Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cardinal Energy Ltd. (CJ-T) announced it is increasing its 2019 budget guidance and dividend rate. The company is forecasting an increase of approximately 20 per cent in adjusted funds flow to $110-million to $120-million for 2019.
It is also increasing its monthly dividend by 50 per cent to 1.5 cents per month or 18 cents a year, effective for the July dividend payable in August.
“We will continue to take a conservative approach to operating our business and manage our debt levels and expect to assess our dividend rate again in 2020,” the company stated. “Any further adjustments to our dividend level are dependent on numerous factors including oil egress options and pricing in 2020.”
New Look Vision Group Inc. (BCI-T) announced its optometric division, Iris, The Visual Group (1990) Inc. has acquired “substantially all” of the optical assets and business of the Darryl Sher group operating six retail optical clinics in southern Ontario. The company said the clinics will be rebranded under the Iris banner. The price of the deal wasn’t disclosed in the release.
NFI Group Inc. (NFI-T) says the Valley Metro Regional Public Transportation Authority has exercised options for 24 additional Xcelsior 40-foot, compressed natural gas (CNG) heavy-duty transit buses.
“The order will replace older buses currently operating on regional routes in support of Valley Metro’s 2016-2020 strategic plan to advance the value of transit throughout the metropolitan Phoenix area,” the company stated. “The original contract awarded November 2017 (a joint effort with the City of Phoenix Public Transit) included up to 396 buses over a five-year period, and is supported by funding from both the Federal Transit Administration and local sources.”
Photon Control Inc. (PHO-T) announced the appointment of Nigel Hunton as its president, CEO and member of the board of directors, effective May 2. The company said Mr. Hunton “brings 30 years of executive management experience and his semiconductor relationships to his new role” at Photon Control.
“Nigel is recognized and highly respected by our customers, with a proven track record in developing and executing strategies to create long-term shareholder value,” said D. Neil McDonnell, Board Chair.