IAM.TO - Integrated Asset Management

[writser]

Fiera Capital Q3 financials are out today. I was thinking maybe there would be an updated CVR valuation based on a H1 2020 fund valuation but no such thing. CVR's still on the book for C$5m in total, ~28.7m CVR's outstanding makes for about C$0.17 per CVR.

[writser]

Well, I see no official confirmation anywhere yet but it looks like former IAM shareholders received C$0.256 or something like that per CVR today. Some armchair research (i.e. Google) leads to this: Fiera divested the GPM 11 fund (link) earlier this year which was ahead of schedule, as far as I know. GPM 11 and GPM 12 were the two funds connected to the CVR (link), with GPM-11 scheduled to mature in 2021 and GPM-12 in 2024.

So, it looks like only one of the funds was divested yet it already paid out as much as the CVR was valued at during the deal ($0.257 undiscounted, $0.174 discounted, if my notes are correct). So, a large payout, way faster than expected and still more expected. And best of all, I got paid to own the CVR. Super nice.

This was already one of my favorite trades in 2019, before the CVR actually paid out anything, but now it certainly is.

[cashisking]

Insiders owned more than 40% if I recall? One of the most important predictors of CVR success IMHO.

[SafetyinNumbers]

Well, I see no official confirmation anywhere yet but it looks like former IAM shareholders received C$0.256 or something like that per CVR today. Some armchair research (i.e. Google) leads to this: Fiera divested the GPM 11 fund (link) earlier this year which was ahead of schedule, as far as I know. GPM 11 and GPM 12 were the two funds connected to the CVR (link), with GPM-11 scheduled to mature in 2021 and GPM-12 in 2024.

So, it looks like only one of the funds was divested yet it already paid out as much as the CVR was valued at during the deal ($0.257 undiscounted, $0.174 discounted, if my notes are correct). So, a large payout, way faster than expected and still more expected. And best of all, I got paid to own the CVR. Super nice.

This was already one of my favorite trades in 2019, before the CVR actually paid out anything, but now it certainly is.

I checked with Fiera and the 25.6 cents is the payout on GPM 11. They closed the sale of the portfolio in April and probably top ticked the market.

https://www.realestateforums.com/content/dam/Informa/realestateforums/portal/2020/whitepapers---reports/report-pdfs/Fiera%20Real%20Estate%20announces%20the%20successful%20divestiture%20of%20GPM%2011%20Fund%2015.4%20FINAL%20.pdf