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Canadian Convertible Debenture Market

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Underlying shares (of discounted Debs)

WILD (ex-DHX) -etc. from Jan.2016: 6/1/2017:

aqbOMDJ.gif

==

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Conv. Are Testing resistance, and may soon get a shot up... Or rollover

Underlying shares (of discounted Debs) / DHX -etc. from 1/1/2016 :

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: BCV-etc ... Update : 10d : $21.59 w/ 4.63% yield ($1.00 div.?) - BCV is a us convertible fund (shows how cv bonds are performing)

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Underlying shares (of discounted Debs) / DHX -etc. from 1/1/2016 :

13yxApe.gif

: BCV-etc ... Update : 10d : $21.59 w/ 4.63% yield ($1.00 div.?) - BCV is a us convertible fund (shows how cv bonds are performing)

0xuk3eG.gif

dqGyHTD.gif

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EIF.t /Exchange Income Corp. (TSE)

... update : 10d : yahoo-fin./ Last: $38.29 (cv price: C$49 ) YTM: 5.75%

fFEkqlC.gif

Cv Bond / Last: $99.98 / EXCHANGE INCOME CORP 5.75 PCT DEBS - http://www.exchangeincomecorp.ca/

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NEWS

2019-07-17 07:58 ET - News Release

Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION ANNOUNCES JULY 2019 DIVIDEND

The directors of Exchange Income Corp. have declared eligible dividends totalling 18.25 cents per share for the month ended July 31, 2019, payable Aug. 15, 2019, to shareholders of record at the close of business on July 31, 2019.

Eligible shareholders have the opportunity to reinvest their dividends in accordance with the corporation's dividend reinvestment and share purchase plan. Additional details can be found in the investor information section of the corporation's website.

The dividend is designated as an eligible dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits which reduce income tax otherwise payable.

About Exchange Income Corp.

Exchange Income is a diversified acquisition-oriented company, focused in two sectors: aerospace and aviation services and equipment, and manufacturing.

 

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STAT DATA: Deb.Price is Xx/19
Bd.symb.: coup.: matur.: conv.: LAST: BkVal: %ytm : $deb.pr: model: u/o-val: EntVal.: Ebit.: EV/eb: PER :

SGY.db.- : 5.75%: 12/22: $2.75: $1.20: $2.63: 8.44%: $92.02: $96.81: -5.21%: $854m $138m: 6.21: N/A :
SGY.db.A: 6.75%: 06/24: $2.25: $1.20: $2.63: 6.93%: $99.25: 100.63: -1.39%: $854m $138m: 6.21: N/A :
EIF.db.K  : 5.75%: 03/26: 49.00: 38.22: 19.21: 5.77%: $99.89: 107.69: -7.81%: $2.30b  $281m 8.19: 17.8 :

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Added to my Ownership of :
Alaris Debs / AD.DB / 5.50% maturing: 30-Jun-2024 (4.7 yrs) /

conv.@ $24.25: 41.2371 common shares for each $1,000

AD.t / Alaris Royalties ... All-data : fr. May'13 : 6mo : 10d/

Last: $19.49 /vs. cv@ $24.25 : 80.4% / Deb: $95. = 20.5%/ Cash Yield: 5.79% + 5.3/4.7= 1.12% = 6.91%

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: fr. May'13 : fr. 2016 :

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dividend history

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> ALARIS https://www.alarisroyalty.com/investors/presentations-and-events

====
YearE Price : Divid : Yield%  $TNX : Differ.:.Bk.Val.: Rev/sh: %chg.: (Adj): NCF/sh: %Div
2008: $9.00: $1.44 : 16.0% : 2.10%: 13.9%:
2009: $9.15: $0.84 : 9.18% : 3.70%: 5.48%:
2010: 11.64: $1.02 : 8.76% : 3.30%: 5.46%:
2011: 18.00: $1.14 : 6.33% : 1.95%: 4.38%:
2012: 23.00: $1.18 : 5.48% : 1.70%: 3.78%: $ ????  : $1.53: + ?????: (0.35) $1.26  : 93.7% : 22,337sh
2013: 29.87: $1.36 : 4.55% : 2.90%: 1.65%: $14.98: $1.97: +28.8%: (0.33) $1.64 : 82.9% : 28,694sh
2014: 35.36: $1.48 : 4.18% : 1.90%: 2.28%: $16.52: $2.28: +15.7%: (0.65) $1.63 : 90.8% : 32,072sh
2015: 23.50: $1.57 : 6.68% : 2.10%: 4.58%: $19.69: $2.44: +7.02%: (0.81) $1.65 : 95.2% : 34,390sh
2016: 23.95: $1.62 : 6.76% : 2.50%: 4.26%: $17.83: $2.75: +13.1%: (0.73) $2.02 : 80.2% : 36,711sh
2017: 20.67: $1.62 : 7.84% : 2.40%: 5.44%: $16.45: $2.44: - 11.3%: (0.59) $1.85 : 87.6% : 36,481sh
2018: 16.99: $1.62 : 9.54% : 2.69%: 6.85%: $17.29: $2.75: +12.3%: (0.60) $2.15 : 75.3% : 36,496sh
9/’19: 19.42: $1.65 : 8.50% : 1.67%: 6.83%: $17.23:
Aver.:  2009 -2019 : 7.12% :

