@tsxman has had some good posts on it, but no real input from me. $tcw.to & ARC financial purchased $step.to are direct frac comparables. Pure OFS, leveraged, so would not use $tvk as reference point

M&A isn't just in O&G E&P. CDN OilfieldServices several deals $CWC.to > $PD.to $ESN.to > Element Tech (private) $STEP.to > ArcFinancial (private) More to occur? @TeddyGambino @NuggetCapital @tsxman @Albertagarbage @sohaibab9

$STEP.TO out with one of the last public earnings release. Reporting a softening into Q4 but mostly booked for Q1 & seeing price pressure on contracted fleets. LNG optimism into 2026. Have to thank the company for the ride, was one of my best investments ever coming out of Covid.

Today's M&A notes $SUP.to to be acquired by $IMG.to for $0.19 cash 0.0991x shares, 44.3% premium, $375 million $STEP.to / ARC Financial announced definitive arrangement agreement at $5.50 cash per share, 29.1% premium, $467 million alpharank.com/live-updates/m…

CB Daily Brief 20/10/25 $4464.T: MBO price increase to ¥2,680 $LRV.AX: non-binding offer from $UAMY at 0.06x shares $ACTI.ST: rights issue $TKMS.DE: spin-off from $TKA.DE $MTE.L: tender offer for 5% at 95% NAV $STEP.TO: acquisition by ARC for C$5.5 $SUP.V: acquisition by $IAG/$IMG.TO for C$0.19 0.0991x shares $MTB.V: merger with $EXG.V at 0.286x shares $LVTX: price change to $1.04 CVR $CNBN: acquisition by $HBT for $27.73/1.0434x shares

The Spartan Funds guys did an impressive job at making Arc pay up on $STEP.TO. They are in with a major position on $CET.TO which they ramped up recently, wonder what they want to achieve there? Was noticing today they are in big on $ASTL.TO, tempting for a spec trade-war play.

🟢 The Good 🟡 The Bad... and the Ugly 🔴 ⬇️ September 2025 Edition ⬇️ Welcome to your monthly recap of the Canadian microcap market! The S&P/TSX SmallCap Index increased by another 8.1% in September, reaching an impressive 33.4% return year-to-date, as natural resource companies led the charge. The indicators I watch were all green, and I can say with confidence that Canadian microcaps have emerged from the doldrums! On the M&A front, we saw two announcements in September. First, Quorum Information Technologies $QIS.V announced its acquisition by Valsoft, a vertical market software consolidator, for a 14% premium. A few days later, STEP Energy Services $STEP.TO received an offer to be privatized by its majority shareholder for a 29% premium. Without further ado, let’s dive into some of the main highlights from last month! If you're unfamiliar, the concept here is simple. I feature the news that caught my attention during the previous month after skimming through all the press releases on the Canadian market. Every press release, every single day! THE GOOD ✅ Gatekeeper Systems $GSI.V continued to fire on all cylinders. In its public transit vertical, the company announced a massive $27 million project with Long Island Rail Road. Gatekeeper then followed up with its largest-ever school bus contract, a $9.3 million project in California. Despite the CEO selling a block of shares between these announcements, the stock reached a new all-time high of $2.31 and finished the month up 22%. ✅ Progressive Planet Solutions $PLAN.V, a developer of patented solutions for a healthier planet, released impressive first-quarter financial results. Revenue was up 27% year-over-year, gross margins improved by 500 basis points, and operating income increased by 35%. The company also received $1.9 million in energy efficiency rebates from FortisBC to implement new equipment at its facility. This announcement followed several other grant announcements earlier this year, showcasing the company’s ability to access non-dilutive funding. The stock increased by 35% following these news releases, reaching a new two-year high of $0.325 per share. ✅ GURU Organic Energy $GURU.TO released record third-quarter financial results showing 31% revenue growth and expanded gross margins. Most importantly, it was the company’s first profitable quarter since its initial public offering in 2020. Although management had mentioned its intention to get back to profitability multiple times, the market did not seem to expect it so soon. The stock reacted extremely positively to the news, shooting up over 91% in the five days following the announcement. In case you missed it, I recently hosted a fireside chat with GURU’s CEO, which you can find on the Rivemont MicroCap YouTube channel. THE BAD ❌ ADF Group $DRX.TO, a designer and manufacturer of complex steel structures, reported underwhelming financial results for its second quarter of 2025. Due to the impact of US tariffs and higher steel prices, the company experienced significant delays in orders. Revenue was down 29% year-over-year, the gross margin was nearly halved, and profitability vanished. Even though this slowdown had been widely communicated, the stock still declined as much as 19% the next day and has not recovered yet. ❌ Sangoma Technologies $STC.TO released its fiscal 2025 results, which showed a revenue decline of 4% year-over-year. Although the company met its 2025 guidance (i.e., the decline was not a surprise), it provided a rather disappointing outlook for 2026. While investors expected the company to return to organic growth, the midpoint of the newly issued guidance implied another decline in revenue compared to 2025. The stock sold off as much as 30% on the news. ❌ A few companies ran into financial issues in September. Colabor Group $GCL.TO entered into a forbearance agreement with its lenders due to an anticipated upcoming default on its credit facilities. The stock declined 21% during the month. Voxtur Analytics $VXTR.V received a notice of default from its lender and a cease trade order from the exchange due to its failure to file its financial statements on time. Lastly, we must say our final goodbye to Flow Water $FLOW.TO. Following a comprehensive review of its alternatives, the company determined that the only viable path forward was to transfer the business to its lender and wind it down under the Bankruptcy and Insolvency Act (Canada). THE UGLY ⚠️ Speaking of financial issues, Rivalry $RVLY.V, a sports betting and media company, announced a financing and debt restructuring transaction that will heavily dilute shareholders. The company, which has 87 million shares outstanding, is undertaking a private placement to issue 110 million shares at $0.05 and 110 million warrants with a strike price of $0.10. Additionally, lenders will convert $12.5 million of debt on the same terms, adding another 250.5 million shares and warrants. Lastly, $8.5 million of convertible debentures will remain outstanding with a lowered conversion price of $0.10 per share. When all is said and done, the potential fully diluted share count will have ballooned by over 10 times. ⚠️ The British Columbia Securities Commission (BCSC) identified several deficiencies at NuRAN Wireless $NUR.C, including improper disclosure of significant risks, uncertainties and unusual transactions in its MD&A, the failure to file a material contract on SEDAR , the need for improved disclosure regarding financial instruments, outstanding share data, corrections of prior billing errors, and more. In the same news release, the company also shared its intention to implement a financial restructuring plan that it qualifies as ‘‘highly dilutive.’’ This is the second time in five years that the company has had to take drastic measures to restructure its liabilities. Connecting the next billion people in Africa is no small undertaking, and it’s apparently proving to be quite challenging, unfortunately. That’s all I have for you this month! I hope you enjoyed it. If you like the content, please share it and help spread the word. Also, make sure to subscribe to my FREE weekly newsletter (📨 link in bio) so you don't miss the next posts. Thank you for reading!

