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Quest

Investment Club
MINUTES
May 19, 2016
Larrys
Present: Larry, Jane B (Dave), Pete, Jane W (Jim)
Absent: (Doreen) We missed you, Doreen. Condolences and Peace to you.
7:30 Gather and get caught up on all the winter happenings.
8:00 Let the Quest begin . . .
1. MINUTES
Perfect
2. TREASURERS REPORT
Saga of financial issues re transfers. All is well that ends well!
We have $3,147 to spend.
Share value is $59,074 up/down from $48,287 last meeting. (Thats up a total of $10,787!)
Total value of our holding is $62,221 which translates to $15,555 each.
Total dividends we have received to date: $8,069. ($1914 rolling 12 month period.)
Portfolio is up 25% life to date, 12% this year.
3.

CURRENT HOLDINGS
Sun Life Financial (SLF-T) (Larry) is a leading international financial services
organization providing a diverse range of protection and wealth management products and
services to individuals and corporate customers.
Yield:__3.65%__
October 27, 2008: Bought 400 shares at $28.31
February 19, 2009: $20.00 we do not have 30% up or down on this, as it is sitting there
just as someplace to stash our cash. Since the whole economy is down, it stands to reason
that this is down, too. As the economy improves, so will this. At least we are getting a
dividend.
April 16, 2009: $28.10 almost back to where we bought it; no specific news; short-term
bumps, but will be good long-term; meeting resistance level (whatever Dave meant by that!)
July 9, 2009: $28.55 woo-hoo! Its up! Plus dividends! (But it is just parked, eh?) Jane B
needs to get busy to get the company making money!
At this point discussion, although technically should have been with New Business or Buy
and Sell, began about a conversation Pete had with Sue. Sue says that if we sell Sun Life
and buy something else, she is out. She wants to sell if and when it hits $32, and then she
wants out with her share of the pot
October 28, 2009: $28.82 up 1.8%; dividend paid so far is $144 x 3 = $432; no news.
February 11, 2010: $31.35 obviously up; dividend paid so far is $720; no news.

March 30, 2010: Jane knows nothing, even though she works there!; $33.08 today; more
than $5.00 per share up from when we bought; dividends paid end of March and end of June.
Discussion about when Sue and Al want out.
June 16, 2010: Closed at $30.61 per share. Nothing new.
August 26, 2010: Jane B went on vacation and the company fell apart! Closed today at
$24.16; (Sue & Al lucked out with the timing of their departure) it is at half profit from this
time last year; next dividend will be paid in September based on results from now.
November 23, 2010: $27.95 remember, it is just parked. Dividends will be issued by the
end of December.
January 20, 2011: $30.88, up 10% from what we bought it; was higher at one point since the
last meeting, but the 4/4 results will be released soon, and they are expected to be good;
insurance companies are a little behind banks, and the banks are rebounding.
April 14, 2011: $29.72; rolls with the market; up 3% plus the dividend; $547 gain not
including the dividends; $1728 in dividends; hold.
June 7, 2011: up14%, including dividend; faring better than the stock market in general and
the dividend helps; market down 20+% in last two months; all gains since January have been
wiped out in general.
November 3, 2011: $22.85; jigged along; last quarter made money, but bottom of market fell
out, so stock did not reflect; projection is better for next quarter because markets should do
better; not losing, but were not getting rich! Holding its own because of dividends.
December 15, 2011: $18.00; laid off 800 people in US; getting out of annuities; being
downgraded; talk of reducing dividend.
April 17, 2012: $24.14; slowly edging back up; glimmer of light . . . showing some upward
momentum
June 21, 2012: $22.56; in May, went down to $20; edging back up again; expanding in Viet
Nam; our insider is movin on up to the 19th floor wish the stock would move up that far!
November 13, 2012: $26.42; our insider movin on up to the 19th floor helped! Couple more
bucks and were even (perhaps even at this point with the dividends we have been paid);
profits are up $1B! Because they sold their Annuities Division in the States?
December 11, 2012: $27.96; almost back to where we bought it; because of $169 in
dividends, we are up overall.
April 18, 2013: $26.77; fluctuating, but at least we have the dividends; its all Angies fault
she retired! Tony likes insurance companies right now.
June 13, 2013: $30.11; has been stable around $30 for a bit; no news, but a push for Asia
business and there are some merger rumblings (over lunch! is that insider info?);
approximately 50% of our holdings.
November 14, 2013: $36.82; doing very, very well! Released third quarter results; beat the
expectations of analysts even if profits are down; sold US Annuity Division which, in the
long-term, should improve prospects; 46% of our portfolio.
December 12, 2013: $35.82; year-end profit-taking (tax loss); up 40% over the year.
May 22, 2014: $37.21; surpassed expectations; rising interest rates affecting positively.
o June 19, 2014: $38.60; they are selling their building and leasing back for 20 years.
June 20, 2014: Sold 200 shares at $38.68 per share.
October 16, 2014: $36.99; sold their building and leasing back for 20 years.
December 11, 2014: $41.77; up today, 4% below 52-week high; 15,520 employees; building
a new backup generator; analysts say buy; recently upgraded status.
May 6, 2015: $40.09; up today; good report for quarter; dividend up 6% or 2/share, the
first increase since 2008; Sunlife has begun to administer the pensions of BCE.

