Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, January 3, 2014

Article Excerpt

SHERRITT INTERNATIONAL CORP., $3.70, symbol S on Toronto, has announced that it plans to sell all of its coal interests. A group led by Altius Minerals (symbol ALS on Toronto) will buy Sherritt’s development-stage coal projects and mining royalties for cash of $481 million. In addition, Westmoreland Coal (symbol WLB on Nasdaq) will purchase Sherritt’s operating coal mines for cash of $312 million. Westmoreland will also assume $153 million of equipment lease obligations. These sales will let Sherritt focus on its nickel, cobalt and oil interests and pay down some of its $2.1-billion debt. Separately, the company has received a request from Clarke Inc. (symbol CKI on Toronto), which owns 5.2% of Sherritt’s shares. Clarke wants to call a special shareholders’ meeting to consider removing some members of Sherritt’s board of directors and replacing them with its appointees. Clarke also wants Sherritt to cut its board to seven members from nine. Clarke, which continues to grow beyond its trucking business, is…