Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
TransAlta Corp. (TA-T; TAC-N) issued a release late Friday saying it “acknowledged the joint 13D filing made today by Mangrove Partners, a New York-based investment manager, and Bluescape Energy Partners/Cove Key Bluescape, a U.S.-based private investment firm.”
Board chair Gordon Giffin said TransAlta "values constructive input from all of our shareholders, including Mangrove and Bluescape." He added, "We have spoken to Mangrove and Bluescape and will continue to engage in discussions with them as we carefully consider their views. We will update shareholders in due course."
Cove Key Bluescape Holdings LP announced Friday that it acquired 50,000 common shares of TransAlta, increasing its stake slightly to 2.88 per cent of the stock. Cove Key Bluescape noted that, on March 6, it and Mangrove Partners and Bluescape Energy Partners LLC — which together own about 10 per cent of TransAlta — entered into a cooperation agreement that included they would "coordinate and cooperate in certain activities related to their ownership of the common shares of the company... ."
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Boralex Inc. (BLX-T) announced that its interest in a consortium that submitted a bid to France’s Dunkirk Offshore Wind Farm tender “no longer satisfies its investment criteria.” Boralex said it made the determination “after a careful review amid changes in tender’s competitive conditions and risk profile.”
"Through the joint venture agreement entered into with the other members of the consortium, Boralex has an option to sell its participation in the project to its current partners," the company stated, adding that it will exercise that option.
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Cervus Equipment Corp. (CERV-T) said its board has approved a quarterly dividend increased to 11 cents per share, up from 10 cents per share.
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Precision Drilling Corp. (PD-T; PDS-N) announced an agreement to sell five idle drilling rigs “and ancillary equipment” in Mexico for US$48-million. To date, the company said it has received US$30-million for the sale of three drilling rigs and ancillary equipment. “At the conclusion of this transaction, Precision will have no assets in Mexico,” the company stated.
It also sold its Terra Water Systems business for an undisclosed sum. Precision said it "continues to explore divesting other non-core assets and businesses" to focus on its land drilling business and efficiency-driven technology initiatives.
The company also said it has initiated the redemption of US$30-million senior notes due 2021 on a pro rata basis with available cash on hand.
It also said it has signed three-year contract renewals for two rigs in Saudi Arabia.
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Harvest One Cannabis Inc. (HVT-X) said its subsidiary United Greeneries Ltd. has an agreement to become a medical cannabis supplier to Shoppers Drug Mart.
Harvest One will supply Shoppers Drug Mart with Satipharm-branded medical cannabis products.