Sprott Rises After Hiring Adviser to Review Options
Sprott Power Corp. (SPZ), a Canadian renewable energy developer, rose after saying it hired an adviser to consider options including a possible sale of the company.
Sprott increased 6.7 percent to C$1.27 at the close in Toronto. Earlier it gained to C$1.37, the highest intraday since Feb. 8, 2011.
The company, based in Toronto, hired Canaccord Genuity Corp. to advise on its strategic options, “with a view to enhancing shareholder value,” Sprott said today in a statement. It doesn’t intend to make any further announcements until the board “deems appropriate,” the company said.
Sprott agreed Aug. 8 to buy Shear Wind Inc. for C$33 million ($33.5 million) in cash and completed the deal Nov. 23.
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