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Shell Summary for Sept. 10, 2018

2018-09-10 20:24 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 6.68 points to 718.74 Monday. Robert Meister's first capital pool shell, Cabernet Capital Corp., has closed its qualifying transaction by acquiring interests in two Asian tech companies. Today, its stock traded for the first time as Auralite Investments Inc. (AAAA), opening at 21 cents and closing at 20 cents on 2,000 shares.

For the first part of its QT, Cabernet acquired 29,411 shares or 5 per cent of Evvo Labs Pte. Ltd., a Singaporean IT company that was founded in 2008. The shell paid $1.5-million or $51 a share. Evvo, a private company, has not provided its recent financials, but it was profitable in the first half of 2017. It earned $242,000 on revenue of $1.9-million in that period.

For the second part of its QT, Cabernet acquired nearly $2.9-million worth of debentures of Fourth-Link Inc., a South Korean IT company. Fourth-Link's customers have included the Incheon International Airport. In 2017, it lost $24.9-million on revenue of $20-million. Fourth-Link trades on South Korea's Kosdaq board and last closed at 2,545 South Korean won ($2.95). Cabernet's, and now Auralite's, debentures are convertible into shares of Fourth-Link at about $1.77. To acquire those debentures, Cabernet issued 42 million shares to Fourth-Link's former debenture holders. Among them are Taiwanese brothers Jian Han Chen and Chun Hao Chen, who now hold a combined 18.8 million shares or 28 per cent of Auralite.

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