Shell Summary for Oct. 22, 2020
Shell Summary for Oct. 22, 2020
2020-10-22 20:35 ET - Market Summary
by Stockwatch Business Reporter
The TSX Venture Exchange closed up 5.59 points to 716.79 Thursday. William Ollerhead has filed a prospectus to list his second shell, Cuspis Capital II Ltd., with a $500,000 to $1.5-million initial public offering at 20 cents. The IPO agent is Industrial Alliance Securities Inc.
Mr. Ollerhead, 55, was an equity analyst from 1989 to 1992 at the Canadian subsidiary of MetLife Inc. (MET: $40.61 (U.S.)). He then spent four years as an investment officer at Sun Life Financial Inc. (SLF: $55.30) and one year working in corporate finance at Midland Walwyn Inc. Since 1997, he has been running Chunkerhead Ltd., an investment management firm in Toronto. He also sits on the board of Thermal Energy International Inc. (TMG: $0.075), a supplier of energy efficiency products. He listed his first shell, Cuspis Capital Ltd. (CUSP: halted), in March, 2019, with a $2-million IPO at 20 cents. It is working on a qualifying transaction with an Australian manufacturer of graphene products.
Mr. Ollerhead's fellow directors at Cuspis II are the same ones at the original Cuspis Capital: Fraser Elliott, Jack Schoenmakers and Grant McCutcheon. Mr. Elliott, 64, has been the chief financial officer or a director of more than half a dozen public companies. Since 2009, he has been the executive chairman of an Ontario gold explorer, Gowest Gold Ltd. (GWA: $0.36).
Mr. Schoenmakers, 63, is a former director of the above-mentioned Thermal Energy International. He was also the president of two private energy companies including Ontario Energy Savings Corp., a predecessor of Just Energy Group Inc. (JE: $7.17). For 12 years, he sat on the board of a fruit juice supplier, Nothing But Nature Inc., which was later acquired by GreenSpace Brands Inc. (JTR: $0.06).
The final director, Mr. McCutcheon, 57, is a lawyer. Since the mid-1990s, he has been a director or officer of at least 15 public companies, including shells and exchange-traded funds. In the 2000s, he was the president and chief executive officer of two funds, High Income Preferred Shares Corp. and High Income Principal & Yield Securities Corp., both managed by Lawrence Asset Management Inc. The funds did well before the 2008 financial crisis.
or Oct. 22, 2020Cuspis II has not specified what type of deal it plans to seek for its QT.