$STEP.TO with a 27% gap up this morning after receiving a non-binding offer from ARC Financial to acquire the rest of the company at $5.50 per share in cash.👀 ARC already owns about 55% of STEP. A special committee is reviewing the offer, but no binding deal is in place yet.

I am surprised ARC caved on $Step.to

Today's M&A notes $FSFG to be acquired by $FRME for 0.85x shares, 21.4% premium, $241.3 million $STEP.to announced unsolicited proposal from ARC Financial Corp. at $5.50 cash per share, 29.1% premium alpharank.com/live-updates/m…

Wrote about $STEP.TO in June and cited stock-specific catalysts. Got taken private today at a 29% premium to closing price by Arc after their first failed attempt. Private equity fund upped their stake since essentially holding Arc hostage with almost zero liquidity trading wise.

🚨 STEP Energy Services $STEP.TO receives non-binding offer to be acquired for $5.50/share in cash 🚨 This represents a 29% premium over the last closing price. ARC Financial already tried to acquire STEP in November 2024 for $5.00/share and failed to garner enough support from shareholders. Let's see if a 10% bump in their offer price will get it done this time!

It took a while, but a higher bid came in. The PE firm that controls STEP Energy Services, a Canadian pressure pumper, is now bidding $5.50 to buy $step.to. I own shares, this is not a recommendation.

Looks like $STEP.TO is going private again with another Arc offer but at a slightly better price. Congrats to anybody who bought the dip. Was trading at an extreme discount to Trican. They will keep the FCF to themselves as it is majority owned already.

I see it in the junior space in Canada with $WRG.TO & $SDI.V likely being acquired at some point. $STEP.TO wants to get bigger on the coil tubing side, probably in the US per their Peters comments. I see $PD.TO $ESI.TO $TOT.TO as likely acquirors of any small companies.

I can see a bid at $4.13. $STEP.TO so illiquid now with Arc and Spartan ownership. I think the company will go private personally. Even buyback stopped due to ́ow liquidity. Otherwise they should bring in a dividend to juice up the shareprice and do M&A.

$STEP.to $3.86 down 9% on low volume Aug21/25 morning fyi @TeddyGambino @tsxman @djlowe @ysteve747 @energyrealist finance.yahoo.com/quote/STEP…

$STEP.TO CEO @SGlanvilleSTEP said on the conference call today that he expects #Duvernay and #Montney likely to grow YoY untî at least 2030. Most condensate going to oilsands for domestic blending purposes.

$STEP.TO results look pretty steady. Almost debt free. Trialing their new NGx natural gas pumps which will be interesting to hear more about. No more torque to US markets so has been trading much more steady with around ~20% of shares not held by two parties.

Thu., Aug. 7th #COM Q2 Earnings Events: $KEY.TO Results(before $KEL.TO Results(before $CNQ.TO Results(before $GFR.TO Call 7am $KEY.TO Call 8am $SOBO.TO Call 8am $CNQ.TO Call 9am $PNE.TO Call 9am $STEP.TO Call 9am $PPL.TO Results(after $SCR.TO Results(after $VET.TO Results(after