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by Stockwatch Business Reporter
The TSX Venture Exchange fell 7.52 points to 690.10 Monday. Daniel Drimmer's capital pool shell, Campar Capital Corp. (CHK), was among the few shells that traded today, slipping 2.5 cents to 20 cents on 35,000 shares.
Campar, which went public last October with a 10-cent IPO, is Mr. Drimmer's third capital pool shell. It will eventually arrange a real estate deal as its qualifying transaction. As a shell packager, Mr. Drimmer has done a fine job putting together real estate deals that make money for his shareholders. His first capital pool shell, Wand Capital Corp., listed in March, 2012, after selling 10-cent IPO shares. Three months later, in June, 2012, Wand rolled back 1:8 and launched True North Apartment Real Estate Investment Trust (TN: $8.33). These days, the profitable REIT pays a monthly distribution of 5.825 cents a month, which adds up to 69.9 cents a year. Now considering a Wand IPO shareholder paid an adjusted 80 cents for each unit of True North Apartment, he is earning 87-per-cent interest a year through distribution payments, and his stock is up tenfold.
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