From Dec. 31, 2012, through Dec. 31, 2013, Canadian Edge Portfolio Holdings posted an average total return in US dollar terms of 2.4 percent.

That figure includes all stocks held during the year. We’ve based our calculations on the total return in US dollar terms for each Holding during the timeframe it was held in the Portfolio in 2013. For most this is the whole 12-month period.

We sold four stocks and added three others during the course of the year, so the average total return includes partial-year figures for those seven.

Since taking the reins of Canadian Edge as of the May 2013 issue, I’ve disposed of four Portfolio Holdings, including Atlantic Power Corp (TSX: ATP, NYSE: AT), Colabor Group Ltd (TSX: GCL, OTC: COLFF), IBI Group Inc (TSX: IBG, OTC: IBIBF) and Just Energy Group Inc (TSX: JE, NYSE: JE).

We added Enerplus Corp (TSX: ERF, NYSE: ERF) back to the Aggressive Holdings on March 8, 2013. Bank of Nova Scotia (TSX: BNS, NYSE: BNS) joined the Conservative Holdings on Aug. 9, 2013, while Magna International Inc (TSX: MG, NYSE: MGA) became an Aggressive Holding on Dec. 6, 2013.

Welcoming Enerplus back to the Portfolio proved a wise move, as the stock posted a total return in US dollar terms of 32.7 percent during our 2013 holding period. Scotiabank, meanwhile, posted a gain of 11.8 percent from Aug. 9 through Dec. 31, 2013, and Magna, during its initial days in the Portfolio, was up 1.9 percent.

Conservative Holdings posted an average total return of 8.3 percent, while Aggressive Holdings were down an average of 3.5 percent.

The S&P/TSX Composite Index was up 5.8 percent in US dollar terms for 2013. The iShares MSCI Canada Index Fund (NYSE: EWC) exchange-traded fund (ETF) posted a gain of 5.3 percent.

In local currency terms the S&P/TSX Composite posted a 13 percent gain, trailing most developed-world indexes, including the S&P 500 Index’ 32.4 percent surge and the MSCI World Index’ 27.5 percent rise, for the year.

The Canadian dollar, which began the year at USD1.0079, ended it at USD0.9414, a 6.6 percent decline. The CurrencyShares Canadian Dollar Trust (NYSE: FXC) ETF was off 6.3 percent.

Those We Left Behind

A common thread among the stocks we disposed of, in addition to dividend cuts by all four, include a weakening of the fundamental case underlying our recommendation, whether due to external factors such as weakening trading conditions or internal factors such as questionable management practices, failure to meet guidance, or to do what management said it would do, and/or inefficient use of capital.

Where in the past we’ve highlighted stories of stocks that have survived payout reductions by using the cash saved to shore up the business, these four showed signs of longer-term weakening that undermined any case for holding out for a rebound.

Atlantic Power, which we held for a little more than five years, was the hardest case we dealt with. We finally sold the stock via a Nov. 11, 2013, Flash Alert after a 65.2 percent dividend cut announced along with fourth-quarter and full-year 2012 earnings the evening of Feb. 28, 2013.

During management’s Nov. 9, 2013, conference call to discuss third-quarter earnings, it became quite clear that among the solutions under consideration to address Atlantic’s balance-sheet and cost-of-capital issues includes the potential for another dividend cut in 2014.

Management indicated at that time that it will reveal more of its strategy when it announces fourth-quarter and full-year 2013 results, which will happen on Feb. 27, 2014, with a subsequent conference call on March 1.

Although Atlantic had successfully met four of five benchmarks we established back in March 2013 the satisfaction of which would determine its continuing presence in the CE Portfolio, the outstanding issue–announcement of a new project–is a large one that illustrates the larger concern that prompted our “sell” recommendation two months ago.

Specifically, Atlantic Power is now a turnaround story, with management focused on debt reduction and balance-sheet repair as a means of reducing cost of capital. Management is also allocating capital to “optimize” existing projects.

Only when progress is made on these fronts will management be able to turn its attention to growth initiatives.

Coupled with difficulties created by the downturn of the wholesale power market as well as company-specific issues with re-contracting some of its projects, Atlantic also has a questionable dividend-paying future.

