Provides software to access the Ontario land registry system. Gets fees on searches and registries. Cash flow is fairly stable. A monopoly in Ontario. Will buy more at better valuations.
Pays 7.9%. Great management team. Demographics on long-term retirement are good. Q3 and Q4 numbers for last year were under expectations but Q1 this year was right on. Looks like they've turned the corner. Have some good growth pipeline opportunities this year. With the price pullback, it's a good buying opportunity.
Gas prices have pulled it back where it is a great buying opportunity. Top-notch management team. Very conservative. All other acquisitions have worked out. Reserve life is close to the average of 9/10 years.
The class structure is being dissolved. They have done a pretty good job over the last year of cleaning up some of their problems. Owns some in an index fund, only because he has to. Prefers others. Reserve life of about 11 years. Payout ratio is a little high.
Will be announcing their distribution in the next day or two and expects it will guide a little bit lower because of lower coal volumes. This has been priced in. Prefers playing coal through Westshore Terminals (WTE.UN-T).
Have increased distributions 7 times since they went public. Recently acquired Filogix, a high-growth software business that puts together a mortgage lender and mortgage broker. Sold off too much.