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Shell Summary for Oct. 1, 2014

2014-10-01 20:58 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 12.94 points to 896.35 Wednesday, a poor start for October, which is a month that has a well-earned poor reputation. The exchange is now approaching the one-year low of 883.52 reached last December, which was preceded on the downside by the low of 859.31 in June, 2013. In the shell sector, one of Toronto's busiest shell packagers, Ron Schmeichel, has found a deal for his WB III Acquisition Corp. (WXX). It plans to acquire TicToc Planet Inc. as its qualifying transaction.

WB III will acquire TicToc for an unstated number of shares. The target is a tech company with a messaging and photo-sharing app called Frankly that is similar to SnapChat. As with all Schmeichel deals, WB III will roll back its shares, but the shell does not say how large the ratio will be. By now, IPO shareholders of Mr. Schmeichel's shells are used to getting their positions rolled back into odd lots in connection with QTs. For example, last April his Mira III Acquisition Corp. rolled back 1:34.7826 before launching Northern Power Systems Corp. (NPS: $4.29).

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