June 18, 2015: $42.23; 17 analysts say hold; 16,275 employees; gained $2,700 not
including dividends ($3,500 in dividends); acquired $560M Bentall Kennedy Real Estate
Management company (its a BIG deal!); building a new back-up generator, cement
bunker at Park and Union.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $43.66 no time for analysis
May 19, 2016: $44.05; down 31 from yesterday. 18 analysts rate it a buy; strongest in
industry; 18,330 employees; income up; profit up; they are surviving Jane Bs retirement!
Jade Art Group (JADA.PK) (Jane W) a Chinese company that buys raw jade from a mine
and sell it to a number of customers.
(No Dividend)
November 23, 2010: Their sales are lumpy so from quarter to quarter no one knows what to
expect. However, as they had a relatively weak though still profitable quarter, the share price
has dropped substantially in the last couple of days to the point that the company is now
trading below their cash value. I consider this an overreaction and I think a small investment
in it at the present could be a good thing as long as there is not much opportunity cost. (This
might be our opportunity to drive a company right out of business!)
November 24, 2010: Bought 5000 shares at $0.167US$ (spending a total of $886.59 Cn$,
including service charge and exchange). It is a non-regulated stock, and so received
phone calls about the risk we are taking with this purchase.
January 20, 2011: $0.125 this is a low as its been (they knew we were meeting!), but there
has been loads of volume!
April 14, 2011: appeared to have been last traded in February at $0.55US$; lost $622;
changed last letters from OB to PK perhaps that is why it appeared to have been inactive
since February. Hold.
June 7, 2011: .0361; no news ever!!
November 3, 2011: $0.0199; no news; theres gotta be a market for jade somewhere!!
December 15, 2011: $0.011; same dismal chart (high point was April 2010 when it was
$1.05) Somebody buy some Jade PLEASE!
April 17, 2012: $0.037; coming back! Was all the way up to 5 in March; volume is good,
but there is no news.
June 21, 2012: $0.032; no movement today . . .
November 13, 2012: $0.032; not the greatest stock weve ever owned (oops on the graph
supposed to go the other way!); no news; nothing changes; just leave it.
December 11, 2012: $0.032; hasnt moved; charge us more than it is worth to sell!
April 18, 2012: $0.032; see last meetings comments!
June 13, 2013: $0.032; frozen in time; no news; very low volume.
November 14, 2013: $0.032; sleeping; another capital gains.
December 12, 2013: 03.2; no news; (didnt even bother looking it up!)
May 22, 2014: same
October 16, 2014: nothing
October 17, 2014: trying to sell
December 11, 2014: no report; has not skyrocketed into something wed want to keep . . .
May 6, 2015: Hold; bunch of shares traded for a change.
June 18, 2015: Nothing.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: no report no time for analysis

May 19, 2016: .003; thats all.


