Low debt and a strong cash position should help this oil and gas producer continue to increase exploration as prices recover.
CIMAREX ENERGY (New York symbol XEC; www.cimarex.com) produces and explores for natural gas and oil. Gas makes up 47% of the company’s output; the remaining 53% is oil.
Cimarex’s properties are mostly in the Wolfcamp shale area of Texas and New Mexico. The company also has production sites in Oklahoma’s Cana-Woodford shale region.
In the three months ended June 30, 2016, Cimarex produced an average 168,006 barrels of oil equivalent per day. That’s down 5.1% from 176,973 a year earlier. The reduced output, along with lower oil and gas prices, lowered cash flow per share by 41.9%, to $1.58 from $2.72.
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Energy Stocks: Company to spend $750 million on 2016 exploration
The company planned to spend between $600 million and $650 million on exploration and development this year. That was down 29% from 2015 levels. However, unlike many producers, Cimarex sped up its spending in the second half of this year. It now plans to spend a total of $750 million for all of 2016.
The company’s balance sheet is very strong. That’s important because of volatile oil and gas prices, which have forced some producers to issue more shares and drastically cut costs. Cimarex’s long-term debt of $1.5 billion is a low 12.5% of its market cap. What’s more, it won’t have to start repaying that until 2022. The company currently holds cash of $641.7 million, or $6.75 a share.
The trust’s move to double its spending on property acquisitions this year has boosted both revenue and cash flow.
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST (Toronto symbol AP.UN; www.alliedreit.com) owns 150 office buildings, mostly in major Canadian cities. These properties—mainly Class I—contain over 11.6 million square feet of leasable area.
Class I refers to 19th- and early-20th-century industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
Allied has increased its acquisition activity this year; so far, it has spent $347.1 million buying seven properties in major Canadian cities, including Calgary, Toronto and Montreal. That’s a big jump from the $164.8 million it spent for a total of five properties in 2015.
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The new buildings helped raise the trust’s revenue by 3.5% in the three months ended June 30, 2016, to $94.2 million from $91.0 million a year earlier. Cash flow rose 1.2%, to $42.5 million from $42.0 million. Cash flow per unit was unchanged at $0.54, due to the issue of more shares as part of those recent acquisitions.
The units trade at 16.7 times Allied’s forecast 2016 cash flow of $2.21 a unit. They yield 4.1%.
CanAlaska has now partnered with mining giant Cameco for uranium exploration in Saskatchewan’s Athabasca basin. Another joint-venture deal, with De Beers, adds more risk for the company.
CANALASKA URANIUM (symbol CVV on the TSX Venture Exchange; www.canalaska.com) explores for uranium—and now diamonds—in Saskatchewan’s Athabasca Basin region.
The stock has moved up this year as the company took on a couple of big joint-venture partners (Cameco and De Beers). It also branched out into diamond exploration.
CanAlaska has explored for uranium for many years.
Until January 2016, the company had another joint venture agreement in place for its West McArthur project in the Athabasca basin. Under the terms of that deal with giant Mitsubishi Corp., the Japanese company would receive 50% interest in the property for its investment of $14.4 million in exploration spending. However, Mitsubishi pulled out by selling its interest to CanAlaska in exchange for $600,000 and a 1% royalty arrangement.
In February, Canadian major Cameco (symbol CCO on Toronto, and a recommendation of Stock Pickers Digest) jumped in to option the property, which sits 15 kilometres west of its 70% owned McArthur River uranium mine.
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Penny Stocks: Partnering with De Beers Canada for Athabasca exploration
In May 2016, CanAlaska announced a separate deal on another of its properties with another big name in mining. That agreement is with De Beers Canada to explore for diamonds in Saskatchewan’s northwestern Athabasca basin.
Exploration in the area is focused on uranium, and until now has not been thought of as a suitable for diamond mining. But after examining a high-resolution, airborne geophysical survey carried out by the Saskatchewan Geological Survey in 2011, De Beers thinks that a series of magnetic anomalies could indicate the presence of 75 kimberlite targets.
