In this biweekly column, we provide an overview of insider trading and corporate investing in Quebec.
• Also read: The smart investor: beware, an investment portfolio is like soap
• Also read: In the eyes of Quebec Inc.: a nearly $12.6 million win for the CEO of Alimentation Couche-Tard
An article causes a stir
A Wall Street Journal investigation into the presence of lead-sheathed wiring in US phone networks caused shares of Bell Canada (BCE) and TELUS to fall in the stock market last week. The decline, which was about 3% for BCE, was much less pronounced than AT&T and Verizon, which were over 10%. TELUS told the Journal that lead-sheathed cables made up just 0.3% of its network. “As part of the continued deployment of our PureFibre network, we have eliminated a large number of lead-clad cables and will eliminate more as we continue to evolve our copper network retirement strategy. Most of the few remaining cables are out of public reach or in contact with land or water as they run within very secure structures,” the company said. BCE did not respond to the journal.
Founder’s son sells Couche-Tard
Eric Fortin photo from LinkedIn
Éric Fortin, who has served on Alimentation Couche-Tard’s board of directors since November 2021, has sold over $4.6 million worth of shares in the Quebec retailer since the beginning of the month. He still has more than $16 million. The son of Richard Fortin, one of Couche-Tard’s founders, Mr. Fortin is a former CEO of the company who is currently involved in the real estate sector.
Abu Dhabi invests in Sagard
Paul Desmarais III, senior vice president of Power Corporation and CEO of the Sagard subsidiary. Photo from the Sagard website
The Bank of Montreal and Abu Dhabi-based investment firm ADQ will soon become shareholders in Sagard, a fund manager founded in 2002 by Power Corporation. Despite these investments, the value of which has not been disclosed, the Montreal conglomerate retains control of Sagard. “These strategic partnerships bring us significantly closer to our vision to become one of the most respected alternative wealth management companies in the world,” said Paul Desmarais III, CEO of Sagard.
Touchette acquires Fastco
Groupe Touchette, which presents itself as Canada’s largest tire retailer, recently completed the acquisition of Fastco Canada, a “leader” in the design, manufacture and distribution of alloy wheels. Fastco will continue operations in Vaudreuil-Dorion and Airdrie, Alberta.
A salesman at Aya
Ugo Landry-Tolszczuk Photo from LinkedIn
Ugo Landry-Tolszczuk, CFO of Aya Or & Argent since May 2020, sold more than $435,000 in shares in the Quebec-based company active in Morocco on July 12. Because of these transactions, he is no longer involved with Aya. The stock is up more than 50% over the past 52 weeks.
He leaves Dollarama for RONA
Jean Philippe Towner Photo from LinkedIn
Jean-Philippe Towner, the former CFO of Pomerleau who has held the same position at Dollarama since March 2021, has just been appointed CFO of RONA, owned by American firm Sycamore Partners. Just prior to leaving Dollarama, Mr. Towner realized nearly $1.4 million in gains through the exercise of stock options.