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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to close at 569.85 Monday. Robert Kidd has filed a preliminary prospectus to list his first capital pool shell, Logica Ventures Corp. It plans to sell a $300,000 initial public offering at 10 cents through Echelon Wealth Partners Inc.

Mr. Kidd, 58, lives in Toronto and is a consultant to financial services firms. He has been the chief executive officer of a handful of fund management firms, including Connor, Clark & Lunn Capital Markets Inc. from 2001 to 2004, followed by Gatehouse Capital Inc. from 2004 to 2008. Gatehouse Capital was the manager of a closed-end mutual fund corporation called Global Credit Pref Corp., which traded on the Toronto Stock Exchange from mid-2005 to mid-2010. Global Credit went public with a $65-million IPO at $25 and intended to remain listed for 10 years while paying an annual dividend of $1.3125 a share. It was able to keep its word in connection with the dividend. Its stock, however, declined gradually from $24.89 when it listed in mid-2005 to $9 in mid-2008, and then it dropped to 31 cents at the end of 2008, having collapsed under the weight of several credit defaults resulting from the financial crisis. Mr. Kidd then resigned as the CEO of Global Credit and Gatehouse Capital, though he remained a director of both. Global Credit's stock recovered to $10 over the next 18 months. Its shareholders then approved the early redemption of their shares at $8.15. As for Gatehouse Capital, it was swallowed up by Redwood Asset Management Inc. for an undisclosed amount.

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