iA Financial buying RF Capital Group for $370 million
Quebec City-based iA Financial says it's paying $20 per common share in cash for the independent wealth management firm, while financial obligations including debt and preferred shares bring the total consideration to $597 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Style Blueprint
an hour ago
- Style Blueprint
This New BHAM Brewery Preserves Alabama's Waterways
Alabama Beer Company may have just hit the local brewery scene late last year, but its Alabama Light Lager is already on shelves and in restaurants in every corner of the state — and doing some good with every can. Through the company's water conservation initiative, DRIFT, a portion of its profits helps preserve Alabama waterways for future generations. Meet this mission-fueled, Alabama-focused beer company and see where you can try the deliciously crisp light lager! Pin Alabama Beer Company: Beer with a Purpose When asked what came first – the beer or the water – Founder and CEO Stephen Gann says it was technically the beer, but the mission to connect their beverage to preserving Alabama waterways quickly helped the brand take shape. 'We had the idea to launch an easy-drinking light beer, but we were missing our purpose,' Stephen tells us. 'We started talking with Cindy Lowry at Alabama Rivers Alliance, and the whole vision evolved.' 'It has been a very long dream come true to work with a community-driven company like Alabama Beer Co. and partners all over the state to create the DRIFT fund to support this mission,' Cindy Lowry says. As executive director of the Alabama Rivers Alliance, Cindy spearheads the organization's support of community-based organizations working to protect their backyard rivers and streams — often running on passion, volunteers, and little funding. Once Alabama Beer Co. and Alabama Rivers Alliance joined forces, everything clicked into place. 'It wasn't just about making good beer anymore,' Stephen says, 'It became about using that beer to shine a light on something bigger: Alabama's waters. The brand, the name, and the messaging all came together after that.' Pin Why beer and water, you ask? As Stephen says, 'If your water's bad, your beer's bad — simple as that.' The Alabama Beer Co. team figured if they were going to build a brand rooted in Alabama, it needed to stand for something that mattered locally. 'It just made sense to protect the one ingredient we can't do without, while also giving back,' Stephen says. Meet The Beer: Alabama Light Lager The Birmingham-based brewery brews only one beer: Alabama Light Lager. The recipe is simple — malted barley, hops, yeast, and water. Stephen explains their recipe is a commitment to product integrity, saying, 'Big domestic brands often use extracts and syrups to boost efficiency and profits, but … is it even still beer?' As far as flavor goes, Alabama Light Lager is clean, crisp, and balanced. 'It's not meant to steal the spotlight, just play a solid supporting role in whatever you're doing,' Stephen says. 'That's why the pairings are endless. It cleans your palate without leaving a trace, so every bite tastes like the first.' Pin Alabama Light Lager is 4.2% ABV (alcohol by volume), and the 12-ounce can has just 99 calories. It is available in two can sizes: 12-ounce and 16-ounce. Each size has a branded mascot (designed by one of the company's founding partners and award-winning digital artist, Shannon Clarke) which are quickly becoming recognizable, too. The 12-ounce 'Moon Maiden' depicts a sea guardian voyaging along the water on a giant catfish, while the 16-ounce 'Tallboy' features the fabled Alabama sasquatch by the same name. The pair symbolizes protection and conservation of both land and water for the brand. Pin Pin Meet The DRIFT Initiative: Protecting Alabama Waters The goal of Alabama Beer Company's DRIFT initiative is right there in the name: Defending River Integrity for Tomorrow. A portion of every can sold is donated to water conservation efforts throughout the state. 'It's our way of making sure every Alabama Light beer does a little good,' Stephen says. DRIFT's goal is to cut through the red tape and get local organizations the money they need, when they need it. 