Aecon road crews work on Highway 407, north of Toronto.Kevin Van Paassen
Canadian issues that are moving on early news.
Aecon Group Inc. announced that a joint venture with its Aecon Utilities division has been awarded a $600-million contract by Inter Pipeline Fund to complete the expansion of the Cold Lake and Polaris pipelines in Alberta.
Dynetek Industries Ltd. announced that it has entered into an agreement with Luxfer Holdings PLC that will see Luxfer acquire all of the issued and outstanding common shares of Dynetek. This includes any shares of Dynetek issued upon the exercise of outstanding options, for a cash consideration of $0.24 per share for each Dynetek share held.
Caribbean Utilities Company, Ltd. announced that net earnings for the second quarter totalled $5.1-million, a decrease of $0.8-million, or 14 per cent, when compared with $5.9-million for the three-month period ending June 30, 2011.
Romarco Minerals Inc. reported a $3.1-million ($0.01 per share) net loss for the second quarter. Cash balance as of June 30, 2012 was $83.6-million.
The Churchill Corporation, which is trading near a year low of $8.15, announced that it has appointed David LeMay to the position of president and acting chief executive officer, effective immediately. The board is working toward confirming a CEO for the company.
Trimac Transportation Ltd., which is trading near a year high of $4.75, reported improved second-quarter 2012 net income of $2.6-million, an increase of 43.5 per cent. Trimac also announced that it is increasing the dividend rate for the third quarter. Dividend payments on a quarterly basis will increase from $0.0625 per share to $0.07 per share.
Largo Resources Ltd., which is trading near a year low of 22 cents, announced that procurement and earthworks operations at its Maracas Vanadium Project are presently on schedule and under budget.
Rutter Inc., which is trading near a year low of 5 cents, announced that it has been awarded a defense manufacturing sub-contract valued in excess of $2.7-million. The contract is related to a fleet-wide upgrade of Canadian Army LAV-III vehicles.