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by Stockwatch Business Reporter
The TSX Venture Exchange gained 1.05 points to 844.97 Tuesday. Rick Wilson and Ross MacLachlan's halted capital pool shell, Lions Bay Capital Inc. (LBI), plans to acquire Pan Andean Capital Ltd. for the shell's qualifying transaction. Pan Andean is an investment holding company in Melbourne. The shell, which has 4,035,168 shares issued, will issue about 70 million shares to its target's shareholders. This number may change depending on the market value of Pan Andean's investments at the time of signing a definitive agreement, which Lions Bay and Pan Andean expect to do by month-end.
Pan Andean invests in energy, resource and related companies. Its holdings include Aqua
Guardian Group Ltd., a private Melbourne company that makes a water conservation device for water tanks. Another Pan Andean investment is Kalina Power Ltd., a Melbourne company that sells technology for converting industrial waste heat into electricity. Kalina trades on the Australian Securities Exchange and last closed at 9.1 Australian cents. Pan Andean Capital holds 13,430,548 shares or 3.92 per cent of Kalina.
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