> Financials: https://www.alarisroyalty.com/investors/financials#2019

YearE Price : Divid : Yield% $-Revs..: perSh : Prev.Yr.: Other: (Adj): EPS.fd %Revs : - NOTES -
2016: 23.95: $1.62: 6.76%: $00.00m: $2.75: +13.1% (0.00m) (0.73) $0.00 : 00.0%/ (36.?? sh)
q1'17: 22.31: $.405 : 7.26%: $20.88m: $0.57: ———%: (0.35m) (0.25) $0.32: 56.1%
q2’17: 23.03: $.405 : 7.03%: $22.78m: $0.62: ———%: $3.85m: (0.24) $0.38: 61.3%
q3’17: 20.57: $.405 : 7.88%: $23.78m: $0.65: ———%: 27.57m: (1.35) (0.60) <0.0%> (50.8) Impairmt.
q4’17: 20.67: $.405 : 7.84%: $21.63m: $0.59: ———%: $0.00m: (0.37) $0.22: 37.3%
2017: 20.67: $1.62: 7.84%: $89.07m: $2.42: - 11.3%: 27.95m: (2.10) $0.32: 13.2%/ (36.754 sh)
q1'18: 19.01: $.405 : 8.52%: $23.64m: $0.64: +13.2%: $5.41m: (0.73) (0.09) <0.0%> (26.0) BadDebt
q2’18: 15.94: $.405 : 10.2%: $28.44m: $0.77: +24.8%: $6.92m: (0.04) $0.73: 94.8%
q3’18: 20.29: $.405 : 7.98%: $22.69m: $0.62: - 4.58%: $7.11m: (0.10) $0.52: 83.9%
q4’18: 16.99: $.413 : 9.54%: $25.31m: $0.69: +3.95%: $0.17m: (0.40) $0.29: 42.0%/ (36.766sh)
2018: 16.99: $1.62: 9.54%: 100.08m: $2.72: +12.3%: 19.61m: (1.07) $1.65: 60.7%
q1'19: 21.08: $.413 : 7.84%: $27.66m: $0.75: +17.0%: (5.27m) (0.44) $0.31: 41.3%
q2’19: 18.81: $.413 : 8.78%: $27.40m: $0.74: - 3.66%: $8.41m: (0.14) $0.60: 81.1%
===== 

In December of 2018 the U.S. Treasury issued proposed regulations which provided administrative guidance and clarified certain aspects of U.S. Tax Reform. The proposed regulations are complex and comprehensive, and considerable uncertainty continues to exist until the final regulations are released, which is expected to occur later in 2019. As these proposed regulations have not been enacted as at June 30, 2019, their impact has not been reflected in income tax expense. However, if the proposed regulations are enacted as currently drafted, certain provisions could be effective commencing January 1, 2019. Based on the Corporation’s current capital structure, the resulting increase to income tax expense of the Company for the period ended, June 30, 2019 would be an increase of approximately $5.5 million

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AUG. 2019

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price: Y.T.M.
Lower:
ARE.DB.C : 6.05% / Aecon Group : 5.00% : 31-Dec-23 : $105.10 : 3.71%
Mod.  :
AD.DB       : 9.53% / Alaris Royalty: 5.50% : 30-Jun-24 : $  95.75 : 6.54%
EIF.DB.K.  : 7.85% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $100.24: 5.70%
EIF.DB.J   : 5.37% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $100.25 : 5.30%

+ CHE.db.D : ...

Underlying shares (of discounted Debs)

1/ EIF-etc. : fr. Jun.2017 : (updated 9/5/19)

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COMMENTARY - from the creator of the Peanut Portfolio

Market Commentary - Super Quick Points (August 30, 2019)

  • Hope you've had a nice summer.
  • As you ought to be aware, global trade concerns and terrible politically driven trade policies have thrown uncertainty into the global economy, and central banks are on a dovish stance in response.
  • I expect at least two more rate cuts from the US Fed before Christmas, and maybe one cut from the Bank of Canada (which has an overheated housing problem in Vancouver and Toronto to worry about).
  • Yield curve inversion (i.e., yield on a 10-year bond is less than the yield on 2-year bond or, if you prefer, yield on a 10-year bond is less than the yield on a 3-month treasury bill) in both the US and Canada is now clearly a thing. Note that sustained yield curve inversion (based on the the 10-year and 3-month yields) in the US has successfully predicted an economic recession in each of the last seven (7) US recessions.  Historically, the lead time from signal to recession is around 18 months.  We will see if this predictor makes it 8 for 8 sometime around early 2021. 
  • Stock markets are around record highs, even with a bit of volatility in August.  Note, however, we are getting to that spooky time of year in September and October where severe adverse market events or tripping hazard.  Also note that stock markets tend to lead economic cycles, so if the bond market is right about recession in 18 months ... 
  • Not to fear-monger, but there are risks in the system.  A Canadian federal election in October and, more significantly, a US presidential election next November will both be acrimonious in nature with unpredictable effects on markets.  
  • That said, with rates heading lower and a still (somehow) buoyant stock market, convertible debentures have exceeded all expectations so far in 2019.  As measured by the -date Peanut Convertible Debentures Index™, convertible debentures are up 10.47% year-to to August 30, 2019. 
  • It would be unreasonable to expect this type of continued performance in the near-future, however, not with the kind of risks we are facing.  
  • As per usual, stay diversified out there, and focus on quality issues and returns for the long-term. 

> source: https://convertibledebentures.blogspot.com/

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Globe says Invesque downgraded to "speculative buy"

 

2019-08-22 07:46 ET - In the News

The Globe and Mail reports in its Thursday, Aug. 22, edition that Industrial Alliance Securities analyst Brad Sturges lowered his rating for Invesque to "speculative buy" from "strong buy" following a "noisy" second quarter. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sturges trimmed his share target to $7.25 from $7.50 (all figures U.S.). Analysts on average target the shares at $7.55. Mr. Sturges says in a note: "We do admit that Invesque's share price and recent earnings results have not lived up to our expectations. Furthermore, a near-term positive catalyst to materially narrow Invesque's discount valuation may be lacking given the company's recent decline in FD AFFO [fully diluted adjusted funds from operations] per share, and the company's above-average investments risks that include an elevated FD AFFO payout ratio, above average financial leverage employed, high geographic and operating tenant concentrations, perceived U.S. SNF sector operating challenges, foreign currency exposure, and low share liquidity.

