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Shell Summary for Aug. 26, 2016

2016-08-26 20:01 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.60 points to 805.53 Friday but ended the week down 27.58 points. Mark Hansen's shell graduate, CHC Student Housing Corp. (CHC: $5.00), plans to merge with Mark Goodman's special purpose acquisition corporation, Dundee Acquisition Ltd. (DAQ: $9.94). The merger will serve as the SPAC's qualifying acquisition. First, CHC will issue 1.75304 shares in exchange for each Dundee Acquisition share. Then, it will roll back 0.57044 for 1 and change its name to Canadian Student Living Group Inc. The president of Canadian Student Living will be CHC's Mr. Hansen.

CHC owns and manages four student housing properties (three in Southern Ontario and one in Trois-Rivieres). Mr. Hansen's plan is for Canadian Student Living to use Dundee Acquisition's $113.01-million capital to acquire interests in up to 16 more student housing properties, mostly in Southern Ontario. (There is one target property in each of Fredericton, Montreal and Sudbury.) Of the 16 target properties, four are co-owned by private partnership CHC Student Housing LP and Crown corporation Alberta Investment Management Corp., a pension fund manager. After closing all acquisitions, Canadian Student Living will hold a 100-per-cent interest in 11 properties and a 50-per-cent interest in nine properties.

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