Hi Pat. I would really appreciate your opinion of Ag Growth Income Fund, AFN.UN on the TSX. Thanks so much for the help. I really appreciate your advice!
Ag Growth Income Fund, $19.81, symbol AFN.UN on Toronto, (Shares outstanding: 12.6 million; Market cap: $250.0 million) owns Ag Growth Industries, which is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment.
Ag Growth’s products are sold by 1,400 dealers and distributors in 48 states and nine provinces. About 66% of its sales are in the U.S., 28% in Canada and 6% elsewhere. The fund first sold shares to the public at $10 and began trading on Toronto in May 2004.
Winnipeg-based Ag Growth has grown by acquisition. The fund’s operations include Batco (crop belt conveyors), Wheatheart (grain handling equipment), Westfield Industries (portable grain augers), Edwards Group (aeration and grain drying equipment), Hi Roller (stationary belt conveyors), and Twister (galvanized grain bins).
In November 2007, Ag Growth acquired Decatur, Illinois-based Union Iron (material handling and storage equipment). In January, 2008, the fund acquired all of the assets of Applegate Steel, a manufacturer of livestock equipment.
In the three…
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