However, we continue to view Invesque's shares as undervalued relative to its U.S. seniors housing and SNF REIT/REOC peers, and to its estimated NAV."

xx

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AUG. 2019

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
Lower:
ARE.DB.C : 6.05% / Aecon Group : 5.00% : 31-Dec-23 : $105.10 : 3.71%: $18.49: $24.00: 77.0% : r2.86
Mod.  :
AD.DB       : 9.53% / Alaris Royalty: 5.50% : 30-Jun-24 : $  95.75 : 6.54%: $19.33: $24.25: 79.7% : r5.21
EIF.DB.K.  : 7.85% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $100.24: 5.70%: $38.50: $49.00: 78.6% : r4.48
EIF.DB.J   : 5.37% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $100.25 : 5.30%: $38.50: $49.00: 78.6% : r4.17

higher :
CHE.db.D : 6.89% / Chemtr.Logist: 4.75% : 31-May-24: $  91.95 : 6.54%: $10.73: $26.70: 40.2% : r2.63
SGY.db.    : 3.41% / Surge Energy : 5.75% : 31-Dec-22 : $  93.49  : 8.01%: $01.10: $02.75: 40.0% : r3.20
CF.db.A    : -0.96%/ Cana. Genuity: 6.25% : 31-Dec-23 : $101.99 : 5.72%: $05.01: $10.00: 50.1% : r3.13
DHX.db    : 30.4% / DHX Media    : 5.88% : 30-Sep-24 : $   72.00 : 13.7%: $01.69: $08.00: 21.1% : r2.89
MOGO.db: 10.9% / MogoFinance : 10.0% : 06-Jun-20 : $  95.50 : 16.4%: $04.04: $05.00: 80.8% : r13.3
======

CVD, CXD.t / Conv. Debt Indecies ... update : $18.52 / C$9.71 : r-190.7%, ignoring FX adj (C$0.00)

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Stock Offering - good for the price of Cnv, Debt > up to 80.00 now

DHX.db ... update :

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2019-10-09 16:34 C:DHX 2.22 News Release DHX Media arranges $60-million rights offering

DHX MEDIA LTD. (DBA WILDBRAIN) ANNOUNCES C$60 MILLION RIGHTS OFFERING

DHX Media Ltd. (doing business as WildBrain) is offering rights to eligible holders of its common voting shares and variable voting shares of record at the close of business on Oct. 18, 2019.

Pursuant to the rights offering, each holder of voting shares will receive one right for each voting share held. Every 3.757635354 rights will entitle the holder to subscribe for one whole voting share of the company at a price of $1.67 per voting share.

The company has entered into a standby purchase agreement with Fine Capital Partners LP as investment manager on behalf of certain of the funds it manages whereby Fine Capital has agreed to acquire any voting shares that are not taken up by holders of rights, so that a total of 35,928,144 voting shares will be issued under the rights offering. Pursuant to the standby purchase agreement, and in consideration solely for the standby commitment, the company has agreed to pay to Fine Capital a fee equal to $1.5-million. The standby fee will be paid in cash upon the completion of the rights offering.

WildBrain expects to raise gross proceeds of $60-million from the rights offering and intends to use $50-million of the proceeds to reduce the company's term loan and the remaining $10-million less offering expenses for general working capital purposes. As a result of this debt repayment, the company's net leverage ratio (1) as at June 30, 2019, would be reduced from 5.92 times to approximately 5.40 times on a pro forma basis.

The rights will trade on the Toronto Stock Exchange under the symbol DHX.RT commencing on Oct. 17, 2019, and will cease trading at 12 p.m. Toronto time on Nov. 15, 2019. The ex rights trading date for the voting shares on the Toronto Stock Exchange will be Oct. 17, 2019.

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FIRE dropped in price. Cv.Debs too

FIRE ... all-data / Last: C$0.90 - 0.01

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FIRE.DB ... Last : $76

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==

Risk ——: UnderV / Company -------- : Coupon : Maturity : Db.Price: Y.T.M.
Mod.  :
AD.DB       : 9.53% / Alaris Royalty------: 5.50% : 30-Jun-24 : $  95.75 : 6.54%:
Spec.
FIRE.DB  : 23.6% / SupremeCannabis 6.00% :  19-Oct-21 : $  85.00 : 14.4%
JE.DB.D  : 45.2% / Just Energy----------: 6.75% : 31-Mar-23 : $  67.50 : 19.8%

SUPREME CANNABIS ANNOUNCES Q4 AND 2019 FISCAL YEAR END FINANCIAL RESULTS

The Supreme Cannabis Company Inc. has released its financial and operating results for the fourth quarter and fiscal year ended June 30, 2019.

"We end fiscal 2019 as one of the few Canadian cannabis businesses building sustainable operations and valuable brands, reporting $3.2-million in adjusted EBITDA [net income (loss) excluding fair value changes on growth of biological assets, realized fair value changes on inventory sold or impaired, amortization of property, plant and equipment, and intangible assets, share-based payments, finance expense, loss on disposal of property, plant and equipment, unrealized gains or losses on investments, and income taxes] (1) for the fourth quarter," said Navdeep Dhaliwal, chief executive officer of Supreme Cannabis. "Our positive adjusted EBITDA and significant revenue growth in the fourth quarter reflects the rapid scale of our 7Acres business and continued strong sales pricing for our brands from the provinces as we transition our premium supply to recreational sales channels.