Kimberlite is solidified magma that flows to the surface from deep within the earth’s mantle. Millions of years ago, the molten magma’s flow acted like an elevator, lifting diamonds from far below the surface.
A multistage option agreement could earn De Beers up to 90% in the project within seven years, if it spends the entire $20.4 million.
Investing in uranium-exploration stocks is risky—and the odds of finding diamonds are even more remote. For both, it’s a long way between the exploration phase and commercial production. As well, there’s often a long time lag between progress updates and share prices can drop in the meantime.
TSI Network recommendation: HOLD for highly aggressive investors.
Pembina Pipeline has seen double-digit growth in its cash flow thanks to the expansion of its natural gas-processing business. The move has also helped it to increase its high-yield dividend.
PEMBINA PIPELINE (Toronto symbol PPL; www.pembina.com) owns pipelines that carry almost all of B.C.’s oil and half of Alberta’s conventional oil. It also carries 30% of Western Canada’s natural gas liquids (NGLs).
In fact, the company owns extensive facilities to extract, process and store NGLs, as well as natural gas processing plants.
In the three months ended June 30, 2016, Pembina’s cash flow per share rose 17.6%, to $0.60 from $0.51.
So far this year, the company has placed $1.6 billion of new assets into service. This includes $1 billion in gas-processing facilities.
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As well, Pembina recently completed the $556.0 million acquisition of a new natural gas processing complex in northwestern Alberta. As part of the deal, the company will process gas for Paramount Resources under a 20-year contract.
Pembina’s stock trades at 16.2 times its expected 2016 cash flow of $2.43 a share. The company raised its monthly dividend by 4.9% with the May 2016 payment, to $0.16 from $0.1525; it yields 4.4%.
Recently, Pat McKeough responded to an Inner Circle member’s question about Ritchie Bros. Auctioneers, the world leader in industrial auctioneering. Two recent deals, one with heavy equipment maker Caterpillar, pushed up Ritchie’s share price. While the stock is relatively expensive now, the new deals could give earnings a significant boost for 2017.
Q: Pat. What do you think of Ritchie Bros. Auctioneers? Is it a good buy?
A: RITCHIE BROS. AUCTIONEERS INC. (symbol RBA on Toronto; www.rbauction.com) is the world’s largest industrial auctioneer. The Vancouver-based company has over 110 locations, including 45 auction sites in 19 countries.
Ritchie Bros. holds roughly 325 unreserved auctions each year. (Unreserved means that there are no minimum or reserve prices. Each item goes to the highest bidder, regardless of price.) It sells used and unused industrial equipment and other assets for the construction, transportation, material-handling, mining, forestry, petroleum, marine, real estate, and agricultural industries.
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The company’s auctions include both onsite and online bidding. About 80% of its customers are the users of the equipment they buy. However, equipment makers, dealers, brokers and finance companies also participate in the company’s auctions. Ritchie Bros. typically keeps around 10% of the selling price for auctioned items.
Revenue rose 30.2%, from $396.1 million in 2011 to $515.9 million in 2015 (all amounts except share price and market cap in U.S. dollars). Earnings jumped 76.4%, from $0.72 a share (or a total of $76.8 million) to $1.27 a share (or $136.2 million).
Part of this growth is due to acquisitions. For example, in 2015, the company acquired 75% of Xcira for $12.4 million. This Florida-based firm makes software that helps auction companies conduct live, online bidding.
In February 2016, Ritchie Bros. paid $29.6 million for Mascus International Holdings. Based in the Netherlands, that firm operates an online listing service for used heavy equipment and trucks.
The company’s revenue in the three months ended June 30, 2016, rose 2.1%, to $158.8 million from $155.5 million a year earlier. However, earnings fell 11.9%, to $0.37 a share (or a total of $39.7 million) from $0.42 a share (or $45.1 million). That’s mainly due to higher operating expenses and foreign exchange losses.
Ritchie Bros.’ long-term debt of $102.7 million (as of June 30, 2016) is a low 2% of its market cap. It also holds cash of $166.5 million, or $1.56 a share.
The stock jumped 20% in August 2016 after the company agreed to buy IronPlanet for $758.5 million. This private U.S.-based firm sells used heavy equipment through online auctions. Ritchie Bros. expects to complete the purchase in the first half of 2017.
