corp. (WEED-T) says it has acquired Spot Therapeutics Inc. of Fredericton, N.B. for up to $2.25-million, "less adjustments for all liabilities of Spot as of the closing date and certain payments to be made by Spot between closing and the second tranche payment."
Canopy also says it has a definitive agreement to complete the previously announced purchase of the industrial building and property where its Fredericton-based production and distribution platform is being established.
"These strategic acquisitions solidify Canopy Growth's commitment to expand operations into New Brunswick with a large-scale indoor production facility both quickly, and cost efficiently," the company stated.
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Trinidad Drilling Ltd. (TDG-T) says it has acquired RigMinder Operating LLC for $30-million (U.S.), including $25-million in cash and $5-million in common shares.
Trinidad has also agreed to pay $10-million "on the later of the anniversary of the closing date, and the achievement of certain equipment deployment milestones."
There is also a potential earnout payment payable in cash by Trinidad in 2020, dependent on the future performance of the RigMinder products.
"RigMinder will allow Trinidad to provide its customers with a fully integrated rig performance solution by integrating drilling software and data collection along with Trinidad's proprietary control system (IRIS)," said CEO Brent Conway. "We believe our customers will benefit from this combined service offering through improved drilling efficiency, while Trinidad will benefit from an increased product offering and greater revenue generation."
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Nexus Real Estate Investment Trust (NXR.UN-T) reported property revenue of $6.9-million in the second quarter, up from $3.8-million a year earlier.
Net operating incomes was $5.2-million, in line with expectations of $5.1-million and compared to $3.1-million a year ago.
Net income was $13,600 versus $592,800 a year earlier. Adjusted net income was $2.9-million versus $1.7-million a year earlier.
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CannTrust Holdings Inc. (TRST-C) reported second-quarter revenues of $4.5-million, which was in line with expectations and compared to $798,403 for the same time last year.
Its net income was $754,864 or a penny per share compared to a loss of $1.6-million or 5 cents a year ago.
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Polaris Materials Corp. (PLS-T) says it's has a friendly deal to be taken over by Vulcan Materials Co. (VMC-N) $2.79 per share in cash, or a premium of 191 per cent over its Friday closing price of 96 cents. The deal values Polaris at $252-million.
"The special Committee and the Board of Directors of Polaris is pleased to provide its recommendation to support the agreement with Vulcan, and following a rigorous process of evaluating alternatives believe that this transaction is the best avenue to unlock the underlying value that has been created by the hard work of the Polaris team," said Polaris chairman Terry Lyons.