TSXV:POI.H - Post by User
Comment by
StyllLerningon Jan 29, 2016 9:28pm
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Post# 24507902
RE:RE:RE:+ tick + tick we have a bottom.
RE:RE:RE:+ tick + tick we have a bottom.
Looking a little further, Salman was also responsible for >$27 million of financing, so they must have been the co-agents on the previous three deals (could probably confirm this out by going through old news releases but haven't had a chance to do this yet). They are also closing their doors (as someone else has mentioned).
It is with regret that Salman Partners Inc. announces that it intends to voluntarily resign from its membership with Investment Industry Regulatory Organization Of Canada (IIROC), Salman said in the release. Accordingly, we will cease carrying on operations as a registered investment dealer on February 15, 2016."
Is the February 15 date a coincidence?
Salman Partners wasnt only a resource industry player research spanned sectors including technology, alternative energy, oil and gas, and forest products but that was its specialty.
The firm said it was making arrangements for an orderly transition of all client accounts to alternative registered dealers."
So I'm wondering if Beacon cannot close the offering until the account has been transferred from Salman.
So here is my rose-coloured Friday night speculation: Salman and Europacific signed on as co-agents for the offering. There was significant interest (even to the point of one or two US investors). The deal was pushed back to accommodate US investment. Salman felt they could manage a quick prospectus before closing their doors to collect a nice little agency fee, but when deal was delayed they did not have the resources to close the deal before closing their doors. Deal will remain with Europacific and Salman will transfer back to Beacon (before February 15 when they close the doors for good).
The questions I still have though are why wasn't Beacon the co-agent in the first place? And why did Maxwell have to step down 'in order to' participate in the offering since he was on the board of directors for the last one? If somebody knows the answer(s) please enlighten me.