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by Stockwatch Business Reporter
The TSX Venture Exchange lost 2.20 points to 656.18 Friday, ending the week up 22.33 points. There are no new shell deals to discuss today, but shortly before the closing bell, David Doherty and Frank Taggart's capital pool shell, Saber Capital Corp. (SAB), requested a trading halt pending news. Presumably, Saber Capital will soon announce that it has found a potential qualifying transaction.
James Beckerleg's shell graduate, Pro Real Estate Investment Trust (PRV: $1.88), has released its annual financial results. It earned $5.14-million on revenue of $18.19-million in 2015. The REIT's interest and financing costs, and its general and administrative expenses rose 74 per cent compared with the previous year. In 2014, Pro REIT earned $5.13-million on revenue of $9.18-million.
Pro REIT went public through John FitzGerald's capital pool shell, Taggart Capital Corp. Mr. FitzGerald, a lawyer and one-time shell-maker, listed Taggart Capital in October, 2011, with a $484,700 initial public offering of shares at 20 cents. In March, 2013, Taggart Capital rolled back 1 for 10 and launched Pro REIT. Considering the 1-for-10 rollback, the shell's IPO shareholders would have needed $2 a share to break even on their investment. Fortunately for them, Pro REIT traded between $2 and $4.60 from its listing until January, 2015. Taggart Capital's IPO investors had sufficient opportunity to get out of their investment with a profit after the shell closed its QT, so we consider Mr. FitzGerald's shell to have been a success.
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