Take stock – February 27

Canadian Tire (TSX:CTC.A) is recalling thousands of its Mastercraft battery chargers because of problems with overheating, the well-known retailer announced Friday.

Canadian Tire recalls Mastercraft battery chargers

Canadian Tire (TSX:CTC.A) is recalling thousands of its Mastercraft battery chargers because of problems with overheating, the well-known retailer announced Friday. The unit concerned is the three-hour Mastercraft charger model No.54-2973, which was sold with Mastercraft 18-volt cordless drill kits and combo kits. Canadian Tire did not indicate how many chargers are involved in the voluntary recall, but said they were sold at Canadian Tire stores from 2000 until 2009. A person who answered the phone at Techtronic Industries, which is handling the recall, said the company had been informed by authorities in Canada that some 75,000 units were involved. Canadian Tire said the charger can overheat, posing a safety concern, and there have been reports of minor property damage.

Owners have been asked to discontinue using the charger and contact Techtronic Industries, toll-free at 1-800-597-9624 for information on getting a replacement charger at no cost. Techtronic said it would begin shipping the replacements April 19.


Athabasca Oil Sands Corp. to go public

Athabasca Oil Sands Corp. said Friday it has filed a preliminary prospectus for an initial public offering of its shares. Terms of the offering were not immediately available.

The privately held company said the underwriting syndicate for the offering will be co-led by Morgan Stanley Canada and GMP Securities.

Athabasca has filed regulatory applications for approval of two pilot projects, and is seeking approval for the first 35,000 barrel-per-day commercial phase of MacKay River. Last year, PetroChina made its first significant foray into northern Alberta’s oilsands through an investment in two projects owned by Athabasca.

PetroChina acquired 60 per cent stake in the MacKay River and Dover oilsands projects for $1.9 billion.

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