Opinions
Kevin Hall BComm, CFA
Keystone North America Inc.
KNA-T
COMMENT
May 06, 2008
Wasn't actually structured as an income trust but as an Income Depository Security that consisted of a common share and some debt paper clipped together. They are proposing to replace debt with more equity. Rights were issued to unitholders. This allows debt to be replaced with common shares. He feels it makes sense to exercise the Rights.
$6.580
Stock price when the opinion was issued
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Operates funeral homes. Last year was particularly slow. Generally should be a stable business. US$ income that has been converted into Cdn cash flow, which has been a problem. Recently cut their distributions and are doing a rights issue and lowering their debt, which is positive but a bit dilutive. Fairly valued.
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