As well, the company has announced a new alliance with heavy equipment maker Caterpillar Inc., symbol CAT on New York.
Under the terms of this deal, it will become Caterpillar’s main partner for live onsite and online auctions of used Caterpillar-branded equipment. Ritchie Bros. will also provide software and other services to Caterpillar and its dealers.
The stock is expensive at 28.6 times the $1.23 U.S. a share the company should earn this year. As well, growth by acquisition adds risk, especially with a transaction as big as IronPlanet. However, the IronPlanet and Caterpillar deals should immediately add to Ritchie Bros.’ earnings. That could push total earnings to as high as $1.65 U.S. a share in 2017. The shares trade at a more reasonable 21.3 times that forecast.
Starting with the September 2016 payment, the company is raising its quarterly dividend by 6.3%, to $0.17 U.S. a share from $0.16. The new annual rate of $0.68 U.S. yields 2.0%.
Inner Circle recommendation: HOLD for aggressive investors.
Pason Systems has good reason to maintain its high dividend yield despite continued weakness in oil drilling and its 50% drop in revenue for the quarter.
PASON SYSTEMS (Toronto symbol PSI; www.pason.com) serves oil and gas drilling contractors in Canada, the U.S., Mexico and Argentina. The company provides them with rental equipment for monitoring and managing land-based oil rigs. Its systems also let clients remotely collect data from their drilling operations.
In the three months ended June 30, 2016, Pason’s revenue dropped 52.7%, to $27.2 million from $57.4 million a year earlier. A rise in the U.S. dollar partially offset the slowdown in oil and gas drilling.
The company’s cash flow per share was a negative $0.01, compared to positive $0.11 a year earlier. The quarter is the slowest time for Canadian drillers.
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To keep its cash flow as high as possible, Pason will reduce its capital spending in 2016 to $30 million. That’s less than the $51.0 million it spent in 2015, and down from $121.0 million in 2014. It has also cut its staff by 25%.
Meanwhile, the company’s balance sheet remains strong. It has cash of $162.0 million, or $1.92 a share, and no debt.
The stock yields a high 3.7%. Pason believes the low point in the drilling cycle has passed, and it plans to maintain its dividend. The company’s equipment is a big plus for drillers, as it lets them increase their revenue and lower their operating costs. Demand for its equipment should recover quickly along with oil and gas prices.
This copper and zinc miner lowered its production as prices fell, but it has strong growth potential thanks to improved efficiency and diverse holdings.
NEVSUN RESOURCES LTD. (symbol NSU on Toronto; www.nevsun.com) owns 60% of the Bisha copper/zinc/gold mine in Eritrea. That stake is the company’s main asset.
Bisha started up in February 2011. Nevsun used the gold it extracted from the deposit’s top layer to finance construction of the project’s second phase: copper mining below that level. The mine produced 112,000 ounces of gold in 2013. However, the gold deposit ran out early that year.
Nevsun transitioned to copper mining in late 2013, with full production starting up in December. Bisha produced 135.9 million pounds of copper in 2015.
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Operating in Eritrea means considerable political risk for Nevsun. That risk is partially offset by the company’s 40% partner in the operation—the Eritrean government. The mine is a major source of revenue for this poor nation, contributing a big portion of the country’s gross domestic product.
Eritrea is located in the Horn of Africa, bordered by Sudan, Ethiopia and Djibouti. It was an Italian colony before the British occupied it in 1941. In 1950—as a move toward independence for Eritrea—the United Nations established it as a semi-autonomous state within a federation led by Ethiopia’s Emperor Haile Selassie.
In 1962, Selassie seized Eritrea in an attempt to take it over. That action started a 31-year armed struggle by Eritrean forces seeking nationhood. The conflict would eventually end in full independence for Eritrea in 1993.
While a peace deal with Ethiopia was later signed in June 2000, a border dispute has, from time to time, flared up.
Today, Eritrea remains very poor, with an estimated two-thirds of the population receiving food aid. The economy is dependent on money sent home by Eritreans living in other countries. The government also relies on income from its stake in the Bisha mine.
