STOCKCHASE

Relatively small cap name. This is a good time to be thinking defence. Decent organic growth but has been very effective at small tuck-in acquisitions of regulated utilities throughout the US. Partnership with Emerus (?) which is positive. Free cash flow yield. Dividend yield of over 5%.

2011-11-15

BUY

5.650

Michael Decter

Has done well. Just reported good numbers. Optimistic about them. Yield of almost 5%.

2011-11-10

HOLD

5.110

3 major divisions. Sewage and utilities got hit with the US housing market. Also have lots of water power in New England. Good solid utility. Thinks they are for sale. Assets are worth more than what the stock is trading at. 5% yield.

2011-04-15

DON'T BUY

4.760

Douglas Kee

Power company. Sporadic and not a favourite of his.

2010-10-25

BUY

3.750

7% debenture due 2017. This would be a very solid way to go as an investment. While the name has had some problems in the past, it has recently been upgraded by a number of brokerage houses.

2009-12-11

TOP PICK

3.510

Prakash Hariharan

They had a problem with conversion from income trust. They cut their distributions by 50%. They had non-performing assets. Now he can see some utility rate increases coming. Yield 6.8%. He likes the renewables space and they are a proxy on renewables.

2009-12-01

HOLD

3.530

Colin Stewart

Any company involved in the power space long-term is well positioned. Currently in potential talks to do a deal so there could be some upside from M&A activity. 6.9% distribution is probably safe.

2009-10-08

SELL

3.600

(Market Call Minute.) Thinks the management team is weak and he doesn't like the collection of assets.

2009-09-28

BUY

2.450

Ben Stadelmann

Green energy, both hydro and wind power. Green companies are going to get hit heard during the recession with oil prices down. If you can find a company that is going to survive this cycle and you can Buy them cheap, it will fit you up well for later on. Distribution was cut dramatically and now yields 9.4%, which is far more sustainable.

2009-04-01

Comment

2.150

(Market Call Minute.) Good distribution. He himself wouldn't own it, but his partner does and would probably call it a Buy.

2009-03-12

Comment

2.330

Debentures dropped when distributions where halved so the debentures should be a good Buy now. Would wait to see how their new strategy works out before buying any of the trust units but continue to Hold.

2008-12-05

SELL

2.420

(Market Call Minute.) $50 million in free cash flow and there is some question if this will be enough to cover their debt covenants.

2008-12-03

Comment

2.480

Robert Lauzon

Cut the distribution and is not sure why it was cut so much. Still yields 9%. Some of the parts of their power assets are definitely higher than the current stock price. There are other power trusts that he would rather buy. (See Top Picks.)

2008-10-29

Comment

7.630

Power generation trust. His least favourite sector as there is very limited pricing power. This one has a water processing business in the southwest US that is quite fascinating. Hopes they are able to surface the value in this business. A business that recycles and reprocesses a scarce commodity like water is one that you can grow a net value with. At an interesting price.

2008-05-05

SELL

8.360

Robert Lauzon

Has always over distributed. Debt levels are a little high. Would avoid this one.

2007-03-30

DON'T BUY

8.540

Michele Robitaille

She doesn't like the power space in general because of the limited growth and limited upside. This is not one of the top-quality names in that group. High payout ratio.

2007-03-23

DON'T BUY

8.930

Acquiring Clean Power (CLE.UN-T), which should be accretive to the company. There are some synergies with this acquisition, but they're not the quality he likes to see.

2007-03-02

HOLD

9.700

One of the names that he is a little nervous about in the power/income trust space. They wear over distributing and then came out with a convertible bond issue. Actually have some pretty good assets, but had a high payout ratio. Might sell into strength.

2006-11-16

BUY on WEAKNESS

10.110

There might be a new issue lurking in the background. Under $10, it's not a bad buy.

2006-08-16

DON'T BUY

10.340

Gavin Graham

Have not been able to pay their distributions due to water problems. These utilities similar to bonds and when interest rates go up, it suffers.

