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Shell Summary for Oct. 19, 2018

2018-10-19 21:09 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 8.30 points to 682.16 Friday, ending the week down 16.44 points. Rana Vig's first capital pool shell, Blue Bay Capital Corp. (BLUE: halted), is selling a $3-million to $6-million private placement at 40 cents in connection with its qualifying transaction. For its QT, the shell is ultimately acquiring a bulk liquids packaging business in Houston called Environmental Packaging Technologies Inc. Blue Bay will roll back 1 for 2, leaving it with 3.95 million shares issued, then issue 93,017,500 shares to its target's eventual owners.

We say "eventual owners" and "ultimately acquiring," because the shell is technically acquiring a recently formed entity called Specialty Liquid Transportation Corp., which in turn is acquiring the Houston business from its 100-per-cent owner, Environmental Packaging Technologies Holdings Inc. (EPTI: $0.25 (U.S.)), which is listed on the OTC Grey Market. In any case, the main person involved in this whole deal is David Skriloff, 52, the chief executive officer of both the Houston business and the listed holding company. On closing of the QT, he will be the CEO of the resulting issuer and will hold 85.9 million shares or 76 per cent. Coming in a distant second will be Avtar Mann, a real estate agent in Surrey, B.C., with 1.3 million shares or 3 per cent.

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