Sienna Senior Living Inc. (SIA-T) (Dave) Sienna Senior Living is the third largest
licensed long-term care (LTC) provider in Ontario. The Company owns and operates 26 LTC
homes, representing approximately 4,314 beds across Ontario, Canada. Sienna Senior Living
also owns and operates three retirement residences comprising 323 suites and one
independent living residence with 53 apartments
Yield: ___5.32 ___
April 14, 2011: $10.75 when we threw the dart, $10.62 today; keep.
June 7, 2011: Bought 300 shares at $10.69. It is a stable stock with a dividend.
November 3, 2011: $10.58; not bad considering the market as a whole is down 7 10%
generally. We have earned about $80 in dividends.
December 15, 2011: $10.93; up 3 today alone; December dividend was 7.8 which
translates to 7.8% yield.
April 17, 2012: $12.26; no news.
June 21, 2012: $11.80; expanding; one of top three picks by Avenue Investments.
November 13, 2012: (Larry, at least you could have sent us your analysis! The germs
would not have been transported electronically! We should have the speaker phone! Larry
has it!!) $12.09 or $11.93 cant decide if Dave or Pete is correct, but we seem to be up
$391!
December 11, 2012: $12.34;
April 18, 2012: $12.80, up 5; acquiring specialty care homes.
June 13, 2013: $12.32; developing a new way of testing blood so residents dont have to go
to a lab won an award for the procedure!
November 14, 2013: $11.14; up 64 today; October, took a tumble, but back up now; hired a
new Senior Manager; dividend to be paid tomorrow.
December 12, 2013: $11.09, down 16 for the day; November dividend was 7 per share
(90 per share for the year); major acquisition; not doing much but giving us a dividend.
May 22, 2014: $12.24; first quarter results up $5M over the year before; doing better.
October 16, 2014: $13.34; bright spot in our portfolio; still just shy of 52 week high; $1.00
per year dividend; dividend repurchase plan not for us, it would give us uneven numbers of
shares. (Skinny kitty just bit Jims toe! Must be desperate for food!)
December 11, 2014: $13.84; rated buy; upgraded from hold yesterday. Moved by Dave,
seconded by Pete that we buy an additional 150 shares of Leisureworld.
CARRIED
December 12, 2014: Bought 150 shares at $13.84.
May 6, 2015: $14.91; Changed name to Sienna Senior Living Inc. (SIA-T); no other news.
June 18, 2015: $15.63; hold; expanding from long-term care to higher margin retirement
housing.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $16.08 no time for analysis
May 19, 2016: $17.16; trending consistently up; Daves impressed; revenue up, margin up,
earnings/share down, dividend .075; is this a buy?
Trinidad Drill (TDG-T) (Jane B) operates in the drilling, well-servicing, coring and
barge-drilling sectors of the North American oil and natural gas industry with operations in
Canada, the United States and Mexico. Trinidad is focused on providing modern, reliable,
expertly designed equipment operated by well-trained and experienced personnel. Trinidad's
drilling fleet is one of the most adaptable, technologically advanced and competitive in the
industry.

Yield: __ 1.08% __
April 14, 2011: $6.70 when we threw the dart, $9.39 today and it is even down some; Tony
talks about this one, says it is still going up.
June 7, 2011: $8.54 today but has been up as high as $11 since last meeting; Tony says if
below 9 buy it.
November 3, 2011: $8.12; Tony and Jane B like this one; second quarter was solid with
growth in revenue; rated strong buy.
November 4, 2011: Bought 300 shares at $8.09.
December 15, 2011: $7.09; but better than it used to be . . .
April 17, 2012: $6.35; downward but lots of activities; dividend to be paid in April; lost last
year because of delayed orders that will be filled this year; rated a strong buy.
June 21, 2012: $5.37; 5 dividend to be paid in July; depressed natural gas is holding this
down.
November 13, 2012: (via Pete) $6.47; have lost $514 all together on this one; but it is up
from previous.
December 11, 2012: $7.005 at noon today; up nicely; drillers having a good day!
April 18, 2013: $6.72; trading below (value?); 15 say strong buy.
June 13, 2013: $7.44; up and down; rated a strong buy; strong quarter results.
November 14, 2013: $9.98; 4 new rigs in Saudia Arabia in co-operation with someone else.
December 12, 2013: $9.90; rated strong buy
May 22, 2014: $11.44 up 8; rated strong buy.
October 16, 2014: $7.24; up while TSX is down!; rated strong buy; no news. Gotta
watch those mongrels in the east
December 11, 2014: $4.84; way down, as all oil is; lost 12% over last 5 days; rated buy;
wait it out.
May 6, 2015: $5.14 at 3 p.m./$4.41 at close; up a buck from February; rated a buy.
June 18, 2015: $4.33; rated buy; Can Elson just bought ; consolidation; now 3rd largest in
Canada, 8th in Canada and US.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $1.96; analysts rating buy
May 19, 2016: $2.23; 16 analysts say buy
New Flyer Industries Inc. (NFI-T) (Jim) is a manufacturer of heavy-duty transit buses in
the U.S. and Canada, and a provider of aftermarket parts and services. Since 1930, our
commitment to innovation has made us the leader in the heavy-duty bus market in the US and
Canada. We offer the broadest product line in the industry with alternative-fuel drive systems,
electric trolleys, gasoline-electric and diesel-electric hybrid vehicles, as well as our proven
and reliable diesel buses.
Yield :__ 1.71% __
October 28, 2009: $9.00 Pete heard about this on an Investment show on the radio;
dividend is paid monthly; it has been as high as $10.48 and as low as $5.72; no buy at this
time move to SWIL and see if it drops.
February 11, 2010: $10.16 today (high of $10.85); excellent company, but volatile; if we
happen to meet when it is at a low, it would be a good buy; pays dividends of about 10%
monthly.
March 30, 2010: $11.07; good results; .0975/share dividend; keep.
June 16, 2010: $10.03 and pays out .0975 per share monthly and yield around 12 percent.
Ottawa just purchased buses from them for their lite rail transit way.

