Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
BSR Real Estate Investment Trust (HOM.UN-T) announced it has acquired Aura Benbrook Apartments and Overlook by the Park Apartments, both in the Dallas area and The M at Lakeline Apartments in Austin for a combined purchase price of $273.6- million.
The addition of the properties is expected to be immediately accretive to the REIT’s adjusted funds from operations (AFFO) contributing 11 per unit on an annual basis, it stated.
“Considering the impact of both acquisitions and dispositions in the fourth quarter of 2021, resulting in a net increase in assets of $126-million, AFFO will incrementally increase by $0.05 per unit on an annual basis and places the REIT $56-million ahead of its previously announced plan of acquiring an additional $70-million in assets before year end,” the company stated.
It said the transaction was funded using the REIT’s credit facility and cash on hand.
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Canaccord Genuity Group Inc. (CF-T) announced plans to buy back up to $100-million of its common shares through a modified Dutch auction. It said shareholders will be able to select the price within a price range between $15.50 and $16.50 per share.
The company noted its share price ranged from a low of $12.63 to a high of $16.52 over the past six months. The stock closed at $14.86 on Wednesday.
The directors and officers of the company won’t tender any of their common shares, Canaccord said.
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Sandstorm Gold Ltd. (SSL-T) announced that its board has declared the company’s first cash dividend of 2 cents per common share for the first quarter of 2022, to shareholders of record as of the close of business on Jan. 18. The dividend will be paid on Jan. 28.
The company said it will review the dividend program on an ongoing basis “and may amend it at any time depending on the company’s then-current financial position, capital allocation framework, profitability, cash flow, debt covenant compliance, legal requirements and other factors considered relevant.”
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Fiera Infrastructure Inc., an affiliate of Fiera Capital Corp. (FSZ-T), announced that it has acquired Cube District Energy, a U.S. landfill gas-to-energy platform, from I Squared Capital.
Cube will be renamed Captis Energy, following the completion of the transaction, the company stated.
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Clairvest Group Inc. (CVG-T) announced that one of its portfolio companies, Also Energy Holdings Inc., plans to sell to Stem Inc. (STEM-N). AlsoEnergy provides solar monitoring software.
The transaction will be funded by a combination of cash and common shares of Stem. Clairvest said it expects to realize total sale proceeds of approximately US$350-million.
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The Very Good Food Company Inc. (VERY-X) announced that co-founder and CEO Mitchell Scott will be stepping down from his role as director and chairman of the board effective immediately. The board will have a majority of independent directors going forward, the company said, adding that a search is underway to fill the vacancy.
“Having a majority of independent directors is an important step in enhancing our corporate governance,” said Mr. Scott in a release. “As we grow and mature as a publicly listed company, we are committed to strengthening our board, as well as our corporate governance policies and initiatives.”
The company also appointed Janet Meiklejohn to the role of vice-president of finance and investor relations.
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