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Shell Summary for Sept. 18, 2020

2020-09-18 20:43 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.15 points to 745.37 Friday, ending the week up 12 points. Ted Geier's first capital pool shell, Trusted Brand 2016 Inc. (HAH: suspended), has submitted a filing statement for its qualifying transaction, which is a commercial real estate deal. The shell is acquiring 1421526 Alberta Ltd., which owns a mall in Edmonton. Trusted Brand, which has 3,962,900 shares issued, will issue 56,642,113 shares to 1421526 Alberta's shareholders. The shell will also assume a $2.57-million mortgage with Canadian Western Bank (CWB: $27.21). Among the contents of the filing statement that had not yet been previously disclosed are the target's operational plans and financial results.

1421526 Alberta's sole property is a two-storey retail and commercial building in Edmonton called the Pacific Rim Mall. Among the tenants there is HSBC Bank Canada. Lui International Group Inc., a related party to 1421526 Alberta, has been managing this mall for more than 10 years. In 2019, 1421526 Alberta earned $208,200 on revenue of $562,700. In the first quarter of 2020, it earned $25,400 on revenue of $132,000. The company ended that quarter with a working capital deficit of $6.65-million and no long-term debt. (Its mortgage was classified as current debt.)

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