"With strong confidence in our core business, we began fiscal 2020 with two accretive acquisitions that expanded our addressable markets, provided valuable licensed operating assets and focused expertise," Mr. Dhaliwal added. "As we integrate these businesses and realize further efficiencies from our scaled 7Acres operations, we expect all of our brands to meaningfully contribute to the revenue we have forecasted for fiscal 2020. Amidst the noise of this new marketplace, Supreme Cannabis has taken a strategic and disciplined approach to develop a focused business with clear pillars: best-in-class infrastructure, top consumer brands, advanced intellectual property, and high-impact and capital-light exposure to developing international markets."

               FOURTH QUARTER AND FISCAL YEAR-END SELECT FINANCIAL AND OPERATIONAL RESULTS
                                          ($ thousands) 

                                                    Three months ended                     Year ended                
                                             June 30, 2019     June 30, 2018     June 30, 2019     June 30, 2018

Net revenue                                        $19,005            $3,545           $41,833            $8,855
Operating expenses                                  11,564             5,114            38,713            15,866
Net (loss) after taxes                                (421)              234           (14,497)           (7,347)
Basic and diluted (loss) per common share            (0.00)            (0.00)            (0.05)            (0.03)
Adjusted EBITDA (1)                                  3,195            (1,641)           (4,452)           (6,964)

Brands

Supreme Cannabis's core recreational flower brand, 7Acres, accounted for the company's marked increase in revenue, growing 443 per cent year over year from $3.5-million in fourth quarter 2018 to $19-million in fourth quarter 2019 and 90 per cent quarter over quarter from $10-million in third quarter 2019.

Outlook

Supreme Cannabis believes that the company is well positioned to take significant steps forward in fiscal 2020, including:

  • Expected net revenue of between $150-million and $180-million;
  • Expected positive adjusted EBITDA (1) on aggregate over the course of the year;
  • 7Acres to complete its transition from a wholesale business to premium consumer brand by third quarter fiscal 2020, with complete in-house packaging capabilities for all flower products under the 7Acres brand;
  • Pursuing non-dilutive financing with Tier 1 banks and other lenders to provide financial flexibility for future growth initiatives;
  • Fully financed to execute on all planned initiatives.

> https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aFIRE-2810691&amp;symbol=FIRE&amp;region=C

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Oil & Energy stocks with Cv.Debs

Reports: aug'19: SEP. 2019

SGY-etc ... 3yr: 2yr: 12mo: 10d / Last: C$1.03

https://imgur.com/Bs2Kg1UBs2Kg1U.gif

: 12mo:

https://imgur.com/nFKzcxpnFKzcxp.gif

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
Oilies:
CJ.db.     : 0.00% / Cardinal Egy.  : 5.50% : 31-Dec-20 : $  98.60  : 6.71%:  $ 1.22: $02.28: 53.5% : r0.00
GEI.db.    : 0.00% / Gibson Egy.    : 5.25% : 15-Jun-21  : $107.50 : 0.94%:  $ 1.76: $22.23: 00.0% : r0.00
JE.db.D.   : 0.00% / Just Energy    : 6.75% : 31-Mar-23 : $  81.55 : 13.6%:  $ 2.92: $08.90: 00.0% : r0.00
KEL.db.    : 0.00% / Kelt Explora.  : 5.00% : 31-May-21 : $ 102.75 : 3.26%: $ 1.64: $05.50: 00.0% : r0.00
SGY.db.    : 0.00% / Surge Energy : 5.75% : 31-Dec-22 : $  93.75  : 7.98%:  $ 1.11: $02.75: 40.4% : r0.00
SGY.db.A : 0.00% / Surge Energy : 6.75% :  30-Jun-24 : $  96.75  : 7.58%:  $ 1.11: $02.25: 49.3% : r0.00
=======

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Testing the High : A Harvesting Opportunity?

EIF / Exchange Income Fund ... fr. 2012 : / Last:  $44.37 - 5.14% Yield ($2.28) > 5% @ $45.60; PER: 19.4

dkPMtiG.gif

 

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
Mod.  :
EIF.DB.K.  : 7.85% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $100.24: 5.70%: $38.50: $49.00: 78.6% : r4.48
EIF.DB.J   : 5.37% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $100.25 : 5.30%: $38.50: $49.00: 78.6% : r4.17 

tFdp5Nf.png

News ReleasesIn The NewsOther
Date ET Symbol Price Type Headline
2019-11-07 17:31 C:EIF 40.06 News Release Exchange Income earns $28.99-million in Q3
2019-11-07 17:06 C:EIF 40.06 SEDAR Interim Financial Statements SEDAR Interim Financial Statements
2019-11-07 17:06 C:EIF 40.06 SEDAR MD & A SEDAR MD & A
2019-11-05 16:20 C:EIF 40.19 News Release Exchange Income arranges $1.3-billion credit facility
2019-10-29 09:05 C:EIF 38.17 News Release Exchange Income closes $80.53-million financing
2019-10-25 15:04 C:EIF 37.76 Prospectus Approved Exchange Income to list 1.86M more shares Oct. 29

Exchange Income earns $28.99-million in Q3

2019-11-07  - News Release

Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION REPORTS RECORD QUARTERLY REVENUE AND EPS

"The third quarter saw us reach new highs on a number of financial metrics, once again demonstrating the importance of our diversified business model," said Mike Pyle, the chief executive officer of Exchange Income. "Record revenue and EBITDA contributed to a new milestone for EIC; our adjusted net earnings were $1.03 per share for the quarter -- the first time in our history that our adjusted net earnings exceeded $1 per share. Net earnings per share increased 17 per cent to 90 cents. (in C$)

Q3 financial highlights:

  • Revenue and EBITDA (defined in the attached table) each reached all-time quarterly highs:
    • Revenue grew 15 per cent to $355-million.
    • EBITDA increased by 12 per cent to $89-million.
  • Adjusted net earnings per share increased 10 per cent to $1.03 per share.
  • Adjusted net earnings payout ratio improved to 55 per cent from 58 per cent for the quarter; the trailing 12-month payout ratio improved to 72 per cent from 75 per cent.
  • Free cash flow less maintenance capital expenditures increased to 49 per cent from 42 per cent for the quarter; the trailing 12-month payout ratio improved to 57 per cent from 62 per cent.

