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Shell Summary for Dec. 12, 2014

2014-12-12 20:59 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 9.72 points to 653.78 Friday, ending the week down 48.21 points. John FitzGerald's shell graduate, Intertain Group Ltd. (IT), which went public earlier this year through David Danziger's Aumento Capital II Corp., tumbled $2.85 to $10.70 on 3.69 million shares. The sudden decline is the result of the RCMP and the Quebec securities regulators raiding the offices of Intertain's two largest shareholders, Amaya Gaming Group Ltd. (AYA: $28.64) and Manulife Financial Corp. (MFC: $21.07), involving an investigation that does not appear to involve Intertain but has nonetheless spooked investors. The Autorite des marches financiers (AMF), Quebec's securities commission, is investigating trading activity in the shares of Amaya related to its recent $4.9-billion (U.S.) acquisition of Oldford Group Ltd., which owns PokerStars, the world's largest on-line poker company. The RCMP and the AMF also visited the Montreal office of Canaccord Genuity and requested trading information; the brokerage firm, which says those requests are routine, advised Amaya on the Oldford deal. Intertain acquired an on-line casino operator from Amaya as its QT earlier this year, four months before Amaya's acquisition of PokerStars. Mr. FitzGerald says his company has not had any contact with Quebec's regulators and is unaware of what might be behind that investigation.

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