15:49:58 EDT Thu 28 Mar 2024
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Shell Summary for May 25, 2017

2017-05-25 21:09 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 2.53 points to 799.86 Thursday. There are no new shell listings, qualifying transaction plans or graduations to discuss. There are 111 listed capital pool shells, of which 56 are trading (albeit rarely) and available for deals.

Michael Stein's shell graduate and car loan provider, Cliffside Capital Ltd. (CEP: $0.20), lost $301,381 on revenue of $239,210 in the first quarter of 2017. Cliffside began recording revenue as a public company in the second half of 2016, during which it lost $2,866 on revenue of $59,162. The company explains that in Q1 2017, it changed the "accounting treatment" of its investments. Apparently, the nature of its activities in relation to those investments has changed, and now it turns out that Cliffside has control over those investments. Therefore, it needs to account for those investments' losses as its own.

Mr. Stein, an engineer in Toronto, listed Cliffside as a capital pool shell in April, 2014, with a $1-million IPO at 10 cents. Cliffside closed its QT in July, 2016. It has not yet given its IPO shareholders sufficient opportunity to get out of their investment with a profit. It is a thin trader. In the past month, it has traded only 375,250 shares, but at least it has managed to climb above the break-even price for its IPO shareholders. A month ago, it was trading at 8.5 cents. First-time shell-maker Mr. Stein is the founder, chairman and CEO of MPI Group Inc., a private real estate developer and investor. Mr. Stein is also the chairman of Canadian Apartment Properties REIT (CAR: $33.75). Today, the REIT held its annual meeting of unitholders. Nine trustees were elected, with votes ranging from 93.49 to 99.84 per cent. Mr. Stein received the lowest percentage.

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