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Shell Summary for May 3, 2021

2021-05-03 20:42 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.40 points to 958.66 Monday. Paul Barbeau plans to list his fifth shell, Tup Capital Inc., with a $500,000 to $750,000 initial public offering at 10 cents. The agent is Echelon Wealth Partners Inc.

In 1997, Mr. Barbeau took public an information technology company, The Prospectus Group Inc. For seven years, the stock spent most of its time under 50 cents, but there were six weeks in 2000 (the dot-com craze) when it went from $2 to $9.50 and back down to $2. In 2004, the company remade itself into a different tech firm. Mr. Barbeau remains an IT consultant in Ottawa.

While Prospectus Group was not a shell, Mr. Barbeau does have a shell-making history. His first three shells closed their qualifying transactions between 2007 and 2017. They launched two mining juniors and one marijuana grower. By our measure, the shell that closed the first mining QT was a success for its IPO investors, because they had sufficient opportunity to get out of their investment with a profit, reasonably soon after they made the investment (usually within three years). The other two shells were failures for their IPO investors. Mr. Barbeau's fourth shell, NBS Capital Inc. (NBS: halted), closed its Nevada silver QT three days ago. The resulting issuer has yet to begin trading. NBS's IPO investors need 13.65 cents to break even.

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