Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Hudbay Minerals Inc. (HBM-T; HBM-N) announced Tuesday afternoon that Waterton Global Resource Management, Inc. has requisitioned a special meeting of the company’s shareholders “for the purposes of considering an advisory resolution with respect to certain potential transactions.”
Private equity firm Waterton Global Resource Management Inc. said on Friday it intends to call a special shareholder meeting of Hudbay after the miner refused its proposal for board changes. Waterton, which said it owns about 7-per-cent stake in Hudbay, had also asked the miner in a filing on Oct. 17 to avoid any near-term acquisition or joint venture. According to media reports. Hudbay is in talks to buy Chilean miner Mantos Copper SA.
Hudbay said on Tuesday that its board of directors "will review the requisition and respond in due course."
It said the board "welcomes constructive engagement with all shareholders" and believes the company has "demonstrated its track record of execution though the construction of Constancia and Lalor and the company’s success in continuing to optimize Constancia. The Board remains committed to its disciplined approach to driving long-term and sustainable value creation, in the best interests of the company and all of its shareholders."
-with a file from Reuters
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Firm Capital American Realty Partners Corp. (FCA-X) announced that, “as a result of the disposition of its single-family homes to date and ultimate debt repayment combined with accretive acquisition activity,” it will increased its dividend by 5 per cent to 23.6 cents per share annually effective January, 2019.
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True North Commercial Real Estate Investment Trust (TNT.UN-T) said it has agreed to acquire a 90,550 square foot office property in Burnaby, B.C. for about $35.3-million. The purchase is expected to be paid for by the remaining proceeds from the REIT’s July public unit offering, and a first mortgage financing on the property of approximately $22.6-million.
“We were pleased through one of our many cross-country relationships that the opportunity arose to acquire a high-quality asset that meets the REIT’s core strategy of acquiring properties occupied by credit-rated tenants with long-term leases”, said Daniel Drimmer, the REIT’s CEO. “Upon the completion of this acquisition, the proceeds from the July 2018 public unit offering will be fully deployed and we will no longer be pursuing the remaining two acquisitions described in the REIT’s July 2018 prospectus supplement.”