Mining Stocks: Copper prices slash 2015 revenue by 33%
Nevsun’s own revenue rose from $547.8 million in 2011 to $566.0 million in 2012 (all amounts except share price and market cap in U.S. dollars). Revenue fell to $155.7 million in 2013 as Bisha shifted from gold to copper. Revenue then jumped to $555.0 million in 2014, but fell to $356.9 million in 2015 as copper prices dropped 33%.
Earnings per share fell from $0.73 in 2011 to just $0.06 in 2013. Earnings recovered to $0.47 a share in 2014, but dropped to $0.11 in 2015.
Cash flow per share fell from $2.18 in 2011 to $0.38 in 2013. It rose to $1.60 in 2014, but fell to $0.65 in 2015.
In June 2016, Nevsun completed its $512.6 million acquisition (cash and stock) of Reservoir Minerals Ltd. This firm’s main asset is its 100% stake in the upper zone of the Timok copper project in Serbia. It also owns 60.4% of the yet-to-be developed lower zone; Freeport McMoRan, symbol FCX on New York, owns the remaining 39.6%.
In the quarter ended June 30, 2016, Nevsun earned $9.6 million. That’s up 2.1% from $9.4 million a year earlier. Due to the extra shares it issued to buy Reservoir, per-share earnings fell 20.0%, to $0.04 from $0.05.
In the quarter, revenue fell 24.0%, to $79.2 million from $104.2 million, on lower copper production and prices. Cash flow per share declined 2.5%, to $0.22 from $0.23.
Nevsun’s outlook is positive. Bisha’s copper reserves should last over 10 years, and there is considerable room to expand into surrounding areas. As well, the deposit holds a significant amount of zinc. The company plans to process zinc through a new plant expected to soon open. The Timok project also gives Nevsun growth potential and helps diversify its operations outside of Eritrea.
The company holds cash of $240.3 million, or $0.80 a share, and has no debt. It pays a quarterly dividend of $0.04, for a high 5.1% annualized yield.
Inner Circle recommendation: HOLD for highly aggressive investors.
Telus Corp. boosted its earnings in the latest quarter on stronger sales and increasing revenue per subscriber.
After several years of explosive growth, Canada’s wireless industry has started to slow. That’s mainly because 85% of all Canadians now own a cellphone.
Even so, the outlook for wireless carriers such as Telus remains bright for several reasons. One key factor is Canada’s expanding population. As well, new high-margin services such as wireless video streaming (like Apple’s FaceTime) should spur earnings.
Telus’s exposure to Western Canada adds risk, as resource firms cut jobs in response to low oil and commodity prices. However, ongoing investments in its networks will help it hang on to its customers and attract new ones.
TELUS CORP. (Toronto symbol T; www.telus.com) is Canada’s second-largest wireless carrier, after Rogers Communications, with 8.4 million subscribers. Wireless now supplies 55% of Telus’s revenue and 67% of its earnings.
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The remaining 45% of revenue and 33% of earnings come from its wireline division. It consists of 1.4 million landline phone customers in B.C., Alberta and eastern Quebec. This business also includes 1.6 million Internet users and 1.0 million TV customers.
Telus’s revenue rose 20.2%, from $10.4 billion in 2011 to $12.5 billion in 2015. Earnings gained 8.5%, from $1.22 billion in 2011 to $1.32 billion in 2012. Due to more shares outstanding, earnings per share gained 7.5%, from $1.87 to $2.01.
The company’s earnings then improved to $2.01 a share (or a total of $1.29 billion) in 2012, and to $2.31 a share (or $1.43 billion) in 2014. However, earnings dipped to $2.29 a share (or $1.38 billion) in 2015.
If you exclude unusual items—mainly the cost of boosting efficiency as well as fees related to paying off debt—earnings per share were $2.58 in 2015. That’s up 7.1% from $2.41 in 2014.
In the quarter ended June 30, 2016, Telus earned $415 million, up 2.2% from $406 million a year earlier. Earnings per share gained 6.1%, to $0.70 from $0.66, on fewer shares outstanding. Revenue rose 1.5%, to $3.15 billion from $3.10 billion.
