- CUQ 12.40
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Churchill announced the organizational realignment of its Industrial Services segment to better meet the needs of industrial customers and deliver accelerated growth and business performance. Effective January 1, 2012, the Churchill Services Group (CSG) will interface with customers and lead new business origination related to integrated products and services on behalf of Churchill's Industrial Services segment and Stuart Olson Dominion's industrial building activities.
Stuart Olson Dominion was selected by Alberta Infrastructure as general contractor for three Alberta hospitals valued at $421 million ($315 million of backlog additions). The hospitals are located in Medicine Hat, Lethbridge and Edson, Alberta and were three of a group of five hospitals that were up for tender.
Declared first-ever dividend of $0.12 per common share, to be paid July 15, 2011 to shareholders of record on June 30, 2011, with future dividends intended to be paid quarterly. The Corporation also introduced a dividend reinvestment plan (DRIP), for which details are available on Churchill’s website. More
Closed the acquisition of McCaine Electric, which expanded Canem’s electrical and data systems contracting abilities into Manitoba. Total consideration was $9 million in cash and $2.5 million in common shares issued from treasury, plus up to an additional $1 million in cash subject to earn-out conditions in 2012 and 2013.
Completed implementation of the first phase of Churchill’s new Enterprise Resource Planning (ERP) system. The ERP went live for Churchill’s legacy industrial companies, Laird and IHI, and the Alberta and BC offices of Stuart Olson Dominion.
Churchill’s two legacy industrial subcontractors, IHI and Laird, executed record workloads, producing exceptional performance and outstanding 2010 results, driven largely by accelerating activity in Alberta’s oilsands.
Completed the integration of Dominion’s operations with Stuart Olson to form a much larger general contractor — Stuart Olson Dominion — with the critical mass required to take on larger projects and with expanded geographic coverage in Saskatchewan and Manitoba.
Closed the acquisition of Seacliff, which essentially doubled the size of the Company, for total consideration of $387.2 million.
Raised gross proceeds of $106 million via subscription receipts (subsequently converted to common shares) and $86 million via convertible debentures to partially finance the Seacliff transaction.
Secured a new $200 million credit facility with a syndicate of lenders, with a $75 million accordion feature to support future initiatives. $80 million was drawn to partially fund the Seacliff transaction.
The acquisition included three operating companies: The Dominion Company Inc. (Dominion), Canem Systems (Canem) and Broda Construction (Broda).
Entered into an agreement to acquire Seacliff Construction Corp. (Seacliff) for $17.14 per share, and to assume $13 million in liabilities in a transaction valued at $394 million.
Sold Triton industrial businesses for net cash proceeds of approximately $20 million.