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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: Constellation Software's (CSU) press release yesterday seemed to confirm that CSU may be undergoing a new growth phase which will see it take on very large deals through the utilization of stand alone debt financing. The stock price has moved up sharply and on high volume. I am wondering if this new strategy will attract a new class of large institutional shareholders? Many thanks, Peter
Read Answer Asked by Peter on December 17, 2013
Q: HNL Horizon North has been on a tear. I am up considerably but not overweight. Do you think it cheap still and worth holding?
Read Answer Asked by Gerald on December 17, 2013
Q: Hi>
I am not sure what to do about Acadian Timber (ADN-T) . I invested for diversity , and now I am 10% down . I am inclined to give it up rather than wait for the dividend . It isn't even keeping up with its sector performance. .. a 2.8 % loss just today . Not sure what to do .
Read Answer Asked by Thomas on December 17, 2013
Q: Does this new info from WIN on the Panasonic deal have a material positive impact for WIN ... Thx
Read Answer Asked by Bob on December 16, 2013
Q: I know that the new 10 year contract for KBro is very beneficial for them but does the fact they have to build a new facility to serve it mean earnings will be depressed next year? Thanks, J.
Read Answer Asked by Jeff on December 16, 2013
Q: Hello 5i team
Copied from various press releases and news stories:
Fiera Capital Corporation (FSZ) completed its acquisitions of Bel Air Investment Advisors LLC as well as Wilkinson O'Grady & Co., Inc. last October. The purchase price is US$156.25 million, including US$115 million in cash (part of which will be held in a three-year escrow) plus US$10 million by issuing new Fiera Class A subordinate voting shares over a 32-month period.

The purchase price was financed using the net proceeds from the Firm's previously announced C$105 million private placements of a total of 9,781,000 subscription receipts from treasury with each receipt priced at $10.75. Of that total number of Subscription Receipts, Fiera issued 6,696,000 Subscription Receipts, on a private placement bought deal basis. In addition, Fiera issued 3,085,000 Subscription Receipts, on a private placement basis to National Bank of Canada who will ante up $31.4-million to maintain its ownership stake at 35% of Fiera.

As the subscription receipts were sold on a private placement basis, the Class A Shares are subject to a statutory resale restriction until January 19, 2014. The Subscription Receipts, together with the Class A subordinate voting shares issued, are subject to a four-month plus one day statutory resale restriction ending on January 19, 2014.

My question is : I want to take a 3% position in Fiera. With the big share issue, and the subscription receipt price at C$10.75 [current share price is C$13.64], and the 3 year escrow issuing shares over a 32-month period, plus the statutory resale restriction ending on January 19, 2014, will this put strong downward pressure on Fiera's share price? Would you be a buyer right away as the price is currently down 13% from it's 52-week high, or can we anticipate a further 5-10% correction in the share price in the months ahead?

Thank you for answering all my questions.... Paul
Read Answer Asked by Paul on December 16, 2013
Q: I am in Goldcorp at about $26.50 and willing to be patient. Does it appear weaker to you recently, and do you attribute this weakness vs AEM (for example) due to this land claim issue in Mexico? Buy more, sell, hold at this point.
Read Answer Asked by Randy on December 15, 2013
Q: My question is about bep.un. Another member has also asked you a question about it today.

The National Bank Market Q internet site indicates also weak earning P/E of 244 and 669 for the Dividend/Earning ratio.

BRF preferred shares are getting hammered. The BRF/PF offered April 24,2013 are now yieldind 6.68% and their earning coverage ratio is only 0.7 time.

Same situation for BAM/PN and BAM/PM while those of Brookfield Office such as BPO/PH have remained relatively stable during the same time period.

Would it be safe to buy the BRF and BAM preferred shares for their high yield?

Regards
Read Answer Asked by Claude on December 13, 2013
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