Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
"The combination of our two businesses will create a company with substantially increased breadth and scale, diversified across services, end-markets and geographies," said Bird CEO Terrance McKibbon. "In addition to combining two strong, experienced workforces, customers will benefit from a dynamic, integrated suite of construction services."
Bird said it intends to finance the transaction through a combination of common shares of Bird and cash.
The $96.5-million prices includes $30-million in cash and $66.5-million of the common shares of Bird, based on the five-day volume-weighted average trading price of its common shares ending July 17 of $6.32 per share.
The cash consideration will be funded through available capacity under Bird's existing revolving credit facility with the Bank of Montreal, the company said.
IPL Plastics Inc. (IPLP-T) announced plans to be acquired by Intelligent Packaging Limited Purchaser Inc., an entity controlled by funds managed by Chicago-based private equity firm Madison Dearborn Partners, LLC for $10 in cash per share.
The price is a 49-per-cent premium to the IPLP closing share price on July 28 and a 153-per-cent premium to the closing price on May 15, the last trading day prior to media reports about a potential acquisition. The transaction values IPLP at $555-million on an equity basis and at $981-million on an enterprise basis, the company stated.
Under the terms of the agreement, IPLP may solicit a superior offer for a defined “go-shop” period and has hired BMO Nesbitt Burns Inc. to approach potentially interested parties “with a view to soliciting a higher offer, which the MDP Funds are entitled to match,” the company stated.
Aphria Inc. (APHA-T, APHA-Q) reported revenue of $152.2-million for its fourth quarter ended May 31, which it said was an increase of 18 per cent from the prior-year quarter. Analysts were expecting revenue of $148.3-million.
Its net loss was $98.8-million or 39 cents per share versus a profit of $15.8-million or 5 cents a year ago. It said the decrease in net income was a result of a non-cash impairment recognized in the fourth quarter as well as non-operating losses "mainly driven by changes in fair value of long-term investments and convertible debentures, resulting from a decline in the trading prices of the securities of participants in the cannabis market."
Score Media and Gaming Inc. (SCR-X) reported revenue of $2.4-million for its third quarter ended May 31, compared to $8.5-million for the same period last year. “This anticipated decline in revenue for the period reflects the direct impact of the disruption to the sports calendar caused by the COVID-19 pandemic,” the company stated.
Its net loss was $11-million, or 3 cents per share, versus a loss of $1.7-million, or a penny per share, a year ago. Analysts were expecting revenue of $4.5-million and a loss of 3 cents, according to S&P Capital IQ.
Celestica Inc. (CLS-T; CLS-N) reported revenue of US$1.49-billion for the second quarter, which it said is an increase of 3 per cent compared to US$1.45-billion for the second quarter of 2019 “and was higher than anticipated.” Analysts were expecting revenue of US$1.3-billion.
Earnings came in at US$13.3-million or 10 cents per share compared to a loss of US$6.1-million or 5 cents a year ago.
“Under the agreement, Nokia’s Gainspeed portfolio along with all supporting technology and assets will transition to Vecima Networks,” the company stated.
Financial details are not being disclosed.
Slate Retail REIT (SRT.UN-T) reported second-quarter revenue of US$30.3-million down from US$36-million a year ago. “The decrease is primarily due to the disposition of 13 properties and five outparcels at certain properties from June 30, 2019, partially offset by the acquisition of seven properties during the quarter and rental rate growth from re-leasing at rates above in-place rents and new leasing,” the company stated.
Net income was US$6.9-million versus US$5.9-million a year ago. "The increase is attributed to the change in fair value of properties, partially offset by the aforementioned decreases in revenue," the company stated.
The company also said that it intends to change its name to Slate Grocery REIT, subject to receiving TSX approval. "The name change has been in the works for some time and reflects the REIT's continued focus on investing in high-quality grocery-anchored assets to help tenants achieve efficiency in last-mile logistics while providing long-term value to its unitholders," it stated.
Secure Energy Services Inc. (SES-T) reported total revenue of $291-million for the second quarter compared to $788.8-million a year earlier. Revenue excluding oil purchase and resale was $65.5-million down from $134.2-million a year ago.
Its net loss was $20.9-million or 13 cents per share, which was in line with expectations and compared to a loss of $1.7-million or a penny per share a year ago.
Adjusted earnings were $2.86 compared to $3.18 a year ago. Analysts were expecting adjusted EPS of $2.92 per share for the latest quarter.
Funds from operations of $19.3-million or 34 cents per unit compared to $15.7-million or 31 cents a year ago.
Net income of $19.3-million compared to net income of $41.9-million over the same period in 2
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