August 26, 2010: This is where the secretary screwed up no entry for this stock for this
date! Found Jims notes: $10.99 (they are brief . . .)
November 23, 2010: $11something; dividend has been paid for 64 consecutive months at
about 10%, or about $1.17. (What happened to the guy who does the analysis? Tony? Oh! I
thought he was dead!)
January 20, 2011: $11.71; made 268 busses recently!; Whats the yield? The What? The
yield! Oh! 9.9% (Dave figured it out!) NOTE TO ALL: IF YOU ARE REPORTING ON A
DIVIDEND STOCK, PLEASE ALSO REPORT THE YIELD!
April 14, 2011: $10.35; opening new parts distribution centre in GTA/Hamilton area; saw it
somebodys list of good stuff! Keep.
June 7, 2011: $8.90; payouts in danger of being reduced.
November 3, 2011: $5.90; no news.
December 15, 2011: $5.67; repurchased their notes to lower their debts and not pay interest;
reported next earning at $15M vs. $3.5M; cash flow is $11M; yield is 13%; good thought,
but wait.
April 17, 2012: $7.06; down 14 today; new state-of-the-art busses; cities are keeping
busses for 8 years now instead of 6 years; Pete is excited about this one!
April 18, 2012: Bought 250 shares at $7.17 per share.
June 21, 2012: $6.55; all electric prototype Chicago bought 2 of them; new dividend
policy reduced by 50%, so still 7%, but disappointing.
November 13, 2012: $7.81; we have made $131 on this in spite of it being down 12c today;
announced their numbers yesterday; orders from US didnt get into their system before the
close their first quarter; Waterloo Region is ordering up to 123 diesel buses over the next 5
years. (Ya, but how many employees do they have??)
December 11, 2012: $8.34; Pittsburg buying 40 busses; Nashville buying 70 busses; we have
garnered $263+ in dividends so far!
April 18, 2013: $9.60; has been higher, but still good; back orders have increased by 19%.
June 13, 2013: $10.10; Halifax bout 80 busses; ratified union agreement.
November 14, 2013: $10.67; gained $846; new Regional busses are New Flyer; shipped 577
busses this quarter, up 191 from the same time last year; however, the US is backing out of
orders (except San Francisco).
December 12, 2013: $10.41; down a bit from November; really good results; 5% dividend
this year; increase number of busses delivered; increase in backlog; but should have better
margins.
May 22, 2014: $11.88; gentle slope up; strong buy; close to 52 week high.
October 16, 2014: $12.14; down 11 today; monthly dividend 048/share; developing
battery electric busses.
December 11, 2014: $12.59; outperformed TSX by 13.8%; 3,200 employees; 10 analysts sy
hold; contract from Winnipeg.
May 6, 2015: $14.15; outperformed the TSX by 17% over last year.
June 18, 2015: $15.35; 5 analysts rate it buy; 3200 employees; Honolulu just ordered 20
60 busses; Dallas ordered 63 busses.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $27.21; $4,924 in profits
April 8, 2016: Sold 200 shares at $36.02 for a total of $5700. We kept 50 shares. Moved
by Pete via email;
UNANIMOUS CONSENT
May 19, 2016: $41.04; still called a buy; volatile.

