Updating Bellatrix Exploration, Restaurant Brands International and Broadridge Financial

Article Excerpt

BELLATRIX EXPLORATION $1.02 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403- 266-8670; www.bellatrixexploration.com; Shares outstanding: 212.5 million; Market cap: $242.3 million; No dividends paid) produces natural gas (73% of output) and oil (27%) in Alberta, B.C. and Saskatchewan. The company recently agreed to sell part of its 60% stake in the Bellatrix O’Chiese Nees-Ohpawganu’ck gas plant at Alder Flats in central Alberta. This facility processes natural gas from the company’s nearby wells. Bellatrix will receive $112.5 million when it completes the sale by the end of August 2016. The company is also selling up to $33.75 million of new common shares at $1.20 each. This will raise $40.5 million. Bellatrix’s share price fell after the announcement of the share sale. Existing shareholders are concerned the extra shares will dilute their interest. However, the company will apply the total proceeds of $153.0 million to paying down its debt of $627.5 million (as of June 30, 2016). That gives Bellatrix more time to…