These results were achieved despite a temporary headwind; an airline customer of Regional One filed for bankruptcy, resulting in a bad-debt expense of approximately $6-million.

 

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Food Royalty Companies
 
PZA vs KEG.ut Food Royalty Co's... 5yr : fr. May 2019 : 10d / PZA: $9.44, KEG.ut: $16.10
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: fr. May 2019 /
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KEG.ut.T / Keg Royalties Income Fund (FUND)  ... all-data : xx / Last: 16.10

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PZA.T / Pizza Pizza Royalty ... all-data : xx / Last: $9.44
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Pizza Pizza Ltd. is a franchised Canadian pizza quick-service restaurant, with its headquarters in Toronto, Ontario. Its restaurants are mainly in the province of Ontario while others are located in Quebec, Nova Scotia, Prince Edward Island, and western Canada. Wikipedia
 
==== CPI.ca : chg.% / PZA.T: BkVal.: Div. : Yield : Revs : chg% : Pr/Rv /KEG.ut:  Div.: Yield: Revs : chg% : Pr/Rv /
2012: 00.00 : +1.52%/
2013: 00.00 : +0.94%/
2014: 00.00: +1.91% / 00.00: 00.00: $0.00: 0.00%: 000.0: +0.0%: 00.00/ 00.00:
2015: 127.5: +1.13% / 13.65: 00.00: $0.00: 0.00%: 000.0: +0.0%: 00.00/ 17.81:
2016: 129.0: +1.43% / 17.66: 00.00: $0.00: 0.00%: 000.0: +0.0%: 00.00/ 21.10:
2017: 130.8: +1.60% / 16.20: $0.87 : $0.00: 0.00%: 551.1: +0.0%: 00.00/ 19.99:
2018: 133.4: +1.90% / $8.95: $0.85 : 0.856: 9.56%: 546.3: +0.0%: 00.00/ 16.09:
====
: Q.4:  130.8: +0.35% / 16.20: 00.00: $0.00: 0.00%: 000.0: +0.0%: 00.00/ 19.99:
2018:
: Q.1 : 132.9: +1.61% / 14.15: $0.22 : 0.214: 6.05%: 135.3: +0.0%: 00.00/ 18.30:
: Q.2 : 133.6: +0.53% / 12.25: 0.202 : 0.214: 6.99%: 131.1: +0.0%: 00.00/ 17.65:
: Q.3 : 133.7: +0.07% / $9.56: $0.21 : 0.214: 8.95%: 138.5: +0.0%: 00.00/ 17.74:
: Q.4 : 133.4: - 0.22% / $8.95: $0.00 : 0.214: 9.56%: 000.0: +0.0%: 00.00/ 16.09:
2019
: Q.1 : 135.4: +1.50% / 10.07: $0.21 : 0.214: 8.50%: 133.9: +0.0%: 00.00/ 17.40:
: Q.2 : 136.3: +0.66% / $9.99: 0.206 : 0.214: 8.56%: 134.3: +0.0%: 00.00/ 17.19:
: Q.3 : 136.2: - 0.08% / 10.27: $0.21 : 0.214: 8.33%: 138.5: +0.0%: 00.00/ 16.50:
====:
vjfB9uP.png
 
9rdhNwn.png

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Where there's smoking, there's FIRE / Supreme Cannabis

"rapid deterioration of pricing and demand in the wholesale market " - uh-oh !

FIRE under pressure, relative other stocks ... update / Last: C$0.65 + 0.04

aVcV0tM.gif

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
higher :
FIRE.db    : 23.6% / SupremeCana: 6.00%: 19-Oct-21 : $  85.00 : 14.4% : $01.38 : $02.45: 56.3% : r8.11 - 08/30/19
FIRE.db    : ???  % / SupremeCana: 6.00%: 19-Oct-21 : $  65.00 : 31.6%: $00.71 : $02.45: 29.0% : r9.16 - 11/15/19

6MRd7uW.png

NEWS

Date ET Symbol Price Type Headline
2019-11-18 10:02 C:FIRE 0.71 News Release Supreme Cannabis's Blissco launches Pur Dew CBD oil
2019-11-14 17:16 C:FIRE 0.75 News Release Supreme Cannabis loses $16.52-million in Q1
2019-11-14 16:38 C:FIRE 0.75 SEDAR Interim Financial Statements SEDAR Interim Financial Statements
2019-11-14 16:38 C:FIRE 0.75 SEDAR MD & A SEDAR MD & A

Supreme Cannabis's wholly owned subsidiary, 7Acres, accounted for the company's year-over-year increase in net revenue, growing 122 per cent from $5.1-million in first quarter 2019 to $11.4-million in first quarter 2020. The net revenue achieved during first quarter 2020 was composed of $10.5-million from 7Acres and $900,000 from Blissco. Quarter over quarter, net revenue decreased 40 per cent from $19-million in fourth quarter 2019. The quarter-over-quarter decrease in net revenue is predominantly attributable to the combination of a rapid deterioration of pricing and demand in the wholesale market and the previously announced 7Acres mechanical failure in grow rooms 1, 2 and 3, which was an isolated one-time event with all three grow rooms recommissioned and replanted in September, 2019.

