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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.27 points to 750.09 Tuesday. Michael Stein's suspended capital pool shell, Cliffside Capital Ltd. (CEP), has completed its qualifying transaction. It has acquired an 85-per-cent interest in CAL LP from Mr. Stein's own Toronto-based car loan provider, AutoCapital Canada Management Inc. The shell paid $3-million to AutoCapital, which will continue to own the remaining 15 per cent of CAL. The limited partnership holds $3.5-million worth of car loans.

Cliffside plans to acquire more loans and other financial instruments. It expects to resume trading as an investment issuer on July 7. Mr. Stein will continue as the company's chairman.

Mr. Stein, an engineer and real estate investor, is also the chairman of Canadian Apartment Properties REIT (CAR: $32.90). Cliffside is his first capital pool shell. He listed it in April, 2014, with a $1-million initial public offering of 10 million shares at 10 cents. Cliffside has been suspended since April, 2016, when it reached the standard 24-month deadline for capital pool shells to close QTs. Because Cliffside's QT was in progress when it hit its deadline, the understanding TSX-V did not impose any penalties and instead waited for the shell to close its pending acquisition (without officially granting a deadline extension). Cliffside's deal with AutoCapital was its first QT attempt, announced two months before the April, 2016, deadline.

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