Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canaccord Genuity Group Inc. (CF-T) reported revenue of $284.8-million in its fourth quarter ended March 31, a decrease of 11.6 per cent from $322.1-million a year earlier but ahead of expectations of $277.6-million. Net income attributable to common shareholders came in at $14.5-million or 12 cents versus net income of $33-million or 28 cents a year ago. Analysts were expecting earnings of 15 cents per share.
The company also adjusted its dividend policy, citing "increasing stability" in the wealth management business "and its expected growth profile." The company said it intends to pay a quarterly dividend of at least 5 cents per share, subject to certain conditions. "With this new policy, the company will no longer pay a supplemental dividend at the end of each fiscal year, but instead will adjust the regular quarterly dividend as appropriate ... and with a strategy that the company expects will lead to growth in the quarterly dividend amount."
Stingray Group Inc. (RAY.B-T) said revenues for its fourth quarter ended March 31 increased 112.5 per cent to $72.7-million compared with revenues of $34.2-million for the same quarter a year ago. Net income of $3.9-million or 6 per share compared to $4.7-million or 8 cents per share for the same period last year. Analysts were expecting revenue to come in at $72.8-million and earnings of 5 cents per share.
Midas Gold Corp. (MAX-T) announced that it has been advised that the Nez Perce Tribe intends to initiate legal action against the company and its subsidiaries "related to water quality impacts related to historical mining activity undertaken prior to Midas Gold’s involvement in the site."
The company said water quality in the historical Stibnite Mining District "has been impacted by more than a century of mining activity, most of which took place before modern environmental regulations existed." In 2016, Midas Gold Idaho submitted a plan "to improve water quality and fix the long-standing environmental issues facing the site as part of its proposed Stibnite Gold Project." Despite this proposal, the company said the Nez Perce Tribe recently announced its intent to sue Midas Gold over its concerns of high concentrations of arsenic and other contaminants in the water at the site.
“We have long shared the Nez Perce Tribe’s concerns over water quality in the Stibnite Mining District and we are well aware of the site’s historically degraded water quality,” said Laurel Sayer, CEO of Midas Gold Idaho. “Filing a lawsuit will not fix the problem. Instead, the site needs to be cleaned up, a point on which we are certain the Tribe can agree with.”
MTY Food Group Inc. (MTY-T) announced it plans to acquire Yuzu Sushi, a chain that operates mainly in Quebec and has a presence in New Brunswick. "Yuzu Sushi is a young and dynamic brand with a network of committed franchise partners that are just as dynamic," stated Eric Lefebvre, CEO of MTY. "Yuzu Sushi has a customer base that is passionate about gourmet sushi and new products and offers significant growth potential for future years."
The price wasn't disclosed. System sales totaled more than $40-million in the fiscal year ended Dec. 31.
Just Energy Group Inc. (JE-T) announced a formal review process to evaluate strategic alternatives available to the company. "This decision follows expressions of interest from a number of parties concerning potential transactions involving the company," it stated in a release.
RNC Minerals (RNX-T) were up more than 30 per cent in early trading Thursday after the company announced late in the trading day on Wednesday what it described as "another high-grade gold discovery" at its Beta Hunt Mine in Western Australia.
"We are thrilled to have encountered high-grade coarse gold in the area below the Father's Day Vein," stated CEO Mark Selby. "This most recent discovery provides further support for our geological model that predicts that the areas where the mineralized shear zone and sedimentary sulphides intersect are capable of generating 'Father's Day Vein' style coarse gold mineralization, and proves that such areas extend at least 25 metres below the Father's Day Vein discovery. We look forward to continued mining in this highly prospective area with the potential to find other veins containing coarse gold. As material developments occur, we will continue to update the market."
The shares have traded between 7 cents and $1.18 in the past 52 weeks.