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Shell Summary for Aug. 12, 2016

2016-08-12 20:37 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.36 points to 833.29 Friday but ended the week up 26.60 points. Anton Konovalov's capital pool shell, Dominion General Investment Corp., has completed its qualifying transaction. It has acquired Hampton Equity Partners Ltd., the sole shareholder of Toronto broker-dealer Hampton Securities Ltd. Today, the resulting issuer began trading as Hampton Financial Corp. (HFC: $0.99). Dominion General converted its 2,591,700 issued shares into subordinate voting shares at 1 for 1, then it issued another 10,618,670 subordinate voting shares to Hampton Equity's shareholders. The shell also issued 15,149,845 multiple voting shares to Deeb & Co. Ltd., which is controlled by Hampton Securities co-founder Peter Deeb. Now, Hampton Financial has 13,210,370 subordinate voting shares and 15,149,845 multiple voting shares issued. Its chairman and chief executive officer is Mr. Deeb.

Mr. Deeb's 20-year-old brokerage has been losing money in recent years. It says its "revenues have not yet recovered to their pre-2008 levels." Mr. Deeb's plan is for Hampton Financial to acquire other broker-dealers. To finance potential acquisitions, he arranged a $22-million private placement of subordinate voting shares at $1.25. He closed only $1-million.

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