Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
New Flyer Group Inc. (NFI-T) says its U.S. subsidiary has been awarded a contract from New York City Transit for 15 low-floor, 60-foot Xcelsior Charge battery-electric, zero-emission, heavy-duty transit buses.
"We're proud to be able to provide NYCT with additional battery-electric transit buses built on the exact same Xcelsior platform as the clean-diesel, natural gas, and diesel-electric hybrid buses currently in service in its active fleet," said Chris Stoddart, president of New Flyer, in a release. NFI Group said it has delivered more than 2,500 buses to NYCT.
Neptune Wellness Solutions Inc. (NEPT-Q; NEPT-T) said it plans to appeal a judgment from the Superior Court of Québec regarding claims made by a former CEO against the corporation “in respect of certain royalty payments alleged to be owed and owing” as part of a past an agreement. The corporation said it had also filed a counterclaim against the former CEO “disputing the validity and interpretation of certain clauses contained in the agreement ... .”
The Court ruled in favour of the former CEO and rejected the counterclaim filed by the corporation, Neptune stated in a release. "As a result, the Court awarded the former CEO payments determined by the Court to be owed under the agreement of 1 per cent of all sales and revenues of the corporation incurred since March 1, 2014, which payments remain to be finally determined taking into account interest, judicial cost and other expenses."
Neptune said it intends to appeal.
Superior Plus Corp. (SPB-T) announced an agreement to acquire the propane distribution assets of Phelps Sungas, Inc. and BMK of Geneva, Inc., an independent propane distributor in upstate New York serving residential and commercial customers. The price wasn’t disclosed in the release. The company said the acquisition will add approximately 8,600 residential and commercial customers and 8.5 million gallons (32 million litres) of retail propane and distillate sales to its Energy Distribution operations in the U.S.
“The acquisition of the propane distribution assets of Phelps will be Superior’s first tuck-in acquisition in 2019 and demonstrates our continued commitment to grow our footprint in the Northeast U.S.” said Luc Desjardins, Superior’s CEO.
TransAlta Corp. (TAC-N; TA-T) announced that it has received notice that Mangrove Partners intends to nominate five candidates for election to the company’s board at its upcoming shareholder meeting. TransAlta said it “will review Mangrove’s notice, consider the suitability of its nominees and communicate more fully with its shareholder in due course.”
RNC Minerals (RNX-T) announced that it has entered into a purchase option agreement with Westgold Resources Limited for its Higginsville Gold Operation for a total of $50-million (Australian). It said the acquisition would “unlock the significant potential of its Beta Hunt gold mine,” in Western Australia the company stated.
It also announced a $12-million bought-deal financing. Underwriters will buy 24.t million common shares at 49 cents each. The stock closed at 59 cents on Monday. The net proceeds will be used for exploration drilling and development at Beta Hunt and to fund part of the Higginsville Gold Operations deal.
Stuart Olson Inc. (SOX-T) announced that it has been awarded approximately $120-million in new contracts across different divisions. “These new contract awards represent important wins for our Industrial and Commercial Systems Groups,” said David LeMay, Stuart Olson’s CEO. “They highlight the strength of our relationships with repeat clients and our focus on executing our geographic and sector diversification strategies.”
WPT Industrial Real Estate Investment Trust (WIR.U-T) announced plans to acquire a portfolio of 13 industrial buildings and three land parcels located in multiple markets in the U.S. for about US$226-million.
The REIT also said it has received lender commitments to amend and extend the credit facility, increasing availability from US$300-million to US$450-million and maintaining an additional US$300-million accordion feature.
“We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth. With the new amendment to our credit facility, we will have increased capacity and flexibility to continue our pursuit of strategic acquisition and development opportunities for the REIT,” said Scott Frederiksen, CEO.