Brick Brewing (BRB-T) (Pete) produces, sells, markets, and distributes packaged and
draught beer, mainly in Ontario and Quebec. It also produces/markets packaged beer under
license and produces/markets ready-to-drink beverages under contract. The Company's
products are sold through the facilities of The Beer Store, the L.C.B.O. and through licensed
establishments.
Yield : __ 2.18% __
April 17, 2012: have we missed the boat? Local interest; entertainment value; Tony likes it
(the stock and perhaps the beer!)
June 21, 2012: $1.46; hovering around its high; new beers out.
June 22, 2012: Bought 1400 shares at $1.48 per share. With a view to selling in the fall
if the price is right.
November 13, 2012: $1.50; Tony keeps talking it up, but talk does not make it actually go
up! Although it had been up as high as $1.70. We have lost $3 on it.
December 11, 2012: $1.46; Tony still likes it hes a drinker! 12s are getting a freebee of
tall can; nows the time to buy more.
December 12: Sold our shares in Brick in three lots: 300 @ $1.45; 500 @ $1.45; 600 @
$1.41. Keep on SWIL for possible purchase in May.
April 18, 2013: $1.61; going on up; new CFO today, new VP of Sales and Marketing in
March.
April 19, 2013: Bought 1,300 shares @ $1.70 and 200 shares @ $1.65 for a total of
1,500 shares.
June 13, 2013: $1.66; down 4c; it was $1.93 at the end of May! Didnt have a good quarter
profit-wise, but increased marketing; WE HAVE AGREED THAT WE CAN SELL THIS
ONE BY EMAIL IF THE PRICE IS RIGHT.
November 14, 2013: $1.27; obviously the price was never right! Tony says it will be fine!;
what is Tony drinking??; Life According to Tony!; cool summer weather is the excuse.
December 12, 2013: $1.31; up 11 (real-time reporting Dave checks his phone); revenues
up; profit margin up; net sales up 20%.
May 22, 2014: $1.17; dang! Tony is still all over it! Revenues up; profits are up; everything
is up but the stock prices!
o June 19, 2014: They are selling their building in Waterloo.
October 16, 2014: $1.20; wet, cold summer; building sold for $4 million condos going in;
profit margin up but sales down; sell for tax loss?
December 11, 2014: $1.09; on Tonys list; $1.03/$1.49 52 week low/high; 3 analysts say
buy.
May 6, 2015: $1.51; rated buy; 130 employees; introducing a new drink; Pete said the F
word; will the ability to sell in grocery stores increase the stock?; introducing a dividend?;
Moved by Dave, seconded by Pete that we buy no more than 1000 shares of Brick at no
higher than $1.55.
CARRIED
May 7, 2015: Bought 100 shares at $1.46.
June 18, 2015: (Larry got here just in time!!) (Pete went to Annual Meeting: held in a
small room at Waterloo Inn; they are saving $1M/year by selling the old building and using
the new building; the meeting was about an hour and approximately 50 people attended.)
$1.65; 46% year-to-date; 4.47% net profit; rated a buy, down from a strong buy in April.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $1.85; new high; bought Canadian rights to Margaritaville Land Shark;
rated buy. Moved by Pete, seconded by Jane B that we buy 250 shares @ $1.85 = $463
total.
CARRIED

December 18, 2015: Bought 250 shares at $1.94 for a total of $494.95. (We now own
1650 shares).
May 19, 2016: $2.21; they are planning to buy 4.9% of their own shares; maybe go private?;
when is their annual meeting?; up 33% from when we bought it.
Sylogist (SYZ-T Venture) (Doreen) provides financial and administrative enterprise
information management systems, connectivity solutions and portal applications to municipal,
education and private sector customers. Services are supplied through both traditional inhouse licensed solutions and a rapidly growing Software-as-a-Service model.
Yield: __2.77 __
April 18, 2013: $4.50; on Venture; technology.
June 13, 2013: $5.25; really moving; Tony is big on it, but it is on its high side.
June 14, 2013: Bought 500 shares at $5.19. By September we can blame Pete!
Noooo, youll forget by then! No, it will be in the Minutes!
November 14, 2013: 7.06; nice! Tonys target is $10; revenue up 41%; profit up 111%;
quarter dividend is up to 4.54
December 12, 2013: $6.95; won contracts.
May 22, 2014: $8.30; Tony still likes it; revenue and profit up 95%; dividends also up; buy
more.
October 16, 2014: $10.00; no news; Tony still likes it.
October 20: 2014: Moved by Dave, seconded by Pete (via emails) that we buy 300
additional shares at $10.50.
CARRIED AND BOUGHT
December 11, 2014: $10.55; down 30 today; increase in dividend from 5.5 to 6 per
share; jumping around, but trending up over time.
May 6, 2015: $7.27; all Daves numbers are right just his apple is screwed; have a lot of
cash; no volume; perhaps buying something?
June 18, 2015: $7.61; hanging on; low trader today with only 720 transactions; averaged
over 2 buys, we have gained $400ish; not much happening; sell?
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $7.14; reached its 50 day moving marker; revenues up; Tony likes it!
May 19, 2016: $9.40; no news; up $2 since December; we are up 30% on this one.
Manulife (MFC-T) (Larry) is a leading Canada-based financial services group with
principal operations in Asia, Canada and the United States. Our group of companies operates
as Manulife in Canada and Asia and primarily as John Hancock in the United States..
Yield: __3.96%__
May 22, 2014: $20ish; undervalued.
o June 19, 2014: moved by Jane W, seconded by Jane B that we buy 350 shares at $21.02
=$7357
CARRIED
June 20, 2014: Bought 330 shares at $21.20
October 16, 2014: $19.48
December 11, 2014: $21.66; $18.91/$23.09 52 week low/high; outperformed TSX by
4.13%; rated buy.
May 6, 2015: $22.51; outperformed TSX by 7.74%; rated buy.
June 18, 2015: $23.79; undervalued; bought by John Hancock in the States.
November 12, 2015: Accounts frozen, paperwork completed.