In first quarter 2020, in response to wholesale market conditions, the company prioritized its annual performance objectives by product planning for future quarters and holding back product from wholesale channels. In the second half of fiscal 2020, the company expects this inventory of high-quality products to serve as inputs for flower convenience products and select cannabis derivative products, including prerolled joints, CBD (cannabidiol) oils and vaporizer oils. The company continues to reduce its reliance on the wholesale market as it increases packaging capacity at its 7Acres facility and transitions 7Acres to solely recreational sales. In first quarter 2020, wholesale sales accounted for 57 per cent of cannabis flower sales, as compared with 65 per cent in fourth quarter 2019 and 100 per cent in first quarter 2019. As Supreme Cannabis transitions into a CPG company, sales from recreational markets continue to increase. In first quarter 2020, the company saw strong demand for its consumer-facing brands, with net revenue from recreational sales increasing 68 per cent quarter over quarter.

Credit facility

The credit facility is secured by the assets of the company, including the 7Acres facility. Pricing is based on a set margin over the BMO Canadian-dollar prime rate or bankers acceptance and a pricing grid linked to certain financial ratios. It is expected to be at the outset between 5 and 6 per cent per annum. The credit facility has a three-year term and contains customary financial and restrictive covenants. Supreme Cannabis may repay any portion drawn under the credit facility at any time without penalty. Supreme Cannabis has the option to increase the revolving credit facility by $10-million subject to agreement by the lenders and satisfaction of certain legal and business conditions. In connection with the closing of the credit agreement, the company has initially drawn $55-million of the term loan under the credit facility.

Outlook

Supreme Cannabis confirms its financial outlook for fiscal 2020, which was previously announced on Sept. 17, 2019:

  • Expected net revenue of between $150-million and $180-million;
  • Expected positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) on aggregate over the course of the year;
  • 7Acres to complete its transition from a wholesale business to premium consumer brand by third quarter 2020, with complete in-house packaging capabilities for all flower products under the 7Acres brand;
  • Fully financed to execute on all planned initiatives.

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DHX Media closes $60-million rights offering

2019-11-22 11:14 ET - News Release

Ms. Nancy Chan-Palmateer reports

DHX MEDIA LTD. (DBA WILDBRAIN) ANNOUNCES CLOSING OF OVERSUBSCRIBED RIGHTS OFFERING

DHX Media Ltd. (doing business as WildBrain) has completed its previously announced rights offering, which expired at 5 p.m. ET on Nov. 15, 2019. WildBrain issued the full allotment of 35,928,144 voting shares of the company at a price of $1.67 per voting share for gross proceeds of $60-million. The rights offering was oversubscribed, with shareholders exercising rights to purchase an aggregate of $62.5-million of voting shares, $2.5-million more than the maximum amount of voting shares available for issuance.

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CVD, CXD.t / Conv. Debt Indecies ... update : w/BCV: 10d : at 12/10: $18.32 / C$9.89 : r-185.2%, prev.r190.7%
tp6RzKy.gif

: w/BCV:

9iPF7Lj.gif

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Update DHX/ Wildbrain -etc

DHX / Wildbrain -etc. from Jun.2017 : Jun.2017 / DHX $82 / $1.= r-55x

ZGT1bb1.gif

DHX.t / Wildbrain, since 2014 / Last: C$1.50

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News

Date ET Symbol Price Type Headline
2019-12-17 15:13 C:DHX 1.57 News Release DHX Media holders OK name change to WildBrain
2019-12-11 14:55 C:DHX 1.47 News Release DHX insiders purchase 19.2M shares under offering
2019-12-06 17:03 C:DHX 1.56 SEDAR Early Warning Report SEDAR Early Warning Report
2019-12-05 08:25 C:DHX 1.61 News Release DHX Media to delist from Nasdaq

DHX MEDIA LTD. (DBA WILDBRAIN) ANNOUNCES INSIDER PARTICIPATION IN RECENTLY COMPLETED RIGHTS OFFERING

DHX Media Ltd. (doing business as WildBrain) has provided additional information regarding insider participation in the company's rights offering that closed on Nov. 22, 2019.

In total, 35,928,144 common and variable voting shares were issued under the rights offering to raise $60-million in gross proceeds. Insiders purchased over 53 per cent of the total number of shares issued.

Pursuant to the basic subscription privilege under the rights offering, 23,145,078 shares were issued, with company insiders acquiring 10,802,451 of the basic subscription shares. Pursuant to the additional subscription privilege under the rights offering, 12,783,066 voting shares, with company insiders acquiring 8,404,570 of the additional subscription shares.

/ 2 /

Halifax, NS – November 6, 2019 – DHX Media (dba WildBrain) (“WildBrain” or the “Company”) (TSX: DHX, NASDAQ: DHXM), a global kids’ and family content and brands company, today reported its Fiscal 2020 first quarter results for the three-month period ended September 30, 2019 (“Q1 2020”).

Eric Ellenbogen, WildBrain CEO, said: “In Q1 2020, we saw double-digit growth in viewership in our AVOD business, WildBrain Spark. We reached a new milestone with over four billion views a month. We also delivered Snoopy in Space, our first new original Peanuts content for Apple TV+ that debuted worldwide this month. The recently announced rights offering is an important vote of confidence from our shareholders – backstopped by our largest shareholder – that strengthens WildBrain’s financial position and is a further step towards long-term sustainable growth.

