Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
MTY Food Group Inc. (MTY-T) announced a 12-per-cent increase of its quarterly dividend payment, which increases from 16.5 cents per share to 18.5 cents per share. It’s the eighth increase since its first dividend of 4.5 cents per quarter was declared in November 2010, the company said.
"The last 12 months have been busy for MTY with the acquisitions of South Street Burger, Papa Murphy's, Allô! mon Coco, Yuzu Sushi and Turtle Jack's. We have confidence that these acquisitions combined with the strength of our existing network will enable MTY to continue the growth of its free cash flows in the future" stated CEO Eric Lefebvre in a release.
Osisko Mining Inc. (OSK-T) announced after markets closed on Friday that it disposed of 2,114,000 common shares of Generation Mining Limited through a series of trades on the Canadian Securities Exchange on Jan. 17 for total cash consideration of just over $1-million or about 50 cents per share.
Immediately prior to the disposition, Osisko owned 8.5 per cent of the number of issued and outstanding common shares and now owns about 6.3 per cent.
As part of its investment agreement with Osisko Mining dated August 25, 2015, the company has exercised its right to repurchase six existing royalties on the Windfall Project. The royalties were purchased for $3-million in cash increase its effective NSR royalty on the claims covering the Windfall Project to 2-to-3 per cent up from 1 to 1.5 per cent.
“We are very pleased with today’s announcement, which highlights the benefits of Osisko’s unique and potent accelerator model," stated Sandeep Singh, president of Osisko, in a release.
Savaria Corp. (SIS-T) estimates its fiscal 2020 revenue to be approximately $395-million with an adjusted EBITDA margin ranging between 15 and 16 percent. Analysts are expecting revenue of $400-million for 2020, according to S&P Capital IQ. For 2019, revenue is expected to come in at $375-million, according to estimates on S&P Capital IQ.
"Savaria will continue to focus on its core accessibility segment, benefiting from strong demographic growth. Consolidated adjusted EBITDA margin is anticipated to improve over 2019 as a result of a more favourable product mix and on-going Garaventa Lift acquisition-related integration synergies," the company stated in a release. "The patient handling segment should benefit from healthy growth stemming from ceiling lift and sling product offerings."
The company also said seasonality is "expected to mirror 2019." The company said the outlook excludes any potential 2020 acquisitions.
“Savaria continues to benefit from the aging population demographic," stated CEO Marcel Bourassa. “Both the U.S. and Canada are expected to see 20 per cent of their population to be over 65 in just 10 years from now. As people look for ways to stay safely in their homes longer, Savaria, in line with its mission, continues to bring the best products and service to this market.”
Clairvest Group Inc. (CVG-T) announced that it, together with Clairvest Equity Partners V, led a US$32-million minority growth equity financing in DTG Recycle, a waste hauling and recycling company, in partnership with existing shareholders. CVG’s portion of the investment in DTG is US$8.7 million.
"Clairvest is partnering with Dan Guimont, the company’s founder and president, and Tom Vaughn, CEO, to continue DTG’s impressive expansion," the company stated. "This investment builds on Clairvest’s 14-year investment track record in the environmental services industry."
Its net loss of $2.8-million or 4 cents per share compared to a loss of $1.5-million or 3 cents a year ago. The company said the loss "due to increased acquisition, integration and reorganization costs and higher depreciation and amortization expense.
TMAC Resources Inc. (TMR-T) announced it has initiated a strategic process to “explore, review and evaluate a broad range of potential alternatives focused on maximizing shareholder value, including a potential sale or merger of the company, joint venture of the Hope Bay mine, introduction of a new significant strategic shareholder or various long-term financing alternatives.”
CEO Jason Neal said the move has the support of Resource Capital Funds and Newmont Corp. which representing 58.5 per cent of its shares outstanding.
"Alignment with our largest shareholders is a key consideration in the timing of this process," Mr. Neal stated. "Additionally, a transaction in early 2020 would provide an advantage in planning and procurement for the 2020 sealift, which may include additional purchases to support investment that TMAC may not otherwise make itself at this time.”
Mr. Neal also said maximizing value for the company’s stakeholders, “including but not limited to our shareholders, employees and the people of the Kitikmeot region, is not possible without maximizing the value of Hope Bay.”