In the deal between the two Toronto-based concerns, Kinross is buying a minority 22.5% interest in the partnership that holds Harry Winston's 40% interest in the Diavik diamond mine in the Canadian Arctic, for $104.4 million. Diavik is majority owned by Rio Tinto (RTP). Kinross will take a nearly 20% stake through an equity private placement of 15.2 million shares at $3 per share for a total of $45.6 million.
Books-a-Million (BAMM) shares were up 21.5% to $4.01 a day after the Birmingham, Ala., bookseller saw its profit drop 35% in its fiscal year completed Jan. 31. The company also said it would pay a 5-cents-a-share dividend, and the CEO said he saw improvement in negative sales trends.
"The fiscal year closed with an improvement in the negative sales trend we experienced in the third quarter," said Clyde B. Anderson, chairman and chief executive officer. "We remain focused on maintaining discipline in expense control, inventory management and the maintenance of a strong balance sheet ... Our continued efforts in this area have been successfully demonstrated by a $2.5 million reduction in inventory and a $12.5 million reduction in debt over the previous year."Shares of Consolidated Graphics (CGX) were down 21.5%, or $3.26, to $11.91 as the Houston-based commercial printer slashed its fiscal fourth-quarter revenue outlook amid the "worst overall business environment" since the company''s founding in 1985.
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