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Billionaire Fredriksen picks investment chief, invites outside capital –



OSLO (Reuters) – Seatankers, the powerful holding company of Norwegian-born billionaire John Fredriksen, said on Thursday it had hired a veteran fund manager to broaden the group’s portfolio and bring in outside capital in a new unit.

Vegard Soeraunet, until recently an investment director at Norway’s ODIN Fund Management, will be in charge of “long-term and active ownership” outside of Seatankers’s shipping and offshore oil services industries, the company said.

“Getting the opportunity to take this to the next level with a new structure under Seatankers, is a great opportunity,” Soeraunet said in a statement.

It was the second key appointment at Seatankers in recent days following the Aug. 28 naming of a hedge fund manager as its new chief executive.

While Fredriksen initially built his fortune from shipping, controlling oil tanker group Frontline and dry bulk operator Golden Ocean , he has since expanded into fish farming, real estate and other businesses.

“Seatankers holds a lot of expertise and gets access to many interesting investment opportunities and even though we always have a lot of free capital available, there are many good opportunities we must let go,” said Kathrine Fredriksen, one of founder John Fredriksen’s two daughters.

“The idea is that we take advantage of this, in the new company, opening up for external capital,” she said.

Seatankers will continue to build its investment team and establish long-term structures until the end of 2020, the company added.

John Fredriksen, 76, last year told Norwegian media he could seek outside investors to take larger stakes in some of his companies and could even relinquish control of some operations.

In addition to Frontline and Golden Ocean, Seatankers is the top shareholder of fish farmer Mowi , real estate group Norwegian Property and oil rig operator Seadrill , among others.

(Reporting by Terje Solsvik; Editing by Christopher Cushing)

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Lakeview Hotel Investment Corp Announces Second Quarter 2020 Results – Canada NewsWire



WINNIPEG, MB, Sept. 30, 2020 /CNW/ – Lakeview Hotel Investment Corp (“LHIC”) is pleased to report its financial results for the Quarter ended June 30, 2020. The following comments in regard to the financial results should be read in conjunction with the June 30, 2020 financial statements and Management Discussion and Analysis which are available on the SEDAR website

The effects of COVID on hotel occupancies for the second quarter were severe. As this pandemic continues, it is not clear how long it will remain and the extent that it will continue to affect the tourism and hospitality sector. LHIC continues to safeguard employees and customer safety, reduce and/or defer expenses and minimize non-essential expenditures. At this time it is very difficult to determine how long it will take for business levels to normalize.

Following is a comparison of the operating results for the three and six months ended June 30, 2020 compared to the results of operations for the comparable period in 2019:

Three months ended

June 30,

Six months ended

June 30,





Hospitality Revenue






Food & Beverage










Total Revenue










Gain on sale of income properties


Net income (Loss)





Basic and diluted income (loss) before income tax per share





Reconciliation to funds from Operations

Add (deduct)

Amortization of income properties





Amortization of franchise fees





Gain on sale of income properties



Amortization of right-of–use assets



Income from Lakeview Flag Licensing General Partnership





Loss (income) from Lakeview Flag Management General





Unrealized loss (gain) on change in fair value of interest rate swap



Provision for impairment of income properties




Funds from Operations





Basic and diluted funds from Operations per share





Contributions to reserve account





Adjusted funds from Operations





Basic and diluted adjusted funds from Operations per share





Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol “LHR”.  Lakeview Hotel Investment Corp received income from ownership, management and licensing of hotel properties.

The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Lakeview Hotel Investment Corp

For further information: Rudy Beyer, Chief Financial Officer, Tel: (204) 975-0623, Fax: (204) 957-1697, Email [email protected]

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Enforcement Notice – Decision – IIROC Sanctions Vancouver Investment Advisor Dwight Cameron Mann – Canada NewsWire



VANCOUVER, BC, Sept. 30, 2020 /CNW/ – Following a penalty hearing held on July 6 -7, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following sanctions on Dwight Cameron Mann:

a)      A fine in the amount of $250,000

b)      A compliance audit of Mann and the Mann team shall be conducted by an independent compliance auditor, subject to certain terms and conditions, for the period of July 1, 2020 to June 30, 2021.

Mr. Mann is also required to pay costs in the amount of $50,000.

The Order is effective September 21, 2020. The penalty decision will be available at In an earlier decision dated February 25, 2020, the Hearing Panel found that Mr. Mann engaged in misleading conduct in certain clients’ accounts. The Panel also found that he made an unjustified promise of specific results and failed to report a client’s complaint.

A copy of the Sanction Order can be found at:

The decision on Liability can be found at:

IIROC formally initiated the investigation into Mr. Mann’s conduct in May 2018. The alleged violations occurred while he was a Portfolio Manager and a Registered Representative with a Vancouver branch of National Bank Financial Ltd., an IIROC-regulated firm. Mr. Mann is currently a Portfolio Manager and a Registered Representative at the Vancouver branch of Canaccord Genuity Corp., an IIROC regulated firm.

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

*  *  *

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms and their nearly 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – General News

For further information: Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

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The Defensive Investment You Want – The Motley Fool Canada



The market is rife with volatility. You can call it the “2020 effect,” but investors continue to be wary over what will happen in the final quarter of the year. There’s a good reason for that concern too — the COVID-19 pandemic is still disrupting businesses around the world. This makes the need for adding one or more defensive investments to your portfolio all the more important.

Defensive investments typically provide a necessary service and generate a stable recurring revenue stream that isn’t (too) impacted by the pandemic. Rogers Communications (TSX:RCI.B)(NYSE:RCI) is a great example that is worth exploring in more detail.

The defensive investment you need

Telecoms are widely regarded as defensive stocks. What few investors may realize, however, is that the importance of telecoms has grown immensely since the pandemic began.

Home internet connections have become a lifeline for office workers that are now working full time from home. Students are also sharing that internet connection to partake in remote learning. Wireless devices have become an essential means of communication during the pandemic, and subscribers are chewing through more data than ever.

In the most recent quarter, Rogers saw the total number of subscribers to its unlimited data plan hit 1.9 million, reflecting a 36% increase in 2020.

More than results

In terms of results, Rogers reported results for the second quarter in July. In that quarter, sales came in 17% lower than the same period last year, at $3.2 billion. That drop wasn’t entirely unexpected, as retail stores and sporting events were mostly shuttered during that period. Still, the company managed to generate $468 million in free cash flow.

Turning to Rogers media segment, the company saw revenue drop 50% in the most recent quarter. This wasn’t entirely unexpected, as nearly all sporting events were canceled due to the pandemic.

Looking towards the next quarter, Rogers should see much-improved numbers, as stores and sporting events continue to resume operations.

Another interesting point about Rogers is the quarterly dividend on offer. Rogers currently provides a respectable 3.76% yield to investors. The rate is lower than its Big Three peers, but there’s a good reason for that. Rogers suspended the scheduled annual upticks to its dividend, opting instead to invest in the company and pay down debt. That’s not to say that Rogers won’t provide further increases, but rather, it is prioritizing the health of the company. As a point of reference, the last dividend hike effective in March of last year.

In short, Rogers remains a stellar defensive investment that should be a core part of any well-balanced portfolio.

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Fool contributor Demetris Afxentiou has no position in any of the stocks mentioned. The Motley Fool recommends ROGERS COMMUNICATIONS INC. CL B NV.

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