December 17, 2015: $20.43; no time for analysis. However, Moved by Pete, seconded by
Jane B that we buy 200 shares @ $21.00 = $4200
CARRIED
December 18, 2015: Bought 200 shares at $20.49 for a total of $4,106.95. (We now own
530 shares).
May 19, 2016: $18.40; down 29 today; 17 analysts say buy; 45% net income up; 24,000
employees.
Milestone Apts REIT (MST.UN-T) (Jane B) Real Estate Investment Trust
Yield: __3.83%__
May 22, 2014: $10.69; 6% yield; Tony likes it.
o June 19, 2014: moved by Dave, seconded by Pete that we buy 500 shares for approx.
$5,325
CARRIED
June 20, 2014: Bought 500 shares at $10.67
October 16, 2014: $11.26; Bought new buildings in Denver; up $287 already.
December 11, 2014: $11.92; $9.25/$12.12.58 52 week low/high; up sharply today;
outperformed TSX by 18.68%; rated buy.
May 6, 2015: $13.42; outperformed TSX by 27.10%; rated buy.
June 18, 2015: $12.97; shitty the last month; starting to come back; responds to general
market.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $15.64; no time for analysis.
May 19, 2016: $18.41; 9 analysts rate buy; breaking through its 52 week high; doing better
than most REITS; we are up 72% on this. Is it a seller?
(CDZ.A-T) (Dave) Exchange Trading Fund (ETF); Blue Chip Dividend.
Yield: __ ??% __
November 13, 2012:
December 11, 2012: $21.99; bounces $2-$3; pure dividend situation; must increase
dividends every 5 years.
December 12, 2012: Bought 200 shares at $22.18 per share.
April 18, 2013: $22.26; higher than when we bought it, but down from +$23 since our last
meeting. (Dave, did you get your knobs? Isnt that rather personal??!!)
June 13, 2013: $22.35; jiggles along but grinding up.
June 14, 2013: Moved by Pete, seconded by Jane W that we sell 100 shares of CDZ for
approximately $2,200 (This is in answer to a question raised at the May 22/14 meeting.
Yes we did sell half of our holdings)
November 14, 2013: $24.14; indicative of the Canadian economy; commodities are flat;
basically a bank account; makes dividend $$$; up $182 not including dividends.
December 12, 2013: $23.70; a top 5 fund; returns exceed expectations.
May 22, 2014: $26.11; no news
o June 19, 2014: moved by Dave, seconded by Pete that we sell. Move the stock to SWIL
CARRIED
June 20, 2014: SOLD
October 16, 2014: $25.01; no news.
December 11, 2014: $25.86; $21.28/$27.49 low/high; rated strong buy.
May 6, 2015: $26.26; down 40 today; cash parker.
June 18, 2015: $25.74; rated strong buy; profit up 19.83%.

November 12, 2015: Accounts frozen, paperwork completed.


