Q: In your response to David's question on May 26/20 you disagreed with his assessment that IBI Group's has a good looking balance sheet. The years 2019 and 2018 are not comparable because of IFRS16. Like other smaller companies IBI did not restate it 2018 numbers for the lease liabilities that were recorded at $67million in 2019. In fact bank debt was reduced by $25 million and cash on hand increased by $6 million. The remaining material debt is a convertible debenture maturing Dec 31/21 which if the share price starts to reflect how undervalued IBI is to its peers, that debt will become equity.
The other adjustment I would like to draw readers attention is that IBI Group has significant insider ownership. As disclosed on page 9 of the Management Information Circular, the partners through a Management Partnership own 6.3 million shares of Non Participating Voting shares convertible into common shares(1 for 1) as well as 7.1 million common shares. On a diluted basis the partners or senior management own 35.68%. Directors and other senior officers own an additional 1.7%. Thank you
Don
The other adjustment I would like to draw readers attention is that IBI Group has significant insider ownership. As disclosed on page 9 of the Management Information Circular, the partners through a Management Partnership own 6.3 million shares of Non Participating Voting shares convertible into common shares(1 for 1) as well as 7.1 million common shares. On a diluted basis the partners or senior management own 35.68%. Directors and other senior officers own an additional 1.7%. Thank you
Don
