TORONTO – Some of the most active companies listed on the Toronto Stock Exchange on Monday:
Toronto Stock Exchange (20,666.41, up 33.35 points.)
Suncor Energy Inc. (TSX: SU). Energy. Up to 85 cents, or 3.66 percent, to $ 24.05 on 18 million shares.
Enbridge Inc. (TSX: ENB). Energy. Up 34 cents, or 0.67%, to $ 50.81 on 12.6 million shares.
Canadian Natural Resources (TSX: CNQ). Energy. Up $ 1.33, or 3.13%, to $ 43.89 on 10.7 million shares.
Fission Uranium Corp. (TSX: FCU). Materials. Up to five cents, or five percent, to $ 1.05 on 10.4 million shares.
Cenovus Energy Inc. (TSX: CVE). Energy. Up 54 cents, or 5.09 percent, to $ 11.15 on 10.1 million shares.
Crescent Point Energy Corp. (TSX: CPG). Energy. Up 62 cents, or 14.42 percent, to $ 4.92 on 8.6 million shares.
Companies in the news:
Cineplex inc. (TSX: CGX). Up to 74 cents or 5.8 percent to $ 13.60. Cineplex Inc. says a British theater giant acted in bad faith by delaying a buyout deal for the Canadian company and hoping it would default during the pandemic, a judge heard at the start of his case against Cineworld Group PLC. Toronto-based Cineplex is seeking $ 2.18 billion in damages from Cineworld after the company pulled out of the December 2019 deal amid a strict COVID-19 lockdown in June 2020. Cineworld argues that it had the right to terminate the agreement without payment because Cineplex strayed from the “ordinary course”, when it carried over its accounts payable by at least 60 days, cut expenses to the “bare minimum” and stopped paying owners, movie studios, film distributors and suppliers when the pandemic started. The lawsuit is expected to be a test case for pandemic-era litigation, as the two companies compete for each other’s shares during the pandemic, which has resulted in plummeting revenues and changing the film landscape. Cineplex’s attorney alleged that Cineworld never said it challenged Cineplex’s actions until it filed a claim to sever its deal with the Canadian company. He added that Cineplex’s management team was in constant discussion with Cineworld as the two companies resisted the pandemic.
Canadian National Railway Company (TSX: CNR). Down $ 2.87 or 1.9% to $ 147.87. Activist investor TCI Fund Management Ltd. stepped up its efforts for changes to the boardroom of the Canadian National Railway Company after the company’s efforts to take over an American railroad hit a wall. UK-based TCI said Monday it intends to call for a special meeting of CN Rail shareholders in a bid to “freshen up” the railway’s board of directors by adding four members it he named. The fund, which is also the largest shareholder of Canadian Pacific Railway Ltd., also announced that it has proposed Jim Vena, former chief operating officer of CN, as a potential replacement for current CEO Jean-Jacques Ruest. The move comes a day after Kansas City Southern said a takeover bid from CP seemed like the best deal, after CN Rail failed to secure key regulatory approval from the US Surface Transportation Board. KCS has announced plans to end its deal with CN and sign a definitive deal with CP Rail, which made a proposal valued at around US $ 31 billion, including debt. TCI managing partner Chris Hohn said the fund launched the proxy fight after CN Rail’s bid for KCS showed a “fundamental misunderstanding of the rail industry.”
Crescent Point Energy Corp. Crescent Point Energy Corp. increases its quarterly dividend after what it says has been significant progress in improving the strength and sustainability of its balance sheet. The company says it will now pay a quarterly dividend of three cents per share upon its payment for the fourth quarter. Crescent Point cut its dividend at the start of the pandemic last year to a quarterly rate of 0.25 cents per share. The increase in the payment to shareholders came as the company said it expects production next year to be between 131,000 and 135,000 barrels of oil equivalent per day. The preliminary estimate is based on development capital expenditures of $ 825 million to $ 900 million. The excess cash flow, after dividends, is expected to be between $ 625 million and $ 875 million.
This report by The Canadian Press was first published on September 13, 2021.
The Canadian Press. All rights reserved.
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