December 17, 2015: $22.80 no time for analysis.
April 8, 2016: bought 300 shares at $23.58 with profits from sale of New Flyer; moved
by Pete via email;
UNANIMOUS CONSENT
May 19, 2016: $24.24; we have already made up our commission costs on this double
transaction.
BREAK
3. SWIL
Andrew Peller Ltd. (ADW.A-T) (Doreen) owns wineries in British Columbia, Ontario
and Nova Scotia. The company markets wines produced from grapes grown in Ontario, British
Columbia and vineyards around the world. The company also produces and markets wine kit
products through Winexpert Inc. and Global Vintners Inc.
Yield: __ 1.5% __
June 21, 2012: $9.87.
November 13, 2012: $10.00; up and down; news is good; second quarter results show that
sales are up, earnings are up; top seller across Canada; hold.
December 11, 2012: $10.05; hovers; no news.
April 18, 2013: $12.09: slow climb, sales up (top seller!); Ice Wine Awards!
June 13, 2013: $12.15; strong growth; sales up; profits up; increase in dividends.
November 14, 2014: $13.88; rising chart; strong growth in second quarter; predicting a good
year; keep.
December 12, 2013: $13.88 at noon; strong growth.
May 22, 2014: $13.43; might be ripe for an acquisition at $20; volatile chart.
October 16, 2014: $14.25 (Jim drank the info!); up 42 today; keep, but dont buy unless it
gets back down to $10.00.
December 11, 2014: $14.46; gained 4%; underperformed TSX by 2%; could be ripe for
take-over.
May 6, 2015: $16.12; averaging up; possibility of buy-out; could go to $20.
June 18, 2015: $17.45; no one following; still news of a take-over.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $19.90 no time for analysis
May 19, 2016: $29.08; remove too high a price, too low a yield.
Bonavista Energy Corp. (BNP-T) (Jane W) is a dividend paying energy corporation
focused on a balanced commodity approach and is committed to operating high quality oil
and natural gas properties, delivering sustainable dividends to shareholders and providing
modest growth while maintaining financial strength and flexibility.
Yield: __ 3.5% __
November 14, 2013: $??; Chart down, but Tony thinks its a good company; going to go up.
December 12, 2013: $13.55.
May 22, 2014: $16.38; rated buy
o June 19, 2014: $16.72
October 16, 2014: $11.53, up 51 today; rated buy by 9 analysts (who are these
analysts?!)

December 11, 2014: $7.00; down 49% from last year; underperformed; $6.98/$17.00 52
week low/high; 338 employees; rated buy.
May 6, 2015: $7.51; some say buy, some say hold.
June 18, 2015: $7.18; down chart may imply opportunity?; 14 analysts say buy.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: $1.67; keep an eye on it if energy starts up again.
May 19, 2016: $3.43; no news; 14 analysists say hold; shares have underperformed.
Liquor Stores N.A. (LIQ-T) (Jim W) is engaged in the retail sale of liquor. (Liquor Stores
based out west; public owned; not government owned like LCBO)
Yield: __ 4.19% __
June 19, 2014: $11.32; from Tonys list; keep on SWIL for a bit.
October 16, 2014: $12.26
December 11, 2014: $14.33; student article says over-extended.
May 6, 2015: $14.73; rated buy; looking at aggressive expansion into US.
June 18, 2015: $14.66; 6 analysts rate it buy; 240 stores; label brand started; 9 per
common share.
June 24, 2015: Bought 150 shares at $14.65 per share for a total (including $9.95
commission) of $2,207.45
November 12, 2015: Accounts frozen, paperwork completed.
December 7, 2015: Sold 150 shares at $8.81 per share for a total revenue (including
$9.95 commission) of $1,311.55, which translates to a loss of $895.90.
May 19, 2016: $8.59; rated buy.
DIRTT Environmental Solutions (DRT-T) (Pete) is a manufacturer of customized
interiors (prefab building supplies walls ceilings). The Company combines its ICE threedimensional (3D) design, configuration and manufacturing software.
December 17, 2015: $6.84; no dividend; Tony likes it; low $3.88, high $9.19.
May 19, 2016: $4.71; Tony says short-term up and down; No Dividend; keep on list.
Black Diamond Group (BDI-T) (Larry) Black Diamond Group Limited is a provider of
remote workforce accommodations, modular space solutions and oilfield products and
services in Canada, the United States and Australia.
Yield: __ 15.95% __ (WHAT??)
December 17, 2015: $6.90.
May 19, 2016: $5.26; down 8 today.
4. NEW SWIL
Brookfield Infrastructure Partners (BIP-N) (?Larry?) Brookfield Infrastructure
Partners L.P. engages in utility, transport, energy, and communications infrastructure
businesses.
Yield: __ 5.26% __
May 19, 2016: $42.76; brought forward as trading on Nasdaq; (when I looked it up, saw
also that it was on Toronto under BIP-UN.TO and that it has offices in Toronto)

