Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
NorthWest Healthcare Properties Real Estate Investment Trust (NWH-UN-T) reported third-quarter earnings and the formation of a new joint venture targeting U.K. health care real estate.
NorthWest said the JV with a U.K. institutional investor has a total equity commitment of $765-million (£500 million) to be funded 85 per cent by the U.K. Investor and 15 per cent by the REIT as well as a $75-million (£50 million) investment in the REIT’s existing seed portfolio.
For its third quarter, revenue was $115.8-million, up 21.2 per cent year over year.
Net income was $6.6-million compared to $161.4-million a year ago. Funds from operations came in at $37.2-million versus $47.3-million a year ago. FFO per share came in at 15 cents, below expectations of 21 cents, according to S&P Capital IQ.
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Charlotte’s Web Holdings, Inc. (CWEB-T) announced a US$56.8-million investment from a subsidiary of BAT (BTI-T) via a convertible debenture. The debenture is currently convertible into a non-controlling equity stake in Charlotte’s Web of approximately 19.9 per cent and is convertible at BAT’s discretion, the company stated.
It said the investment provides the company with incremental capital to fund growth initiatives, including its expanding portfolio of botanical wellness products.
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Hexo Corp. (HEXO-T) announced a long-term supply agreement with Entourage Health Corp. (ENTG-X), a Canadian producer and distributor of cannabis products.
Under the agreement, Hexo will provide Entourage with bulk-dried cannabis and soft gel capsules to be marketed to patients and consumers under Entourage’s family of brands.
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Cathedral Energy Services Ltd. (CET-T) reported third-quarter revenue of $107.8-million versus $20.1-million a year ago. The expectation was for revenue of $87.8-million in the latest quarter, according to S&P Capital IQ.
Net income of $8.7-million or 4 cents per share compared to net income of $403,000 or a penny per share a year ago.
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Diversified Royalty Corp. (DIV-T) announced a 2.1-per-cent dividend increase, a US$30-million bought-deal financing and an acquisition.
The company said it would acquire California-based SBS Franchising, LLC for US$59.4-million. The company is a franchisor of commercial cleaning services and building maintenance services in the United States and Canada under the “Stratus Building Solutions” system and trademarks.
The US$30-million bought-deal public offering will be led by Cormark Securities Inc. at a price of $2.80 per share.
The annual dividend will increase from 23.5 cents per share to 24 cents per share effective Jan. 1.
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Flagship Communities Real Estate Investment Trust (MHC-UN-T) reported third-quarter revenue of US$15-million, an increase of approximately US$3.6-million from the third quarter of 2021. Net income of US$14.9-million, compared to US$1.9-million during the third quarter of 2021.
Funds from operations of US$5.3-million or 27 US cents per unit were in line with expectations and compared to US$4.4-million or 26 US cents a year ago.
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Dialogue Health Technologies Inc. (CARE-T) reported revenue in the third quarter increased by 37 per cent year over year to $23.6-million. The expectation was for revenue of $23.8-million, according to S&P Capital IQ.
Its net loss was $6-million, compared to $6.3-million in the same period last year.
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TerrAscend Corp. (TER-CN) reported net revenue increased 36.4 per cent year over year to US$67-million. The expectation was for revenue of US$70.2-million, according to S&P Capital IQ.
Its net loss was US$311-million, compared to net income of US$55.8-million a year ago.
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Enthusiast Gaming Holdings Inc. (EGLX-T) reported revenue of $50.6-million in the third quarter, up from $43.3-million a year ago. The expectation was for revenue of $55.5-million, according to S&P Capital IQ.
Its net loss was $30.2-million or 25 cents per share versus a loss of $12.3-million or 10 cents a year ago.
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Bellus Health Inc. (BLU-T) reported a third-quarter net loss of US$24.7-million or 20 US cents per share compared to US$22.9-million or 29 US cents per share for the same period in 2021. The expectation was for a loss of 22 US cents per share in the latest quarter.