Telus added 40,000 new wireless subscribers in the quarter, net of cancellations, down 36.5% from a gain of 63,000 a year earlier. That’s partly due to the weaker economy in Alberta.
However, the company continues to retain its current subscribers with strong customer support. Its churn rate, which measures how many subscribers cancelled their service, improved to 1.15% for the quarter from 1.17% a year earlier.
Meanwhile, strong demand for wireless data increased Telus’s average monthly revenue per subscriber by 1.4%, from $63.48 to $64.38.
The company also continues to benefit as more of its wireless users upgrade to smartphones and long-term contracts. These subscribers now account for 87.5% of its wireless customers, up from 86.5% a year earlier. That’s partly because Telus’s landline phone users are switching to wireless service. It lost 21,000 regular phone customers in the latest quarter, net of cancellations, compared to the 13,000 it lost a year ago.
The company also continues to attract customers to its fibre-optic and satellite TV services. It ended the quarter with just over 1.0 million TV customers, up 7.9% from a year ago. Another area of growth is its high-speed Internet business, which has increased its subscribers by 6.4% in the past year.
Those gains reflect Telus’s heavy investments in its networks over the past few years. It spent $2.6 billion on making its systems faster and more reliable in 2015, and expects to spend a further $2.85 billion in 2016.
To help pay for these upgrades, the company recently sold 35% of its Telus International subsidiary to an Asian private equity firm.
Formed in 2005, this business operates call centres on behalf of corporate clients in North America, Central America, Europe and Asia. It also helps those clients manage their computer systems. Telus received $600 million for this stake.
With this sale, the company held cash of $428 million on June 30, 2016. Its long-term debt of $10.8 billion was then 42% of its market cap.
However, Telus’s annual free cash flow (or cash flow minus capital expenditures) in the past 12 months totaled $741 million. That gives it plenty of flexibility to pay down its debt. In addition, the due dates on the company’s loans are staggered up to 2046. So its annual repayments remain manageable.
Telus is also using its steady cash flow for dividends. In July 2016, it raised those quarterly payments by 4.5%, to $0.46 a share from $0.44. The new annual rate of $1.84 yields 4.2%.
The company now plans to increase its dividend twice a year for 2017, 2018 and 2019. It expects the average annual increase to be between 7% and 10%. In addition, Telus plans to repurchase $250 million of its shares each year for the next three years.
The company’s cost-cutting plan should improve its earnings per share by 3.4%, from $2.66 in 2016 to $2.75 in 2017. The stock has gained 15% since the start of this year, but still trades at a moderate 16.0 times next year’s forecast. Recommendation in The Successful Investor: BUY
Strong sales in the quarter, in part because of higher pricing, helped offset the insurer’s loss from Alberta wildfire claims.
INTACT FINANCIAL (Toronto symbol IFC; www.intactfc.com) is Canada’s largest provider of property and casualty insurance. Its brands include Intact Insurance, Canada BrokerLink and belairdirect.
In the three months ended June 30, 2016, Intact’s revenue rose 2.8%, to $1.96 billion from $1.88 billion a year earlier.
Earnings per share fell 46.8%, to $0.83 from $1.56. However, the latest quarter includes a $0.97-a-share loss from claims associated with the wildfires at Fort McMurray, Alberta. Without that loss, per-share earnings rose 15.4%, to $1.80 from $1.56.
Again excluding the wildfires, the company reported a combined ratio, the claims paid out divided by the premiums taken in (the lower, the better), of 90.4%. That’s below the 91.6% of a year earlier.
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Premium growth across Canada offset a slowdown in Alberta. As a result, revenue improved for all of the company’s main insurance lines. Intact also continues to cut its operating costs and write more profitable insurance policies.
Canadian Direct Insurance, which Intact purchased for $197 million in early 2015, also contributed to the sales increase. Growth by acquisition adds risk, but Canadian Direct was a great fit. Intact has successfully integrated a number of other companies in the past few years, including AXA Canada, Jevco and Metro General.
