Cuspis Capital Ltd. V.CUSP.P

Stockwatch Shell Summary for Aug. 20, 2020

[howestreetbull]

Stockwatch Shell Summary for Aug. 20, 2020
2020-08-20 20:27 ET - Market Summary
by Stockwatch Business Reporter
William Ollerhead's first capital pool shell, Cuspis Capital Ltd. ( $CUSP : halted), plans to acquire a private Australian firm, Graphene Manufacturing Group Pty. Ltd. (GMG), for the shell's QT. The shell will roll back 1 for 2.5, leaving it with six million shares issued, then issue 60,916,317 shares to its target's shareholders. GMG is a Brisbane firm that manufactures graphene products, mainly for use in paints, coolants and lubricants. It is working on other graphene products, including the sort that can be used in batteries. For this particular research and development work, the company has received grants from the Australian government. In its fiscal year ended June 30, 2020, GMG lost $1.95-million on revenue of $110,740. (Currencies in this paragraph are Australian.) Its "other income" for that year included government grants and subsidies totalling $1.2-million. In connection with its going public, GMG plans to raise between $1.22-million and $1.72-million. Financing terms are not yet available. On closing of the QT, the resulting issuer's directors will be Guy Outen, Craig Nicol, Chris Ohlrich, Robbert de Weijer, Rob Shewchuk and the shell's Mr. Ollerhead. Mr. Outen lives in London, England, and will be the chairman. From 1995 to 2019, he worked at Royal Dutch Shell PLC and its subsidiaries. He spent the first four of those years as a manager of Shell Australia Pty. Ltd. and later spent nine years as an executive vice-president of Shell International EP. From 2014 to 2019, he was the EVP of strategy, portfolio and planning at Shell's head office in the Netherlands. The next nominee, Mr. Nicol, lives in Brisbane and is the founder and CEO of GMG. He worked for Shell from 1997 to 2016, both in Australia and in Singapore. He held positions including marketing manager for Oceania and commercial manager for Southeast Asia. In 2016, he founded GMG. He also founded Musta Global Pty. Ltd., which has software for fitness trainers (the software enables them to receive bookings and fees). The third nominee, Mr. Ohlrich, is an accountant in Brisbane. He previously spent four years at each of Ernst & Young Global Ltd. and Deutsche Bank AG. He has also worked at several oil and gas firms including Arrow Energy Ltd., a 50-per-cent subsidiary of Royal Dutch Shell. The fourth nominee, Mr. de Weijer, was previously the chief operating officer of Arrow Energy, a coal producer in Asia and Australia. He also spent four years at a Dutch gas-focused subsidiary of Shell. From 2013 to 2016, he was the CEO of Armour Energy Ltd., an Australian oil and gas explorer. While he was there, the stock traded between four and 31 Australian cents on the Australian Securities Exchange. The fifth nominee, Mr. Shewchuk, lives in Calgary. From 1995 to 2006, he was a floor trader and then a broker at Yorkton Securities Ltd. From 2006 to 2009, he was the chairman of a brokerage called Standard Securities Capital Corp. He moved on to become a managing director of Wolverton Securities Ltd. from 2009 to 2016. He has since been an adviser or director of a few public and private firms in various industries. Earlier this month, he became the president and CEO of an entity called Lithium Bank Resources Corp. First-time shell-maker Mr. Ollerhead was an equity analyst from 1989 to 1992 at the Canadian subsidiary of MetLife Inc. (MET: $37.62 (U.S.)). He then spent four years as an investment officer at Sun Life Financial Inc. (SLF: $55.89) and one year as a broker at Midland Walwyn Inc. Since 1997, he has been managing Chunkerhead Ltd., an investment management firm in Toronto. He listed Cuspis Capital in March, 2019, with a $2-million IPO at 20 cents. Considering the proposed rollback, the shell's IPO investors will need 50 cents to break even from this graphene manufacturing QT.