'It's designed to be fast, flexible support for smaller conservation groups across Alabama,' Stephen explains, 'We're talking about those unexpected needs that pop up — the stuff you didn't plan for in your annual budget. Instead of these organizations hitting pause to fundraise, they can apply for a quick grant through DRIFT.' Pin Applying for a DRIFT grant is super simple. Any conservation nonprofit can fill out a quick application form on the beer company's website here. Applications are then swiftly reviewed by a joint committee of conservation groups that work throughout the state: Alabama Rivers Alliance, Waterkeepers of Alabama, Alabama Scenic River Trail, and Alabama Cup Races. 'If it fits the mission, we get the funds out fast so the work doesn't have to stop,' Stephen explains. So far, DRIFT has raised over $11,000. 'Since the new Alabama Light Beer hit the shelves and taps, the fund has supported partners from the Tennessee and Coosa watersheds, with exciting work to create sustainability programs in the Huntsville area, and with projects like the Rocky Shoals Spider Lily restorations and water quality testing equipment in the Coosa watershed,' Cindy says, 'Other applications are under review for assisting with internship opportunities in the urban Village Creek watershed in Birmingham.' Alabama Beer Co.: A Beer for Alabama Stephen intends to keep Alabama Light exclusively in-state. 'This beer is for Alabama, plain and simple,' he says. In giving Alabamians a beverage they can take ownership of, he hopes they'll feel good about buying and supporting the brand. 'The moment we start selling across state lines, we lose that connection, and honestly, the right to even have 'Alabama' in the name,' Stephen says, 'We're not trying to go big and lose who we are. We'd rather stay local, focused, and relatable to folks here at home.' If you know an organization doing great work for Alabama's waterways that needs quick support, Stephen encourages you to send them his way. 'We're all about helping people keep moving forward,' he says. Cindy agrees, adding, 'We can't wait to see what's next for this partnership, and we truly hope more organizations and groups working to #DefendRivers and protect their communities will apply for funding!' Instagram to stay up on the latest from this exclusively Alabama brand!
Calgary Herald
an hour ago
- Calgary Herald
Cenovus said to be in talks with Indigenous groups for MEG Energy bid
Cenovus Energy Inc. is in talks with Indigenous groups in Canada to jointly buy MEG Energy Corp., an oilsands producer that faces an unsolicited $4 billion takeover bid from a Canadian oil tycoon. Article content A group of First Nations and Metis communities including Chipewyan Prairie First Nation and Heart Lake First Nation are in talks with Cenovus about taking a $2 billion stake in MEG, according to people familiar with the discussions. The Indigenous stake would be backed by financial support from the federal and provincial governments, while Cenovus would bid for the rest, the people said. Article content Article content A joint offer for MEG could be made as early as September, though talks may fall apart. Article content Article content The deal, if successful, would mark the first large, direct Indigenous stake purchase in an oil sands producer. It would also unite two Calgary-based companies with significant operations in the oil-rich region of northeastern Alberta. MEG's Christina Lake project includes 200 square kilometres of leases in the area, and the company has regulatory approvals to produce around 210,000 barrels a day. Article content MEG was put into play in May when Strathcona Resources Ltd. made an unsolicited cash-and-stock bid that valued MEG at about C$6 billion. Strathcona, controlled by former investment banker Adam Waterous, made the bid after taking a 9.2% stake in the company. MEG's board advised shareholders to reject Strathcona's bid, calling it inadequate. The board also started a strategic review that may include finding other offers. Article content Article content MEG traded at C$25.85 a share at 11:45 a.m. in Toronto on Tuesday. That's above the C$23.27 offer from Strathcona, signalling investors are expecting a higher bid. Article content Alberta's First Nations have increasingly sought ownership of large energy-related infrastructure projects such as pipelines and tank storage farms to earn revenue. Canadian energy companies have been partnering more frequently with the communities whose land is affected by their projects in a bid to head off potential environmental and legal opposition.
