Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Stuart Olson Inc. (SOX-T) issued a response on Sunday to a letter released on Jan. 11 from shareholders Crescendo Partners L.P. and Jamarant Capital L.P. regarding their intention to nominate one or more directors at the company’s 2019 annual general meeting.
"Stuart Olson welcomes open communications with shareholders and values constructive input toward the shared goal of enhancing value," the company stated. "The company has had ongoing dialogue with these shareholders for the past few months. Despite the company's best efforts to come to a mutually agreeable outcome for all shareholders, Jamarant and Crescendo have announced their intention to launch a costly and distracting proxy fight. This is not constructive and does not serve the best interests of the company or its shareholders."
Maxar Technologies (MAXR-N; MAXR-T) announced the appointment of Daniel Jablonsky as president and CEO of Maxar, effective immediately. Mr. Jablonsky most recently served as president of DigitalGlobe, a Maxar Technologies company, succeeds Howard Lance. The company said Mr. Lance resigned from his roles as president and CEO and a director of the company.
As part of the agreement, 3 Sixty Secure Corp. said it will provide around-the-clock guarding services to protect Canopy Growth's Canadian facilities, "as well as other security services as required," the company stated.
Canopy Rivers Inc. (RIV-X) announced an investment in Greenhouse Juice Company, a plant-based food and beverage company. Canopy Rivers said it has committed $9 million in a convertible debt financing package that includes secured and unsecured debt, warrant coverage, and board representation rights. “Proceeds from this financing will be used to supplement Greenhouse’s national expansion and initiatives for the development of natural health and wellness beverages infused with cannabidiol,” it stated.
Baylin Technologies Inc. (BYL-T) said its Kirkland, Que. subsidiary Alga Microwave Inc. has signed an agreement to design and manufacture key components for a global telecom equipment producer headquartered in Sweden. “The supply agreement, which commences immediately and extends through the end of 2020, represents a multi-million dollar program whereby Alga will furnish critical passive components used in point-to-point and point-to-multipoint telecom equipment, along with engineering design and support services,” the company stated.
Chorus Aviation Inc. (CHR-T) announced an agreement to amend and extend the capacity purchase agreement (CPA) between its Jazz Aviation division and Air Canada (AC-T) and complete a $97.26-million equity investment by Air Canada in Chorus.
"This agreement will extend the CPA to 2035, creating the longest term strategic partnership between Jazz and Air Canada thus far," the company stated adding that, "four years after the last highly-successful amendment to the CPA, the two parties are again taking steps to ensure the long-term competitiveness and strength of their alliance."
It said the amendment, “will effectively address increased domestic and international competition, changing market demand, and fluctuating fuel prices, through significant changes that will modernize and up-gauge the fleet. Chorus and Air Canada have today seized this opportunity to reinforce their strategic partnership.”