The stock trades at 16.1 times Intact’s forecast 2016 earnings of $5.70 a share. That profit could rise to $7.29 a share in 2017, and the shares trade at 12.6 times that estimate. The stock yields 2.5%.
The gold miner raised its cash flow by 75.7% in the latest quarter as gold prices and the company’s output climbed.
ALAMOS GOLD (Toronto symbol AGI; www.alamosgold.com) owns the Mulatos and El Chanate mines in Mexico, and the Young- Davidson mine in northern Ontario. That Canadian operation holds as much as 5.6 million ounces of gold. Its production started in 2013 and it should reach full output in 2017.
The company also has a number of projects under development in Turkey, the U.S., and other parts of Mexico and Canada.
In the three months ended June 30, 2016, Alamos’s gold production rose 3.3%, to 92,464 ounces from 95,606 a year earlier. The increased output, along with higher gold prices, raised the company’s cash flow by 75.7%, to $36.9 million from $21.0 million (all figures except share price in U.S. dollars). Cash flow per share fell, to $0.14 from $0.16, as the number of outstanding shares almost doubled. The sharp rise is the result of the company’s July 2015 merger with AuRico Gold, a recommendation of Stock Pickers Digest.
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Mining Stocks: To increase gold production to 400,000 ounces for 2016
Alamos holds cash of $296.4 million. It will use the money to complete the Young-Davidson mine and increase its gold production from 380,000 ounces in 2015 to over 400,000 this year.
The company’s outlook is positive. But it needs to succeed with its Young-Davidson expansion in order to meet its production targets.
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Agents: We employ other companies and individuals to perform functions on our behalf. Examples include fulfilling orders, delivering packages, sending postal mail and email, removing repetitive information from customer lists, analyzing data, providing marketing assistance, processing credit card payments and providing customer service. They have access to personal information needed to perform their functions, but may not use it for other purposes.
Promotional Offers: We may make our postal mailing list available to organizations offering products or services that might interest you. If you prefer NOT to receive these offers, please send an email with your name and address to service@tsinetwork.ca with "Do Not Rent Name" in the subject line. We do NOT make our email list available outside our organization.
Protection of TSI Network and Others: We release account and other personal information when we believe release is appropriate to comply with law; enforce the terms of the Legal notices that accompany this policy; or protect the rights, property or safety of TSI Network, our users or others. This includes exchanging information with other companies and organizations for fraud protection and credit risk reduction.
In addition to these limited disclosures of personal information, TSI Network may provide its affiliates or unaffiliated third parties with aggregate information about visitors to our sites. For example, we might disclose the median ages of visitors to our websites, or the numbers of visitors to our websites that come from different geographic areas. Such aggregate information will not include information of any individual visitors to our websites.
TSI Network may provide personal and other information to a purchaser or successor entity in connection with the sale of TSI Network, a subsidiary or line of business associated with TSI Network, or substantially all of the assets of TSI Network or one of its subsidiaries, affiliates or lines of business.
With Your Consent: Other than as set out above, you will receive notice when information about you might go to third parties, and you will have an opportunity to choose not to share the information.
Except as provided herein, TSI Network will not sell or rent personal information about you to unaffiliated third parties.
We may disclose personal information you have provided through our websites, for the above purposes, to persons or companies that we retain to carry out and other activities for which you have registered or in which you have otherwise asked to participate. In particular, we may for these purposes transfer information to any country (including the USA and other countries which may not offer the same level of data protection as Canada). We also will disclose personal information if required by law, including compliance with warrants, subpoenas or other legal processes.
TSI Network requires persons and companies to which it discloses personal information to restrict their use of such information to the purposes for which it has been provided by TSI Network, to adequately protect the information, and not to disclose that information to others. TSI Network cannot be responsible, however, for any damages caused by the failure of unaffiliated third parties to honour their privacy obligations to TSI Network. Similarly, TSI Network is not responsible for the privacy policies and practices of other websites that are linked to our websites.
COMMENTS: TERMS OF USE
We’re always happy to receive feedback, comments and ideas from TSI Network visitors, and we encourage you to add your perspective to any issue by leaving your comments on the site.
