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Shell Summary for Nov. 27, 2018

2018-11-27 20:42 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 7.21 points to 585.89 Tuesday. Andrew Shapack and Sean Nakamoto's capital pool shell, Pine Trail Capital Trust, has closed a real estate deal for its qualifying transaction. Today, the resulting issuer began trading as Pine Trail Real Estate Investment Trust (PT: $0.11). The stock opened at 14 cents and closed at 11 cents on 28,000 units.

For its QT, Pine Trail Capital acquired a medical office building in Picton, Ont., for $3-million cash. The building, which has 12,000 square feet of leasable space, is 100 per cent leased to 12 tenants including doctors' offices, medical labs and pharmacies. In 2017, the building generated profit of $128,963 on revenue of $222,916.

Pine Trail Capital listed in April with a $400,000 initial public offering at 10 cents. To help finance its QT, it sold a $2.48-million private placement at 12 cents. Pine Trail Capital was the first capital pool shell founded by Mr. Shapack and Mr. Nakamoto together, but Mr. Shapack, 46, a real estate finance lawyer, previously listed a capital pool shell by himself. That shell, GT Canada Capital Corp., closed its QT in 2010 by acquiring a medical office building in Hamilton, Ont., and launching GT Canada Medical Properties Inc. Unfortunately for the IPO investors of GT Canada Capital, they did not have sufficient opportunity to get out of their investment with a profit after the shell closed its QT. Nine months after its launch, GT Canada Medical rolled back 1 for 10. It was later acquired by Northwest Healthcare Properties Real Estate Investment Trust (NWH: $10.46).

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