Atlantic posted a loss of 64.2 percent from Dec. 31, 2012, through Nov. 11, 2013. Since then it’s down another 9.5 percent in US dollar terms.

There is a way back for this company, but the investment thesis is not one that fits our plan. At this stage the best bet may be on a takeover of a stripped-down, shaped-up-balance-sheet company with a decent, diversified collection of power generation assets by a larger, better capitalized entity.

We got out from under Colabor Group in June 2013, before management announced a 66.7 percent dividend cut on July 17, 2013. We did, however, ride the stock down to the tune of a 46.7 percent 2013 loss before we finally pulled the trigger.

Colabor has posted a decent rally since the cut, up more than 20 percent on the hope that management will be able to reduce debt and reinvest in what is a solid niche business.

IBI Group shed 61 percent in 2013 before we finally sold it via a May 17, 2013, Flash Alert. A week after that recommendation management suspended the company dividend.

Investors have not reacted as well to IBI’s cut as they did to Colabor’s as the stock has declined by another 55.1 percent since we exited the position.

Just Energy Group is another stock that’s done well in the aftermath of a dividend cut, though our “sell” recommendation had as much to do with serious questions about business practices, including hyper-aggressive selling tactics by representatives on the ground, and the debt incurred to fund growth initiatives that seem to fall outside its core competencies as it did with the relatively unstable dividend.

Just Energy registered a 23.8 percent loss for us in 2013 before we sold it on June 7. The stock is up nearly 20 percent since then and has actually posted decent financial and operating results. Again, however, our commitment is to populate the CE Portfolio with dividend-paying stocks backed by high-quality businesses, and in our estimation Just Energy doesn’t fit the bill.

Extendicare Inc (TSX: EXE, OTC: EXETF), on the other hand, is a company that could post a solid operational turnaround and stock-market rebound in the aftermath of a dramatic dividend cut.

Extendicare announced a reduction in its monthly payout from CAD0.07 to CAD0.04 per share in April 2013 that became effective with the June payment. Since April 29 the stock has generated a total return of 12.6 percent in US dollar terms. For the year, however, we lost 9.2 percent.

Management is taking aggressive steps to address weaker aspects of its business, including the potential separation of its US from its Canadian operations.

The company announced in late December that a review of strategic alternatives by its board of directors will continue into the first quarter of 2014, with an announcement of the outcome of the process to be made as soon as the board “approves a transaction or other alternative or otherwise determines that disclosure is appropriate.”

In May 2013 the board appointed a strategic committee to review alternatives relating to the separation of Extendicare’s Canadian and US businesses. According to a Dec. 27, 2013, statement, this committee “has been evaluating various alternatives relating to the realignment of Extendicare’s businesses and has made considerable progress in its review.”

Extendicare posted good growth in adjusted funds from operations (AFFO) for the third quarter of 2013 and solid same-facility revenue growth that demonstrates the underlying health of its post-acute and long-term senior care services business. The payout ratio for the period was a sound 51.1 percent.

We continue to rate Extendicare, which is currently yielding 6.8 percent, a buy under USD7.

Please note than another 2013 dividend cutter, Aggressive Holding Lightstream Resources Ltd (TSX: LTS, OTC: LSTMF), is discussed in this month’s Dividend Watch List report.

REIT Update

The second half of 2013 was unpleasant for investors who own units of Canadian real estate investment trusts (REIT), including CE Portfolio Conservative Holdings Artis REIT (TSX: AX-U, OTC: ARESF), Canadian Apartment Properties REIT (TSX: CAR-U, OTC: CDPYF), Dundee REIT (TSX: D-U, OTC: DRETF), Northern Property REIT (TSX: NPR-U, OTC: NPRUF) and RioCan REIT (TSX: REI-U, OTC: RIOCF).

It’s still way too early to declare the “all clear,” as the fallout from rising interest rates may yet impact their market performance, though it’s impossible to predict with any legitimate confidence where interest rates will be a year from now.

What is clear is that our REITs have rebounded from their lows, as investors seem to be digesting the fact that rates should remain low in an historical context for some time and that underlying businesses continue to support yields that simply can’t be readily attained via traditional fixed-income vehicles.

