TORONTO - Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,213.16, up 104.83 points.)
Athabasca Oil Corp. (TSX:ATH). Energy. Up 10 cents, or 16.67 per cent, to 70 cents on 14.4 million shares.
Tetra Bio-Pharma Inc. (TSX:TBP). Health care. Up eight cents, or 19.51 per cent, to 49 cents, on 12.8 million shares.
Gear Energy Ltd. (TSX:GXE). Energy. Up 16 cents, or 30.77 per cent, to 68 cents, on 7.8 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up three cents, or 3.26 per cent, to 95 cents on 7.7 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 10 cents, or 6.85 per cent, to $1.56 on 6.4 million shares.
Nevada Copper Corp. (TSX:NCU). Materials. Up two cents, or 8.89 per cent, to 24.5 cents on 6.4 million shares.
Companies in the news:
Bombardier Inc. — Bombardier is expecting to generate higher revenues in the first quarter while the aircraft manufacturer faces an allegation that it breached debt covenants by selling its railway and commercial aircraft businesses. The Montreal-based maker of business jets released preliminary results that expect revenues to increase 18 per cent from a year ago to US$1.3 billion. Full results will be released on Thursday at its annual meeting. Bombardier also says it expects adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of US$123 million and free cash flow usage from continuing operations of US$405 million. The Quebec aircraft manufacturer has decided to seek the consent of the holders of other debt securities for amendments to clarify that the asset disposals are permitted after receiving a letter on April 22 in which the holder of debt maturing in 2034 alleges the company's various assets sales constitute a breach of covenants. The company said the allegation is "without merit" and the assets sales will allow it to reduce debt and improve its financial results.
Organigram Holdings Inc. (TSX:OGI). Down 16 cents or 4.9 per cent to $3.01. Organigram Holdings Inc. says Greg Engel is stepping down from his chief executive post. The Moncton, N.B.-based cannabis company did not offer details on Engel's departure, but says he will continue to act as a special adviser to the board during a "transition period. Organigram's board chairman Peter Amirault has been appointed to serve as executive chair on an interim basis and oversee day-to-day management of the company until a new CEO is named. Engel has led the company since 2017 and was recently involved with signing Organigram's $221-million deal with British American Tobacco. In the months leading up to the deal, Organigram announced it would cultivate less cannabis than its Moncton facilities were designed to produce. It also laid off at least 220 workers, or roughly one-quarter of its staff.
Scotiabank. (TSX:BNS). Up 17 cents to $78.44. The Bank of Nova Scotia says it has signed a deal to buy an additional seven per cent stake in Scotiabank Chile from the Said family. The deal will increase Scotiabank's interest in its Chilean operations to 83 per cent. Scotiabank says the transaction is valued at about $500 million. Scotiabank chief executive Brian Porter says the bank's presence in Chile is a key pillar of its international business. The Toronto-based bank says the deal supports its strategic focus on operations where it can achieve greater scale and deliver the highest value for customers. The transaction is subject to customary closing conditions and regulatory approvals.
Aphria Inc. (TSX:APHA). Down $1.35 or 7.2 per cent to $17.53. Tilray Inc. and Aphria Inc. say their merger deal has now closed after receiving approval from shareholders of both companies. Tilray shareholders voted Friday in favour of issuing stock to Aphria's shareholders, but the Nanaimo, B.C.-based company has yet to reveal how many supported the proposal. About 99 per cent of Aphria shareholders voted in favour of the deal in April. The two cannabis companies announced in December that they will merge under the Tilray name with Aphria CEO Irwin Simon at the helm and Tilray CEO Brendan Kennedy joining the board. The new company is expected to have a pro forma revenue of $874 million and will control more than 17 per cent of the retail cannabis market — the largest share held by any Canadian licensed producer. While Tilray shareholders at Friday's meeting supported the Aphria deal, they voted against increasing the company's authorized capital stock from more than 743 million shares to 900 million shares.
This report by The Canadian Press was first published May 3, 2021.