07:45:38 EDT Fri 29 Mar 2024
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Shell Summary for June 23, 2016

2016-06-23 21:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 1.70 points to 710.22 Thursday. Michael Stein's halted capital pool shell, Cliffside Capital Ltd. (CEP), held its annual and special shareholders meeting today in Toronto. The shareholders approved Cliffside's proposed qualifying transaction to acquire an 85-per-cent interest in CAL LP, an Ontario limited partnership that holds $3.5-million worth of loans to Canadian car owners. Cliffside is acquiring the interest from Mr. Stein's own Toronto-based car loan provider, AutoCapital Canada Management Inc. The shell must pay $3-million to AutoCapital, which will continue to hold the other 15 per cent of the LP. Cliffside had working capital of $4.58-million on March 31, 2016.

The shell has already received conditional TSX-V approval for the QT, and there is no money-raising requirement under the acquisition agreement. All that is needed now is final exchange approval. The shell expects to close the QT by July 4. Cliffside's goal is to become an investment issuer, focused on acquiring loans from third party loan originators.

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