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Shell Summary for Feb. 13, 2015

2015-02-13 20:57 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 4.07 points to 696.51 Friday, ending the week up 3.07 points. Last week, a busy shell packager in Toronto named Amar Bhalla listed a capital pool shell, Carlaw Capital V Corp. (CVC), which has yet to report a qualifying transaction or trade any share. He has plans to list another, his sixth, having recently filed a final prospectus for his LL Capital Corp. Darrin Hopkins, a broker at Richardson GMP Ltd., is handling the initial public offering of between two million shares and three million shares at 10 cents.

Last December, LL Capital sold six million escrow shares at five cents, of which 3.2 million are held indirectly by Mr. Bhalla through his Toronto investment company, Capit Investment Corp. Mr. Bhalla, 37, has already listed five capital pool shells, all under the Carlaw Capital name (I, II, III, IV and V). We reviewed Mr. Bhalla's record as a shell packager in the Shell Summary for Feb. 4, 2015, and based on our measure of success, we concluded that out of four of Mr. Bhalla's shells that had already completed their QTs, one was a success and three were failures. Success, by our definition, is when an IPO investor can sell his IPO shares at a profit within a year or so after the QT. For most IPOs, which these days are usually done at 10 cents, this bar is delightfully low.

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