To make sure users get the most out of the site’s comments function, we’ve provided a few guidelines:
Do not post threatening, harassing, defamatory, or libelous material.
Do not intentionally make false or misleading statements.
Do not offer to sell or buy any product or service.
Do not post material that infringes copyright.
Do not post information that you know to be confidential or sensitive or otherwise in breach of the law.
TSI Network will not accept responsibility for information posted in the comments.
Please note that we reserve the right to delete or edit all comments. As well, we may close posts to further comments at our discretion. If a user repeatedly abuses our comment policy, we may also revoke that user’s access to our comments section.
By commenting on TSI Network, you agree that you retain all ownership rights in what you post on the site, and that you will relieve us from any and all liability that may result from those postings.
Special Note for Parents
TSI Network does not sell products for purchase by children. If you are under 18, you may use TSI Network's site only with involvement of a parent or guardian
How do we protect your personal information?
TSI Network does everything possible to prevent unauthorized intrusion to its websites and the alteration, acquisition or misuse of personal information by unauthorized persons. Notably passwords submitted by users of our websites are encrypted using encryption mechanisms. However, TSI Network cautions visitors to its websites that no network, including the Internet, is entirely secure. Accordingly, we cannot be responsible for loss, corruption or unauthorized acquisition of personal information provided to our websites, or for any damages resulting from such loss, corruption or unauthorized acquisition.
How do we maintain the integrity of your personal information?
TSI Network has procedures in place to keep your personal information accurate, complete and current for the purposes for which it is collected and used. You may review the information that you have provided to us and where appropriate you may request that it be corrected. If you wish to review your personal information please send a request to: service@tsinetwork.ca.
How do I withdraw my consent to use Personal Information? Access, Correction, Inquiries and Complaints
If you wish to request access to, or correction of, your personal information in our custody or control, or find out how we've used or disclosed that information, please make your request in writing to us. We may need to verify your identity before searching for or providing you with personal information. In some circumstances, we may not be able to provide access to your personal information, for example if it contains the personal information of other persons, if it constitutes confidential commercial information, or if it is protected by solicitor-client privilege. If we deny your request for access to, or refuse a request to correct, your personal information, we will advise you of the reasons for this refusal.
If you do not want to receive promotional offers, please notify TSI Network by sending an email to service@tsinetwork.ca.
How can you ask questions about our Privacy Policy and access your personal information?
The provision of information by you is entirely voluntary and you have the right not to provide information. Subject to applicable law, you may have the right to receive certain information as to whether or not personal information relating to you is held by TSI Network and to obtain a copy of such information that is sought. You may also have the right to require information, where appropriate, to be erased, blocked or made anonymous or to have data updated or corrected. If you do not wish TSI Network to hold information about you or if you wish to have access to information, modify information, or object to any processing of information or if you have questions please contact us.
What Choices Do I Have?
As discussed, you can always choose not to provide information even though it might be needed to make a purchase or to take advantage of TSI Network features.
You can add or update certain information as explained in the section "How Can I Change My Information?"
If you do not want to receive email or other mail from us, please notify TSI Network by sending an email to service@tsinetwork.ca.
The "Help" portion of the toolbar on most browsers will tell you how to prevent your browser from accepting new cookies, how to have the browser notify you when you receive a new cookie, or how to disable cookies altogether. However, you will not be able to use important features of TSI Network sites if you do not use cookies.
Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
The contents of this web site and our publications are based upon sources of information believed to be reliable, but no warranty or representation, expressed or implied, is given as to their accuracy or completeness. Any opinion reflects the Successful Investor’s judgment at the date of publication and neither the Successful Investor, nor any of its affiliated companies, nor any of their officers, directors or employees, accepts any responsibility in respect of the information or recommendations contained in the publications or on this web site. Moreover, the information or recommendations are subject to change without notice.
Information presented on this web site or contained in our publications is not an offer, nor a solicitation, to buy or sell any securities referred to on the web site or in the publications. The material is general information intended for recipients who understand the risks associated with an investment in any securities referred to in the publications or on this web site. The Successful Investor has made no determination regarding whether an investment, course of action, or associated risks are suitable for the recipient.