Q: This name is down significantly from its IPO of subordinated voting shares a few years ago. CEO (and founder?) Rob Laidlaw holds the multiple voting shares. What do we know about him and has he had any prior companies he's run/founded? Also what is your assessment of the management?
5i Research Answer:
Mr. Laidlaw is the founder, and started the company in 1999. He started another company in 2001 and this was sold in 2007. The issue was at $22 but to be fair to the company the market was very bouyant at the time of issue in the pandemic world of zero interest rates. It is recovering well, up more than 200% now in the past year. We do not know all the executives but they have good experience and we would certainly deem them competent. Growth can be challenging, and it has been losing money but should be profitable this year. The last quarter was nicely ahead of expectations.