Author Topic: IAM.TO - Integrated Asset Management  (Read 3580 times)

Rod

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Re: IAM.TO - Integrated Asset Management
« Reply #10 on: June 18, 2019, 12:46:39 PM »

I elected all cash and it sounds like if that option was selected, it will be about 90% cash but I'm assuming they understood my question correctly.


I hold IAM in an account with RBC Direct Investing and also one with Scotia iTrade. Only RBC asked me for how I wanted to receive proceeds--iTrade just asked for a vote on the deal. Anyone notice anything like that with their broker? I'm assuming if the deal is approved, iTrade will send the form to indicate whether I want cash or stock.

I don't think that is the case. The deadline for electing how you want your proceeds has passed (it was two days before the meeting) and if you haven't made a choice you will get the combined consideration. I'm pretty sure your other broker messed up.

Yeah, looks like it. iTrade sent me the "Form of proxy" as seen on SEDAR, which is for the vote only, nothing else. I guess you guys will be getting some of my cash  ::)


bizaro86

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Re: IAM.TO - Integrated Asset Management
« Reply #11 on: June 18, 2019, 01:23:08 PM »

I elected all cash and it sounds like if that option was selected, it will be about 90% cash but I'm assuming they understood my question correctly.


I hold IAM in an account with RBC Direct Investing and also one with Scotia iTrade. Only RBC asked me for how I wanted to receive proceeds--iTrade just asked for a vote on the deal. Anyone notice anything like that with their broker? I'm assuming if the deal is approved, iTrade will send the form to indicate whether I want cash or stock.

I no longer have any accounts with Scotia iTrade for this reason. They are terrible to deal with for corporate actions. My experience was generally:

1) Call and wait on hold
2) Tell the person I spoke with what I wanted to do (tender, whatever)
3) Have them argue that there is no such action and I am mistaken
4) Argue some more, finally convince them that I should get escalated to a supervisor
5) Have the supervisor tell me there is no such action and I am mistaken
6) Convince the supervisor to send in a ticket for someone to research
7) 2 days later, get an automated message that I should call them.
8) Call and wait on hold
9) Give instructions verbally to someone with absolutely no finance facility whatsoever, slowly and painfully.

After a few odd lot tenders where I spent hours on the phone for a $100 profit, I moved my accounts. YMMV, but if you expect to do special situations with any regularity I wouldn't use iTrade.

Rod

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Re: IAM.TO - Integrated Asset Management
« Reply #12 on: June 18, 2019, 01:47:33 PM »

I elected all cash and it sounds like if that option was selected, it will be about 90% cash but I'm assuming they understood my question correctly.


I hold IAM in an account with RBC Direct Investing and also one with Scotia iTrade. Only RBC asked me for how I wanted to receive proceeds--iTrade just asked for a vote on the deal. Anyone notice anything like that with their broker? I'm assuming if the deal is approved, iTrade will send the form to indicate whether I want cash or stock.

I no longer have any accounts with Scotia iTrade for this reason. They are terrible to deal with for corporate actions. My experience was generally:

1) Call and wait on hold
2) Tell the person I spoke with what I wanted to do (tender, whatever)
3) Have them argue that there is no such action and I am mistaken
4) Argue some more, finally convince them that I should get escalated to a supervisor
5) Have the supervisor tell me there is no such action and I am mistaken
6) Convince the supervisor to send in a ticket for someone to research
7) 2 days later, get an automated message that I should call them.
8) Call and wait on hold
9) Give instructions verbally to someone with absolutely no finance facility whatsoever, slowly and painfully.

After a few odd lot tenders where I spent hours on the phone for a $100 profit, I moved my accounts. YMMV, but if you expect to do special situations with any regularity I wouldn't use iTrade.

Who do you recommend?

bizaro86

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Re: IAM.TO - Integrated Asset Management
« Reply #13 on: June 18, 2019, 02:05:49 PM »
I use Interactive Brokers and RBC Direct Investing.

SafetyinNumbers

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Re: IAM.TO - Integrated Asset Management
« Reply #14 on: June 18, 2019, 08:14:34 PM »
I use Interactive Brokers and RBC Direct Investing.

I use those and TD Direct Investing as well. You can get an agent quickly if you call through the app.
Top 5 positions: ELF GCM.NT/GCM.WT.B PIF EFR.DB TII.V

writser

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Re: IAM.TO - Integrated Asset Management
« Reply #15 on: June 25, 2019, 12:33:45 AM »
$0.08 special dividend announced (link), conditional upon deal closing. Nice, bit more than I was expecting.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

Foreign Tuffett

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Re: IAM.TO - Integrated Asset Management
« Reply #16 on: July 03, 2019, 08:11:42 AM »
Transaction has closed. Note the consideration for each election.

https://finance.yahoo.com/news/fiera-capital-corporation-completes-acquisition-135800973.html

Foreign Tuffett

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Re: IAM.TO - Integrated Asset Management
« Reply #17 on: July 09, 2019, 08:23:58 AM »
$0.08 dividend, minus 15% Canadian withholding tax, hit my IB account on the 4th. Note that I'm in the US.

writser

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Re: IAM.TO - Integrated Asset Management
« Reply #18 on: July 12, 2019, 06:43:51 AM »
Deal has closed. Average buy price was ~C$2.62. Cash, net dividend, tax credits and FSZ consideration worked out to be ~$2.645 or something per share. Still left with a CVR that should, if things stay the way they are, should pay out $0.25 over the next few years (and I hope / expect over C$0.17 within a year as real estate fund 1 reaches its initial maturity date in March 2020) . Large position for me (10%+), good to have some margin space again. I've been buying all the way sinds March. Very happy with how things turned out and content with being confident enough to make this a huge position.

The one thing that bothers me a bit is that I should perhaps have been buying more shares around March 22 - March 27. Basically if I had done my homework with a bit more urgency and had bigger balls I could have been more aggressive at the time. I did accumulate a decent position, including a chunk at the post-announcement low of C$2.51 but around that level this was really the opportunity of the year and I should probably have bought more there. Always easy to say in hindsight though. Proxy wasn't available, got a bit scared of the selling pressure, etc.
« Last Edit: July 12, 2019, 07:23:46 AM by writser »
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

hillfronter83

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Re: IAM.TO - Integrated Asset Management
« Reply #19 on: July 12, 2019, 07:16:45 AM »
Deal has closed. Average buy price was ~C$2.62. Cash, net dividend, tax credits and FSZ consideration worked out to be ~$2.645 or something per share. Still left with a CVR that should, if things stay the way they are, should pay out $0.25 over the next few years. Large position for me (10%+), good to have some margin space again. I've been buying all the way sinds March. Very happy with how things turned out and content with being confident enough to make this a huge position.

The one thing that bothers me a bit is that I should perhaps have been buying more shares around March 22 - March 27. Basically if I had done my homework with a bit more urgency and had bigger balls I could have been more aggressive at the time. I did accumulate a decent position, including a chunk at the post-announcement low of C$2.51 but around that level this was really the opportunity of the year and I should probably have bought more there. Always easy to say in hindsight though. Proxy wasn't available, got a bit scared of the selling pressure, etc.

Congrats!!