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by Stockwatch Business Reporter
The TSX Venture Exchange added 2.48 points to close at 632.29 Monday. John MacPhail and Raphael Danon have filed a final prospectus to list their first capital pool shell, Woodbridge Ventures Inc. It is selling a $450,000 to $550,000 initial public offering at 10 cents through PI Financial Corp.
Since filing the shell's preliminary prospectus in January, Woodbridge has added a fourth director, Neil Labatte, 61, a former professional hockey player and current real estate investment manager living in Toronto. Between 1978 and 1982, he played for two seasons in the National Hockey League with the St. Louis Blues. He had to stop playing hockey after he badly injured his shoulder. From 1982 to 1997, he worked at three real estate consulting and investment firms, one in Salt Lake City and the other two in Dallas. He moved to Toronto in 1997.
From 1997 to 2003, Mr. Labatte worked with Fairmont Hotels & Resorts Inc. in positions including vice-president of acquisitions. From 1997 to 2007, he was the president and chief executive officer of one of Fairmont's investments, Legacy Hotels Real Estate Investment Trust, which traded up to $15 on the Toronto Stock Exchange in 2007. It reached that peak shortly before it was taken private for $2.5-billion, comprising $1.5-billion cash and the rest in assumed debt. Legacy's unitholders received $12.60 cash per unit. Legacy's acquirer was a group that comprised InnVest REIT, Westmont Hospitality Group and Caisse de depot et placement du Quebec.
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