Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Shareholders owning “no less than 5 per cent” of Guyana Goldfields Inc. (GUY-T) issued a release saying they are “deeply concerned about potentially misleading statements made to the market about a permit the company received from Guyana’s Environmental Protection Agency (EPA).”
In the statement released after markets closed Thursday, the shareholders cited claims in an investor presentation dated February/March 2019 that the company has "received EPA approval for underground development" and that it is now "fully licensed and permitted for underground development."
"These statements clearly imply that the company has received the necessary permit to resume certain activities at the Aurora Gold Mine, which directly contradict specific statements made by Guyanese government officials," the shareholders stated. "The concerned shareholders are deeply unsettled by the gross disconnect between the company's claims about having received the necessary approvals and permits to resume certain activities at the Aurora Gold Mine and the statements of government officials refuting such claims."
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Ensign Energy Services (ESI-T) reported fourth-quarter revenue of $346.1-million up from $270-million a year earlier. Net income was $154.5-million or 98 cents per share versus income of $456.5-million or 30 cents a year earlier. Analysts were expecting revenue of $331.5-million and earnings of 24 cents.
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Enghouse Systems Limited (ENGH-T) said its first-quarter revenue increased to $86-million, compared to revenue of $85.1-million in the first quarter of the prior year. Net income for the quarter was $15-million or 27 cents per diluted share compared to $6.8-million or 12 cents per diluted share in the prior year’s first quarter. “Last year’s first quarter included a one-time charge of U.S. $6.2-million to reflect the impact of United States Tax Reform,” the company stated.
Analysts were expecting revue to come in at $91-million and earnings of 30 cents.
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MEG Energy Corp. (MEG-T) reported fourth-quarter revenue of $520-million down from $755-million a year earlier. Its net loss was $199-million or 67 cents per share versus a loss of $24-million or 8 cents a year earlier.
Analysts were expecting revenue of $550.5-million and a loss of 28 cents per share.
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Total Energy Services Inc. (TOT-T) reported fourth-quarter revenue of $219.8-million up from $180.2-million a year ago. Net income attributable to shareholders was $8.6-million or 19 cents per share up from $6.2-million or 13 cents a year ago.
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Cornerstone Capital Resources Inc. (CGP-X) announced that its board has “unanimously determined to reject” a hostile takeover bid from SolGold plc “on the basis that it is not in the best interests of Cornerstone’s shareholders.”
The company said the board has rejected the bid without having received the formal bid "given SolGold’s consistent track record of delays."
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Labrador Iron Ore Royalty Corp. (LIF-T) announced that William McNeil is stepping down as president and CEO of LIORC and John Tuer has been appointed the new president and CEO, the company stated. “Mr. McNeil has expressed a desire to reduce his workload and transition out of his present position,” the company stated. “He observed that the role of the CEO of LIORC has changed significantly over the course of his tenure, both as relates to the relationship with Iron Ore Company of Canada and as relates to LIORC’s major shareholders. The workload of the CEO has become more demanding and a broader skill set is now required.”
the company said it is expected that William Corcoran will step down as chairman of the board of LIORC after this year’s annual meeting and Mr. McNeil will be appointed the new chairman at that time.
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IBI Group Inc. (IBG-T) reported fourth-quarter revenue of $92.4-million up 6.3 per cent versus a year ago. Net income was $3.7-million or 10 cents per share versus a loss of $2.8-million or 8 cents a year ago.
Analysts were expecting revenue of $85.7-million and earnings of 6 cents per share.
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ZCL Composites Inc. (ZCL-T) reported revenue of $47.5-million, down from $50.7-million a year ago. Net income of $3.2-million or 11 cents per share compared to $6.1-million or 20 cents a year earlier. Analysts were expecting earnings of 15 cents.
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Lightspeed POS Inc. (LSPD-T), a Montreal-based point of sale software firm, will begin trading on the Toronto Stock Exchange today. Lightspeed’s initial public offering is expected to raise $240-million “ranking this as one of the top 10 technology IPOs on TSX,” the TSX said in a release. The company sold 15 million subordinate voting shares at $16 each on Thursday.
The company said last month it was seeking to raise $200-million. It had been planning to price its shares between $13 and $15 apiece, but the size of the deal was boosted by 20 per cent, the maximum amount permitted, due to strong investor demand.
- with a file from Alexandra Posadzki