2005-12-29

DON'T BUY

9.720

Patrick Kim

In the near term, believes there is significant positive catalysts in terms of where electricity prices are. Over the longer term, this is a bit of a messy story in terms of assets. A fairly complex portfolio with a lot of complex contracts which are not clear to investors.

2005-11-04

DON'T BUY

10.550

Leslie Lundquist

Has consistantly disappointed in terms of what it's been able to do operationally. Payout ratio has been substantially above 100% for a long time. Not a stable or secure trust.

2005-07-22

BUY

10.300

Likes.

2005-06-29

HOLD

9.810

Recently acquired by StarPoint Energy (SPN.UN-T). APF had too high a payout ratio which was unsustainable. The acquisition allows APF to be managed more efficiently.

2005-05-13

BUY

10.150

Matt Baillie

Distributions are fine. A utility and a high yield. Doesn't see any growth, so own it for the yield.

2004-10-22

DON'T BUY

9.950

Greg Guichon

Did a new issue at $11.30. A more aggressive oil/gas situation.

2004-10-08

DON'T BUY

9.440

Sold their holdings because they didn't like the debt level.

2004-04-19

HOLD

10.370

Good dividend but wouldn't buy.

2004-01-09

TOP PICK

9.680

Pays 9 1/2 percent. Have a good spread of assets. Good management.

2003-10-23

DON'T BUY

9.770

Expects that more and more people will focus on the power sector.Prefers Calpine.

2003-08-27

PAST TOP PICK

9.790

(Was a top pick June 19/03.No change.) Came in with a good second quarter.Still like it.

2003-08-25

TOP PICK

9.350

Has had a rough go for a couple of years because of dry conditions. Now getting a lot of moisture. Should surprise on their income.

2003-06-19

DON'T BUY

9.270

Gavin Graham

May have trouble meeting their disbursement because of a dry spell. Very stable. This is not the trust sector they like at this time.

2003-05-22

DON'T BUY

8.730

Ben Stadelmann

A favourite, but has gone up in price. A lot of money has been shifted to trusts.

2003-05-13

DON'T BUY

8.680

Had a problem meeting their distribution goals. May be OK from now on. A "show me" stock.

2003-05-07

DON'T BUY

8.570

John Priestman

Made a lot of acquisitions, but have not increased distributions.

2003-04-02

DON'T BUY

9.200

Jim Doak

Too expensive. Poor assets.

2003-02-05

DON'T BUY

8.970

Good balance sheet so could make acquisitions. Moving into water treatment sector and not sure if they can handle.

2002-12-09

BUY

9.900

Has had a run up. Likes the power trusts. Buy for long term.

2002-10-03

BUY

9.950

Good yield/growth.

2002-09-09

BUY

9.850

Good dividend.

2002-07-18

DON'T BUY

9.900

Shorter reserve life. Prefers others.

2002-07-12

BUY

9.690

9% yield. No longer totally relying on hydro electricity, but is now 50% natural gas powered. Buy for the yield as the stock won't appreciate much.

2002-05-23

WEAK BUY

9.280

Has restructured successfully. A diverse base.

2002-04-22

WEAK BUY

9.230

Eric Bushell

Will be interest sensitive. Defensive money will be moving out. There could be water shortage concerns.

2002-04-09

DON'T BUY

9.850

Distributions have been flat. Water shortage could be a problem.

2002-03-20

BUY

9.920

John Priestman

A good trust. 50 power plants gives it good diversfication.

2002-03-19

DON'T BUY

9.990

Lack of rain/snow can affect distributions. Not a fan of management and their disclosures.

2002-02-26

DON'T BUY

10.300

Ray Steele

Yields are lower. Prefers others.

2002-01-16

DON'T BUY

10.240

3/5% cash earnings increase because of takeover of KMS.

2001-12-03

BUY

9.700

Over a long term it should be positive.

2001-10-02

BUY on WEAKNESS

10.070

2001-07-10

BUY

10.240

Made a good acquisition which should do well once its integrated.

2001-06-08

BUY

10.340

Good high quality assets and long term power contracts

2001-05-23

BUY

10.230

Long term power agreements. Stable. Conservative. 8/9% yield

2001-04-26

BUY

9.000