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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Canfor Corp. (CFP-T) said it plans to purchase 70 per cent of the VIDA Group of Sweden for about $580-million on a cash and debt-free basis. The current owners of VIDA will retain a 30-per-cent interest and continue to manage the day-to-day business. VIDA is Sweden’s largest privately owned sawmill company, operating nine sawmills in southern Sweden with an annual production capacity of 1.1 billion board feet.

"With the acquisition of VIDA, we are excited to become a truly international manufacturer and provider of wood product solutions for our global customers," said Don Kayne, CEO of Canfor. "This transformational growth will allow Canfor to further diversify and secure a worldwide fibre supply to meet the growing demand of our customers for high quality wood products."


Gluskin Sheff + Associates Inc. (GS-T) reported net income was $7.8-million or 25 cents per share its first quarter ended Sept. 30, versus net income of $5.8-million or 19 cents a for the same time year ago. Analysts were expecting EPS of 22 cents for the latest quarter.

Revenue was $30.3-million versus $29.4-million a year ago and ahead of expectations of $29.3-million.

Assets under management decreased by $212-million to $8.9-billion as at Sept. 30, from $9.1 billion as at June 30, "as a combination of net institutional withdrawals of $170-million and slower summer gross sales resulted in total net withdrawals of $247-million, which was partially offset by positive net investment performance of $35-million," the company stated.

“With a resurgence of volatility in the global capital markets, our primary focus remains on disciplined investment and risk management in our clients’ portfolios,” stated CEO Jeff Moody. “Looking forward, we also believe this volatility will lead to opportunities within our portfolios."


Surge Energy Inc. (SGY-T) says it will maintain its current dividend, canceling a previously announced plan to increase it by 25 per cent, from 10 per share annually to 12.5 cents following the completion of the $320-million acquisition of Mount Bastion Oil & Gas Corp.

The company cited a drop in oil prices, including a widening of Canadian WCS crude oil differentials to WTI. "Given Surge's disciplined approach to the dividend policy, the company's board of directors and management have determined to maintain the dividend at its current level ... until such time as market conditions warrant its reconsideration," the company stated.


Savaria Corp. (SIS-T) reported record revenue of $72.1-million in the third quarter, up $15.1-million or 26.5 per cent from the same time a year ago. Net income was $2.8-million versus $4.8-million a year earlier. Adjusted EBITDA was $9.7-million or 21 cents per share versus $9.6-million or 23 cents a year ago.

Analysts were expecting revenue of $75.5-million and adjusted EBITDA of $12.4-million in the latest quarter.


Birchcliff Energy Ltd. (BIR-T) reported adjusted funds flow of $75.4-million, or 28 cents per share in the third quarter, an increase from $64.4-million or 24 cents per share a year ago.

Net income to common shareholders was $6.7-million or 3 cents per share, as compared to a net loss to common shareholders of $121.7-million or 46 cents per basic common share a year ago.

Revenue came in at $156.6-million versus $111.5-million a year ago. Analysts were expecting revenue of $159-million in the latest quarter.


Firm Capital Mortgage Investment Corp. (FC-T) says it has an agreement to sell to a syndicate of underwriters $25-million of convertible unsecured subordinated debentures due Jan. 31, 2026 at a price of $1,000 each. It said the net proceeds of the offering will be used “for debt repayment, new investments and for general corporate purposes.”


CannTrust Holdings Inc. (TRST-T) reported third-quarter revenue of $12.6-million compared to $6.1-million for the same quarter last year and above expectations of $10.1-million. Net Income was $421,240 compared to net income of $655,309 a year ago.


Sienna Senior Living Inc. (SIA-T) reported a third-quarter revenue increase of 18 per cent $165-million compared to a year earlier. Analysts were expecting revenue of $164.5-million in the latest quarter. “The increase was mainly a result of the revenues generated from acquisitions completed since [the third quarter of 2017], in addition to strong same property results,” the company stated.

Net income was $5-million or 7.6 cents per share versus net income of $6.2-million or 12.7 cents a year ago. “The decrease was primarily related to incremental interest expense and depreciation and amortization incurred from the acquisitions completed since [the third quarter of 2017], partially offset by income generated from the acquisitions and lower income taxes,” the company stated.

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