Each week, we provide an overview of insider transactions, investments in young local companies and news from listed companies.
More flexibility for acquisitions
Stingray announced yesterday that it has reduced its credit facilities from $ 438 million to $ 560 million. The new funds could notably allow the Montreal audio content provider to make new acquisitions. The refinancing was carried out by National Bank, BMO, Desjardins, CIBC, TD, RBC, Scotia, HSBC, BDC and Investissement Québec.
Cascades issues $ 125 million in shares
Recycled paper and cardboard maker Cascades will issue $ 125 million in shares on the Toronto Stock Exchange. The funds raised will help finance the transformation of a plant in Virginia, a project valued at $ 380 million. The start-up of the new machine that will be installed there is scheduled for the end of 2022.
Power Corporation wins at BRP
MacKenzie Investments, which is controlled by Power Corporation, purchased more than $ 170 million in shares of Bombardier Recreational Products (BRP) in September. The portfolio manager has thus more than doubled its stake in the Valcourt company, which now stands at 10.9%. The other significant shareholders of BRP are the Bombardier family, Bain Capital and Fidelity.
Digital books: De Marque raises $ 5 million
Quebec-based digital book distributor De Marque has just raised $ 5 million from the Business Development Bank of Canada and CIBC. The president of the company, Marc Boutet, also becomes a majority shareholder alongside the parent companies of European publishers Gallimard, Flammarion, Dupuis and Dargaud. De Marque’s e-book sales jumped 35% in 2020 compared to last year.
More than $ 2 million for Xebec insiders
Two Xebec Absorption insiders sold more than $ 2 million in shares in the Blainville company. The Chief Operating Officer, Prabhu Rao, liquidated nearly $ 1.5 million in shares after exercising options while William Beckett, who sits on the board of directors, sold for just over $ 850,000. Xebec manufactures gas purification and separation systems.