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| SELL | 1.440 | Kevin O'Leary | Management broke the law. Its going to go through a huge investigation. | 2008-10-01 | |
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| Comment | 1.900 | Ben Cheng | Suspended distributions. Future is very unclear. This company and Reddy Ice are under investigation for potential price manipulation. Could be a big win for them if they are cleared but could also be disbanded because of a loss. | 2008-09-24 | |
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| HOLD | 1.860 | Michael Simpson, CFA | Got hit with an investigation by the Justice Department in the US because of too much market share. Had to discontinue distributions. If you own, Hold for some possible recovery. | 2008-09-19 | |
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| DON'T BUY | 5.550 | Sandy McIntyre | Had a distribution cut. Had Debt/EBITDA of 3.6%. Higher than he would accept in an operating business. Summer has been cold and wet so they are being squeezed operationally. 96.8% payout ratio. | 2008-08-15 | |
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| SELL | 7.880 | Robert Lauzon | Manufacture “Arctic Glacier” ice that you buy at stores. Made a foray into the US about 3 years ago. Has been hurt by 25%-30% because of the US$. Very dependent on the weather. He found there are too many unknowns with the cash flow stability. Thinks the SCC is investigating them in the US. | 2008-04-28 | |
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| BUY on WEAKNESS | 12.000 | Bill Shaw | Distribution is not too bad. Have done a good job of integrating the smaller acquisitions they have done over the years. Management team seems to know what they are doing. If there were a bit further pullback in price, he would consider buying for his fund. | 2008-02-19 | |
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| DON'T BUY | 10.990 | Michael Simpson, CFA | (Market Call Minute.) Ice cubes. Has been hurt by the higher Cdn$. Debt levels are higher than he likes. | 2008-01-22 | |
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| DON'T BUY | 13.620 | Andrew Guy, CFA | Has a dominant market share. Most of their business is in the US, making them very susceptible to currency changes. Bothers him that ice seems to depend on a handful of weekends during the year. | 2007-07-27 | |
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| Comment | 14.200 | Ben Cheng | A very seasonal business, but have mitigated this with some acquisitions in the southern US. Could be an acquisition. | 2007-07-23 | |
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| Comment | 13.120 | Andrew Guy, CFA | 2nd biggest retail bagged ice manufacturer in North America. Dependent on key weekends such as July 1st-July 4th. | 2007-04-09 | |
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| BUY | 12.900 | Ben Cheng | Very good management team. Consolidating a very fragmented space in the US. Expansion into Texas, California, etc. is a good move. | 2007-03-02 | |
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| HOLD | 12.650 | Andrew Guy, CFA | Most of their 80% income comes from the US. The dominant player in California and northern US. Very seasonal, so he is cautious on this. | 2007-02-08 | |
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| BUY | 12.720 | Patrick Kim | Market leaders in manufacturing and distributing ice. Fairly non-cyclical. Not all that exciting regarding their growth potential. Have delivered fairly stable returns over the long run. Reasonable buy long-term. | 2007-01-26 | |
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| BUY | 12.520 | Sandy McIntyre | The #2 supplier of ice in North America. Very capable management team. | 2006-12-29 | |
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| DON'T BUY | 11.660 | Michael Simpson, CFA | Made a big acquisition in California. Debt is higher than what he would like. Would like to see their payout ratio reduced. | 2006-11-03 | |
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| BUY | 13.690 | Sandy McIntyre | Manufacture ice for sale in convenience stores, Beer Store, LCBO, etc. One of the dominant retailers of ice in New York/Pennsylvania area. | 2006-10-13 | |
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| HOLD | 11.150 | Ravi Sood | Extremely stable commodity end product and is never going out of style. However, this one has not been able to extract any synergies or economies of scale as it’s grown. Buy on big dips or when they are doing financing. | 2006-05-26 | |
Experts that have talked about Arctic Glacier Income Fund
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