Sandvine (SVC-TO) (Jane B) develops and markets intelligent broadband network


management products and solutions for use by residential broadband service providers.
(No Dividend)
July 9, 2009: $1.03 as low as it can go; business is web traffic; have they cleared up the
lawsuit that plagued them when we owned them in a former life? Yes!
October 28, 2009: up to $1.30 today, but had been as high at $1.45; analysts are 50/50 as to
whether it is a good buy or not; it is not profitable and has lost market share.
(What is SWIVL?? Stock Watch Interest/Volatile List!)
February 11, 2010: up to $1.51; won some contracts, but had a bad .
March 30, 2010: this is the stock we shoulda bought!; $1.95 today; no dividends, but we
made money with it in a former life; good buy; keep.
June 16, 2010: current price $2.16 but no dividend is paid. Keep on the list.
August 26, 2010: $1.49; perhaps a target for being bought out by Bridgewater.
November 23, 2010: $2something today; officers are disposing of their shares.
January 11, 2011: $2.77 at noon; up, up, up was dependent on one big customer, but in
better shape now; analysts say buy; Tony likes it!
April 14, 2011: $2.12; losing in Q1; had been up to $2.50ish; Tony would still buy because
the price is right; keep.
June 7, 2011: $1.79; 30 new customers; Tony likes it.
November 3, 2011: $1.77, about the same as June; record revenues in October; up 7%; rated
a strong buy.
December 15, 2011: $1.16; revenue lower than expected; plunged 60 on bad reports;
expecting to get new customers in 2012.
April 17, 2012: $1.70; going up on good news; $7M in orders last week.
June 21, 2012: (poor Doreen, no analysis, too focussed on the wonderful meal!) $1.25
(thanks, Dave); keep
November 13, 2012: $1.22; recent sales; lots of sales and even an award! Analysts are all
over the map; keep
December 11, 2012: $1.32; Tony likes this one, too; launched routing efficiency dashboard;
shows internet data usage/ mobile networks up in past year; analysts recommend a mix of
buy and hold; keep watching.
April 18, 2013: $1.99; expansion order from someone; Spanish carrier; stock buy-back.
June 13, 2013: $1.99; best first quarter in years; got a big order from SE Asia in May.
November 14, 2013: $2.82; top quarter of range; Tony likes it; downside is no dividend.
December 12, 2014: $2.67, down 7; no dividend; big order recently; Tony follows it
closely, has lots of it.
May 22, 2014: $3.68; up 11 today; Tony likes it one of his top 3 picks; first quarter
results are very good up 26% from last year.
October 16, 2014: $2.66, up 11 today; guarantee that this is fresh info; recommend a
buy by 10 analysts.
December 11, 2014: $3.09; up 6 today; rated a buy; $5M order at beginning of December.
May 6, 2015: $4.21; rated buy; Tony still likes it; reported its 10th consecutive quarter of
profit and growth; woulda/coulda/shoulda!
June 18, 2015: $3.71; 9 analysts rate it a buy up from hold; net income grew by 30%.
November 12, 2015: Accounts frozen, paperwork completed.
December 17, 2015: No report; remove; Tony doesnt like it anymore; Jane B needs
something else to analyse!
May 26, 2016: Added back to SWIL by Pete.

Brookfield Renewal Partners (BEP.UN) (Pete) operates one of the world's largest publicly
traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric and
wind facilities in North America, Latin America and Europe and totals more than 10,000
megawatts of installed capacity..
Yield: __ 6% __
May 26, 2016: $38.54
Corus Entertainment (CJR.B-T) (Jim) a media and entertainment company, operates
radio stations; and specialty, pay, and conventional television networks in Canada and
internationally.
Yield: __ 9.30% __
May 26, 2016: $12.29; they bought Shaw in March.
Algonquin Power & Utilities Corp (AQN.TO) (Dave) through its subsidiaries, engages
in the generation, distribution, and transmission utility assets in North America. The company
generates and sells electrical energy through a portfolio of non-regulated renewable and
clean energy power generation facilities..
Yield: __ 4.66% __
May 24, 2016: $11.63;
5. BUY AND SELL
Wait until next meeting.
Send New SWIL before the next meeting for us to consider.
6. Lotto 649
Drop History
7. BANK BUSINESS
New answers to the security questions on the RBC account: First Movie = Quest1; first
book = Quest2; first car = Quest3. (Remove these from Website)
8. NEW BUSINESS
Think about stop-loss/gain
Emails re large swings: opens discussion rather than cut and dried approval
9. NEXT MEETING
Thursday, June 16, 2016 at Pete and Doreens.
Our rotation order for meetings is: Larry (Spring); Pete & Doreen (Summer); Jane B & Dave
(Fall); Jane W & Jim (Winter).
With the usual (dis)respect, submitted by
Jane W