/ 3 /

  • Revenue increased 8% to $112.3 million in Q1 2020 vs $104.0 million in Q1 2019.
  • Cash flow from operations increased to $18.7 million in Q1 2020 vs negative cash flow of $10.0 million in Q1 2019.
  • $7.6 million was paid down on the term loan in Q1 2020 from excess cash flow.
  • Adjusted EBITDA rose to $19.6 million compared to $17.3 million in Q1 2019.
  • Net loss was $16.0 million vs a net loss of $2.4 million in Q1 2019, affected by one-time reorganization charges and a non-cash foreign exchange loss.
  • WildBrain Spark1 views grew 66% to over 12 billion in Q1 2020; revenue rose 37% to $22.1 million vs $16.2 million in Q1 2019.
  • Post quarter-end, we announced a $60.0 million rights offering, of which $50.0 million will be used to reduce the term loan and the remaining balance for working capital. After this repayment, the net leverage ratio5 will be reduced from 5.66x to approximately 5.14x as at September 30, 2019 on a pro forma
  • Post quarter-end, lender consent was obtained to amend the term loan to remove the step downs in the net leverage covenant5 and retain the covenant at 6.75x for the remainder of the loan term.

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
higher :
DHX.db    : 13.5% / DHX Media    : 5.88% : 30-Sep-24 : $  82.00 : 10.76%: $ 1.56: $ 8.00: 19.5% : r2.10
CF.db.A    : -2.68%/ Cana. Genuity: 6.25% : 31-Dec-23 : $103.00 : 5.42%: $ 4.94: $10.00: 49.4% : r2.68
CHE.db.D : 6.89% / Chemtr.Logist: 4.75% : 31-May-24: $  91.95 : 6.54%: $10.73: $26.70: 40.2% : r2.63
SGY.db.    : 3.41% / Surge Energy : 5.75% : 31-Dec-22 : $  93.49  : 8.01%: $01.10: $02.75: 40.0% : r3.20
CF.db.A    : -0.96%/ Cana. Genuity: 6.25% : 31-Dec-23 : $101.99 : 5.72%: $05.01: $10.00: 50.1% : r3.13

2DOa4FT.png

===

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Invesque

IVQ -vs- mhIVf ... update

A6xYWIh.gif

IVQ.dbV ... update

xx

===

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
higher :
IVQ.db.V  : 13.2% / Invesque-us  :  6.00% : 30-Sep-23 : $  84.47 :  11.1%: $ 6.23: $10.70: 58.2% : r6.46
DHX.db    : 13.5% / DHX Media    : 5.88% : 30-Sep-24 : $  82.00 : 10.76%: $ 1.56: $ 8.00: 19.5% : r2.10
CF.db.A   : -2.68% / Cana. Genuity: 6.25% : 31-Dec-23 : $103.00 : 5.42%: $ 4.94: $10.00: 49.4% : r2.68
CHE.db.D : 9.60% / Chemtr.Logist: 4.75% : 31-May-24: $  89.50 : 7.55%: $10.91: $26.70: 40.9% : r3.08
CHE.db.E : 10.4% / Chemtr.Logist: 6.00% : 31-Oct-26  : $  94.50 : 7.53%: $10.91: $19.75: 55.2% : r4.16
SGY.db.A : 1.50% / Surge Energy  : 6.75% : 30-Jun-22 : $  97.00  : 7.54%: $01.01: $02.25: 44.9% : r3.39
SGY.db.    : 2.65% / Surge Energy  : 5.75% : 31-Dec-22 : $  94.00 : 7.99%: $01.01: $02.75: 36.7% : r2.93

==

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WILD/ Wildbrain, after the Name change (from DHX Media): C$1.62 + 0.09, +5.88%

Date ET Symbol Price Type Headline
2019-12-17 15:13 C:DHX 1.57 News Release DHX Media holders OK name change to WildBrain
2019-12-11 14:55 C:DHX 1.47 News Release DHX insiders purchase 19.2M shares under offering

Reminder ! : Insiders purchased over 53 per cent of the total number of shares issued.

"Pursuant to the basic subscription privilege under the rights offering, 23,145,078 shares were issued, with company insiders acquiring 10,802,451 of the basic subscription shares. Pursuant to the additional subscription privilege under the rights offering, 12,783,066 voting shares, with company insiders acquiring 8,404,570 of the additional subscription shares." 10.8M + 8.4M = 19.2M x $1.50= C$28.8Million

WILD (ex.DHX) -etc. from 1/1/2016 : Jun.2017 : Invesque : IVQ.DB.V - IVQ.U =

utKLba8.gif

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price : Y.T.M.: u/l price: conv. : Pct. : Y xPct:
Higher :
CF.db.A    : -0.96%/ Cana. Genuity: 6.25% : 31-Dec-23 : $101.99 : 5.72%: $05.01: $10.00: 50.1% : r3.13
WILD.db   : 30.4% / Wild Brain      : 5.88% : 30-Sep-24 : $   72.00 : 13.7%: $01.69: $08.00: 21.1% : r2.89

5.88% / Deb-Last: $81.04 = 7.25% running yield: WILD.db (5.875%, 7.25%): $ 81.04 / WILD= $1.62 =r-50.0 : cv$8: 20.3%

84pEp9s.png

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EIF-etc. : fr. Jun.2017 : 10d

(updated 1/3/20): EIF.db.K (5.75%, 5.55%): $103.60 / EIF= $44.81 =r-2.31 : cv-$49: 91.4%

sEbRb9a.gif

EIF.db.K (5.75%, 5.55%): $103.60

VMXT3MD.png

 

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Siyata Mobile is gaining some good business; Large orders

I bought some Convertible Debs here - they have a high yield*, (12%) but are unquoted

Siyata Mobile is a leading global developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets, marketed under the Uniden Cellular brand. Since developing the world's first 4G/LTE connected vehicle device, Siyata has been a pioneer in the industry, launching the world's first LTE all-in-one fleet communications device. Incorporating voice, push-to-talk over cellular, data, and fleet management solutions into a single device, the company aims to become the connected vehicle communications device of choice for commercial vehicles and fleets around the world.

