October 2020 Update – $OSS.v, $ISDR, $PSD.to, $STC.v, $FTG.to, $PTG.to, $VLN.to

Here is a quick update for the month of October 2020 for some names mentioned on the blog.

  • OneSoft Solutions ($OSS.v)
    • Announced first new customer win in 18 months
    • Pretty big deal given the long wait
    • Still looking for more customer wins in order to move the share price
  • Issuer Direct ($ISDR)
    • Reported Q3 and was really well yoy
    • Share price has doubled since I purchased and is no longer cheap on trailing numbers
    • I still see potential in the business
  • Pulse Seismic ($PSD.to)
    • EdgePoint picked up 3.1 mil shares during a private transaction. They increased their ownership to 24.60%, up from 18%.
    • This is not anywhere near their top 10 in position size, so somewhat of a non-event.
  • Sangoma Technologies Corp ($STC.v)
    • Reported fiscal Q4
      • Good quarter and encouraging outlook
      • Beat previous guidance and issued new 2021 guidance
        • EV/REV
        • EV/EBITDA
  • Firan Technology ($FTG.to)
    • Reported numbers and held a conference call
      • Numbers were better than I would have guessed
        • Managing the covid precautions well
      • Have 3.1 mil in PPP
      • Backlog of 47M of which 26M due in fiscal Q4
        • Likely won’t deliver all though
    • Polar Asset Management picked up some more shares
      • They now own 13% of the outstanding
      • Non-event to me as this isn’t a top 10 holding for them.
  • Pivot Technology Solutions ($PTG.to)
    • Shareholders officially approved the arrangement for $2.60
  • Velan ($VLN.to)
    • Reported numbers and held a conference call
      • Quarter was a little weaker than I anticipated
      • Some additional costs with forex swings, land clean up with sale of plant, continued restructuring,
      • Took over 4 mil in wage subsidy which would have made things worse
    • Good news
      • V20 plan progressing well and seeing some benefit to the business ahead of schedule
      • Backlog is up as book to bill was over 1.2
      • Gross margins are steady
      • Most important to long term – the company now has it’s first independent chairman who has lots of industry experience. This is the Velan family moving to independent leadership. I’m a big fan.

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