The Market Online
an hour ago
- The Market Online
Aurora Cannabis: Profitability plus falling stock equals value play
If you invested in Canadian cannabis stocks just after legalization in 2018, at the height of investor fervor, you are likely holding onto shares at a near total loss. This is because the fervor proved too optimistic, attracting more competition than the industry could absorb, leading to uncontrolled growth, excess supply, margin compression and eventually unprofitability. As a result, some of the industry's initial leaders, then valued in the tens of billions in market capitalization, fell precipitously into the hundreds of millions, making investors wonder why they didn't exit their positions sooner, if they managed to get out in the first place. That said, these fallen leaders, and their tragic stock charts, offer investors today an enticing opportunity to riffle through the rubble for companies whose operations and income statements seem to have been unjustly punished by market-wide pessimism, granting them a leg up to capitalize on a potential US reclassification of cannabis as a less dangerous drug, which could pave the way for related companies to list on US stock exchanges. Aurora Cannabis is down but not defeated A cannabis stock value investors should keep tabs on is Aurora Cannabis (TSX:ACB), one of the aforementioned fallen leaders, but nevertheless, still a global player in the medical and recreational markets in Canada, Europe, Australia and New Zealand. The company also owns a controlling interest in Bevo Farms, North America's leading supplier of propagated agricultural plants. This content has been prepared as part of a partnership with Aurora Cannabis Inc., and is intended for informational purposes only. The Edmonton, Alberta-based operator, whose flagship brands include Drift, San Rafael '71, MedReleaf, CanniMed and Whistler Medical Marijuana Co., commanded a market capitalization of C$12.26 billion in 2019, subsequently falling to C$414.02 million as of August 12, 2025, because of billions in net losses over the preceding years, with Aurora stock giving back 94.6 per cent over the period to date. Dire as Aurora's situation may seem, the company has managed to quietly become the world's largest medical cannabis company in nationally legal markets – see slide 17 of the June 2025 investor deck – while turning its financials around as if from night to day. The turnaround began in fiscal 2024 with a more than 95 per cent decrease in net losses to C$65.58 million and annual adjusted EBITDA turning positive for the first time at C$12.8 million, marking Aurora's strongest annual financial performance in its history. Aurora found its way to positive free cash flow of C$6.5 million and an 87 per cent year-over-year (YoY) increase in adjusted EBITDA to C$4.9 million (representing its seventh-straight positive quarter under the metric) in Q1 fiscal 2025, driven by record revenue from the medical cannabis segment. Momentum continued in Q2 with record quarterly adjusted EBITDA of C$10.1 million, up by 210 per cent YoY, and international revenue exceeding Canadian medical revenue for the first time, growing by 93 per cent to C$35 million. The milestones carried on in Q3, as highlighted by record net income of C$31.2 million, up by 282 per cent YoY, a new record for adjusted EBITDA at C$23.1 million, up by 316 per cent YoY, supported by record medical cannabis revenue of C$68.1 million and management's focus on sustainable long-term profitability. Aurora proceeded to wrap up fiscal 2025 with aplomb, ending the year with positive free cash flow of C$9.9 million and a new record for adjusted EBITDA and global medical revenue, propelled by strong showings from the international and plant propagation segments. With growth across key metrics pushing forward in Q1 fiscal 2026, and management expecting positive free cash flow for the second straight year, Aurora's shift into profitability stands in stark contrast to its competitors' steep losses, granting it differentiated prospects when it comes to delivering shareholder value. Backed by a commitment to science and innovation, Aurora is betting on the brightness of its future, having added 28 proprietary cultivars to its product pipeline since June 2021, with many more in development, as the company pursues strategic market expansions backed by C$186 million in cash as of June 30. A reasonable investor would expect to see Aurora's financial turnaround reflected in its stock price, but this has been far from the case, with shares giving back about 40 per cent since March 2023, creating a margin of safety wide enough to merit the dive into due diligence to substantiate a potential value play. Join the discussion: Find out what everybody's saying about this cannabis stock on the Aurora Cannabis Inc. Bullboard and check out the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