 

SIM / Siyata ... update / Last: $0.29 / 12mo Range: 0.26 - 0.60

RgMcGxI.gif

2020-01-16 23:31 C:SIM 0.30 Private Placement - Debenture Siyata Mobile $7,866,000 debenture private placement

Convertible debenture:  $7,866,000 face value : Maturity: Dec. 23, 2021

Conversion price:  convertible at 45 cents into 17.48 million shares and 7,866,000 warrants
Warrants:  Each warrant is exercisable into one common share at 45 cents until Dec. 23, 2022.
Interest rate:  12 per cent per annum
Number of placees:  58 placees (one was me!)

(Meantime, product orders are coming in strong...)

2020-01-27 08:10 C:SIM 0.28 News Release Siyata Mobile receives $1.1M order for Uniden UV350

Siyata Mobile Inc. has received a $1.1-million purchase order for the Uniden UV350 in-vehicle IoT (Internet of things) device from a major U.S. cellular business-to-business distributor servicing cellular carriers, first responders and commercial fleets across the United States.

Marc Seelenfreund, chief executive officer of Siyata Mobile, commented: "This marks the single largest purchase order for the UV350 to date and we are very pleased to be working with this highly specialized B2B distributor in the U.S. With the necessary carrier approvals, growing distribution channels and numerous high-value trials in place, we anticipate continued growing adoption of the UV350 in the primary and extended first responder market and commercial fleet verticals."

Available through AT&T, FirstNet, Verizon, Rogers and Bell, the Uniden UV350 is the world's first dedicated in-vehicle IoT device with carrier grade push-to-talk over cellular (PoC), dedicated speakers and microphones for mission critical sound quality, and a large 5.5-inch widescreen for easy navigation, monitoring and functionality.

==

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Updated Jan. 2020 - with DB prices updated 1.28.2020*

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price *Db.Update: Y.T.M.: u/l price: conv. : Pct. : Y xPct:
Lower:
ARE.DB.C : 4.36% / Aecon Group : 5.00% : 31-Dec-23 : $105.74 : $104.75 : 3.85%: $17.70: $24.00: 73.8% : r2.84
Mod.  :
AD.DB       : 5.04% / Alaris Royalty: 5.50% : 30-Jun-24 : $101.90: $103.00 : 5.02%: $22.28: $24.25: 91.9% : r4.61
EIF.DB.K.  : 7.02% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $102.90: $102.85 : 5.20%: $43.70: $49.00: 89.2% : r4.64
EIF.DB.J   : 5.19% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $102.58 : $102.75 : 4.81% : $43.70: $49.00: 89.2% : r4.17

higher :
CHE.db.D : 6.99% / Chemtr.Logist: 4.75% : 31-May-24: $  91.75 : $  90.00 : 6.96%: $11.09: $26.70: 41.5% : r2.89
SGY.db.    : -1.74% / Surge Energy : 5.75% : 31-Dec-22 : $  98.50  : $ 98.40 : 6.31%: $01.09: $02.75: 39.6% : r2.50
CF.db.A    : -3.37% / Cana. Genuity: 6.25% : 31-Dec-23 : $103.50 : $103.75 : 5.26%: $04.76: $10.00: 46.8% : r2.46
WILD.db   :  14.1% / Wild Brain      : 5.88% : 30-Sep-24 : $   81.75 : $  82.05 : 10.9%: $01.65: $08.00: 16.5% : r1.80
TH.db.U   :  17.6% / Theratechnol.: 5.75% : 30-Jun-23 : $  80.00 : $  84.80 : 13.1%: $02.77: $14.85: 18.7% : r2.44
MOGO.db:  8.31% / MogoFinance: 10.0% : 06-Jun-20 : $  94.04 : $  93.00 : 26.0% : $03.76: $05.00: 75.2% : r19.5
JE.db.D.   : 46.2% / Just Energy.   : 6.75% : 31-Mar-23:  $ 67.00 : $  60.01 : 21.4% : $02.08: $08.90: 23.5% : r5.03
FIRE.db    : 90.3% / SupremeCana: 6.00% : 19-Oct-21 : $  51.11 : $  55.00 : 50.9% : $00.49: $02.45: 20.0% : r10.2
=======

> Felix Choo, CFA at : https://convertibledebentures.blogspot.ca/. / List : peanut-power-rankings.html

Financial Statistics

Symb.: Last$: BkVal: Earn.: X-Conv@: MktCap: Debt-$: Cash-$: Ent.Val.: Ebitda EV/ebi: Pr.BV.: Pr.CV: NDb/MC
TH      : $3.74: $0.39: (.089) 0-$14.85: $288.M: $50.4M: $42.0M: $289.M: $ 4.3 M: r-67.3 : 9.59x: 25.2%:  2.92%
FIRE    : $0.52: $0.71: (.085) 0-$02.45: $184.M: $87.3M: $36.4M: $238.M: (2.63M) - N/A- : 73.% : 21.2%:   27.7%
MOGO: $3.49: $0.29: (0.35) 0-$05.00: $95.4M: $138.M: $00.5M: $220.M:  - N/A-  : - N/A- : 11.8x : 79.8%:  144.%
JE       : $2.12: (2.99): (2.65) D-$08.90: $321.M: $725.M: $30.1M: $1.16B.: $46.8M: r24.8 : -N/A-  : 23.8%:  217.%
CHE.ut: $9.61: $8.66: (1.99) D-$26.70: $890.M: $1.54 B: $11.6M: $2.49B.: $286.M: r8.72 : 111.% : 36.0%:  172.%
=====

Presentations : TH : FIRE : MOGO :

TH- FIRE- etc ... update:

OqJkMNI.gif

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