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.