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Message: Q3

Re: Q3...SGR the derivative

in response to by
posted on Nov 11, 2009 03:20PM

MB, I picked up on the flow through comment too. In the past, the biggest shark has parked the flowthough in his CMP and Dominion funds only to roll the shares out as the fund did it's annual rollover. My guess is this was a straight cross to Dundee and it was usually done in July. Reading through some of the trust docs, July 2011 is a big roll date for CMP 2009. If you are booking huge cap gains in the tax account it might offset the effectiveness of the tax savings.

Now that SGR is stand alone I doubt it will be a big provider of flowthrough for the funds anymore and less of a tax vehicle for Ned and more of an equity play, which is why a sweetener for SGR is now SGX which gives his Nedness continual flowthrough for his tax funds but limits dilution for SGR and paves the way for upside appreciation n the stock price.

Check out the greensheet for Dominion. It takes awhile to load.

http://www.canadadominion.com/i/pdf/2009-Greensheet.pdf

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