Category Archives: Ticker

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Poison pills get a boost

Proposed shareholder rights rules will help target companies fend off hostile bids
By Paul Brent
April 12th, 2013

Two new, competing proposals from Canadian regulators on poison pills promise to create new guidelines that are more predictable for target companies and tougher on hostile bidders who have made Canada a corporate hunting ground in recent years. The first … Continue reading

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Ottawa’s long game on takeovers

From Nexen and Progress to 50% caps on state-owned buyers and the net-benefit test, the federal government is walking a fine line to preserve access to future foreign investment
By Jim Middlemiss
February 25th, 2013

A few months have passed since the federal Conservative government outlined how it would amend the Investment Canada Act to clamp down on future takeovers by foreign state-owned enterprises (SOEs) while making other changes to clarify approval parameters for all … Continue reading

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Miners discover profits, investor confidence

By Bruce Freedman
February 25th, 2013

On the back of continued share-price underperformance, the last six months has shown what appears to be a strategic shift in the mining industry’s direction. Comments from senior management abound expressing the importance of return on capital and profitability over … Continue reading

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Pack averse: having some say in your share price

By Bruce Freedman
January 7th, 2013

Do you ever feel like nobody cares? You work so hard, returning on equity to give your shareholders high quality earnings-per-share. But then the market tanks, and your stock gets pummeled just like everybody else. The sad reality is that … Continue reading

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Proxy advisers face restraints

The Canadian Securities Administrators got a frothy response when it asked for feedback on potential regulation of proxy advisory firms. Experts predict voluntary guidelines sometime in 2013 with firmer rules down the road
By Julie Cazzin
December 20th, 2012

It’s been six months since the Canadian Securities Administrators (CSA) put out consultation paper 25-401 Potential Regulation of Proxy Advisory Firms, which aims to address concerns about the services provided by proxy advisory firms (PAs) and their potential impact on … Continue reading

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Venture issuers await the simple life

New disclosure regulations that better serve small issuers and their investors are now closer to reality
By Joel Kranc
December 19th, 2012

Any company with a “V” appended to its stock symbol knows that the cost of compliance, not to mention the time it requires, can be a burden. True, ensuring transparency, providing access to timely information and financial records for the … Continue reading

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Technical analysis: how insiders can use it to advantage

By Bruce Freedman
September 26th, 2012

As a general rule, investors respond well to share purchases by a company or its insiders. However, the magnitude of their enthusiasm will be a function of several factors. In the case of insiders, it’s the size of the purchase: … Continue reading

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Pay pressure expected to increase

Canadian executives were largely spared from the 2012 “shareholder spring” backlash. But don’t bet it isn’t coming
By Cooper Langford
September 25th, 2012

On June 5, readers of the Financial Times were treated to an unusual column. Written by Sir Martin Sorrell, CEO of advertising powerhouse WPP plc, a few days before the company’s annual meeting, it amounted to an angry defence of … Continue reading

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Vertically challenged

The TMX name remains and Thomas Kloet is still CEO, but now that Maple Group’s takeover is complete, Canada’s dominant exchange operator is set to embark on a new, yet decidedly uncertain course
By Jim Middlemiss
September 20th, 2012

Luc Bertrand, the leading voice in Maple Group Acquisition Corp.’s $3.8-billion takeover bid for the TMX Group Inc. (TSX:X), is finally getting his wish to pursue a “bold vision” and “build a new type of exchange for Canada.” That vision … Continue reading

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More ways to the market

New U.S. legislation could make it easier for smaller Canadian firms to get an American listing. But it’s one particular rule, letting start-ups sell shares via crowdfunding, that has our tech industry buzzing
By Mark Anderson
June 18th, 2012

Beginning next year, when the so-called U.S. JOBS Act is implemented, American start-ups are going to find it a lot easier to launch initial public offerings and raise money through private placements. But will Canadian companies get in on the … Continue reading

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Drawn to short-term debt? Know these risks

By Bruce Freedman
June 18th, 2012

If there’s one thing I’ve learned as an analyst, it’s that markets do not reward companies that take risks outside of their core business. Whether it’s an airline that has not hedged its cost of fuel or an insurance company … Continue reading

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Game, set…rematch?

Despite seeing its proposed legislation for a national securities regulator shot down by the Supreme Court, the Harper government has signaled it plans to keep pushing the issue
By Jim Middlemiss
March 16th, 2012

JUST WHEN you thought you might get a break from hearing about the federal government’s plans for a national securities regulator—it did just lose a Supreme Court of Canada ruling on the issue in December, after all—the subject is still … Continue reading

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Dividends: Should you yield to yield investors?

By Bruce Freedman
March 16th, 2012

WITH HISTORICALLY low interest rates, and an uncertain economic climate, high dividend stocks have been on a tear over the past two years. It seems every day another TV pundit preaches the mighty dividend, and corporations are increasingly moving to … Continue reading

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“Pssst! U.S. liquidity…cheap!”

Okay, the OTCQX over-the-counter market isn’t that big of a secret. But it’s still surprising to learn how many Canadian companies are turning to it as an alternative to the cost and headache of listing on a U.S. exchange
By Paul Brent
March 16th, 2012

IT’S A CRAZY LITTLE growth story that hasn’t entirely found the spotlight. But it has found its market. Twice a week, every week, for the past year and a half, another Canadian listed company has signed up trade its shares … Continue reading

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Many are cast, fewer are counted

New rules for things like director elections and majority voting are on OSC and TSX agendas. Should they overhaul the proxy voting process instead?
By Celia Milne
December 20th, 2011

Everyone’s talking about democracy. And Bay Street, it seems, is no exception. Say-on-pay, individual election of directors, majority voting and the potential for proxy access; in some form or another, these are all current action items for the Ontario Securities … Continue reading

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