Annual Information FormGood evening,
A few items I wanted to bring to everyones attention:
Annual Information Form Released
I noticed that Macro decided to file an Annual Information Form ("AIF") on Sedar (April 30th). It's a great read for those wanting to learn a bit more about the company. It is worth noting that this AIF was filed voluntarily (read: not required) and to me that indicates that the Company is getting a few more analysts sniffing around.
Research Coverage
At the present time Macro is followed by three equity research institutions: Cormark ($5), Paradigm ($5), and PI Financial ($4.75). With the market capitalization now exceeding $100 million and the Company reaching out to the investment community I anticipate an uptick in interest across the investor spectrum.
Ownership Structure
Macro is tightly held with Insiders holding over 32% of the Company. The public float is just over 66%. Missing from this equation are institutional shareholders (read: investment funds) who comprise a paltry 2%. Many institutions face restrictions in their investment mandate and a common restriction is that the company has to have a market capitalization of $100 million and trade for a price above $5.
When I dug into the ownership information as at June 30, 2014 (a higher share price than today), there were a dozen investment funds that held positions in Macro including: CIBC, Connor Clark and Lunn, Manulife, Blackrock, Penderfund, Sprott... et al.
Conclusion
With continued strong results and a few positive follow on announcements in Q2 and Q3, I believe research coverage should increase. It is conceivable that 2019 marks the year that Macro is considered "investible" to the institutional world. By no means is this risk free; however, I can't help but thinking that my fellow Stockhouse members aren't exactly GIC type folks!
Good luck!
LR