It may be the case that a near-20 year period of wild outperformance will give way to a more modest, reversion-to-the-mean-type future for REITs. But it’s my sense that safer, sustainable yield will remain rare until the US Federal Reserve backs its fed funds rate up from the zero bound.

In the meantime, Artis is up 10.4 percent from its Sept. 9, 2013, near-term low, while Northern Property has posted its own 10.4 percent total return since Aug. 14. RioCan is up 5 percent since Aug. 15.

Dundee has gained 7.6 percent a little more than a month after bottoming on Dec. 5, 2013. CAP REIT’s rally has been more modest, just 2.7 percent since Oct. 4.

Conservative Roundup

Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF), a December 2013 Best Buy, reached an agreement with the Saik’uz First Nation for the development of a potential 210 megawatt wind energy project at Nulki Hills near Vanderhoof, British Columbia.

The project, which is planned to deliver power to the grid by late 2018, is currently undergoing an environmental assessment by British Columbia government officials. The partners are also working on an electricity purchase agreement from BC Hydro.

Innergex also surpassed CAD1 billion in market capitalization since the December issue, posting a 7 percent rally on the TSX over the past month. Innergex Renewable Energy is a buy under USD10.

Keyera Corp (TSX: KEY, OTC: KEYUF), which closed at a 52-week high on Jan. 10, 2014, announced this week that will proceed with a CAD220 million expansion at its natural gas liquids (NGL) fractionation and storage facility in Fort Saskatchewan.

The project will involve more than doubling the facility’s existing fractionation capacity from 30,000 barrels per day to 65,000 barrels per day. It will also include the construction of new product receipt facilities, operational storage and pipeline interconnections.

Engineering work is currently underway, and Keyera is targeting completion in the first quarter of 2016. The company has already reached long-term agreements with customers that support the commercial viability of the expansion, and Keyera is currently in negotiations with other producers for remaining capacity.

The new fractionator will be capable of handling a mixed stream of NGLs (propane, butane and condensate).  This incremental new fractionation capacity is in addition to the de-ethanizer project currently under construction at Fort Saskatchewan, which will allow Keyera to fractionate approximately 30,000 barrels per day of a mixture of ethane, propane, butane and condensate.

Both of these expansions will provide NGL producers with additional fractionation infrastructure necessary to develop the significant liquids-rich natural gas reserves in western Canada.

Keyera is a buy on dips to USD55.

Pembina Pipeline Corp (TSX: PPL, NYSE: PBA) has reached binding commercial agreements to proceed with constructing approximately CAD2 billion in pipeline expansions.

This Phase III Expansion–the largest expansion of Pembina’s systems in the company’s history–is underpinned by long-term take-or-pay transportation services agreements with 30 customers in Pembina’s operating areas and is expected to be in service between late 2016 and mid-2017, subject to environmental and regulatory approvals.

Pembina’s previously announced 2014 capital spending plan will increase from CAD1.5 billion to CAD1.7 billion. Pembina expects the majority of Phase III spending to occur during the main construction period from 2015 through 2016.

The 540 kilometer project will follow and expand upon certain segments of the company’s existing pipeline systems from Taylor, British Columbia, southeast to Edmonton, Alberta, with priority being placed on areas where debottlenecking is essential.

The core of the expansion will entail constructing a new 270 kilometer, 24-inch diameter pipeline from Fox Creek, Alberta, to the Edmonton area, which is expected to have an initial capacity of 320,000 barrels per day (bbl/d) and an ultimate capacity of over 500,000 bbl/d with the addition of midpoint pump stations.

Upon completion Pembina will have three distinct pipelines in the Fox Creek-to-Edmonton, corridor. With its existing pipelines and current expansions, these three pipelines are expected to have the designed capacity to transport up to 885,000 bbl/d if fully expanded.

The Phase III project also contemplates increasing pipeline interconnectivity between Edmonton and Fort Saskatchewan, including Pembina’s Redwater and Heartland Hub sites as well as third-party delivery points in these areas.

This interconnectivity will provide the option for customers to access a broad variety of delivery points, including fractionators, refineries and storage hubs and increased access to pipeline and rail take-away capacity.

The expansion will increase crude oil, condensate and NGL take-away capacity from northwestern Alberta and northeastern British Columbia to markets in the Edmonton and Fort Saskatchewan areas. It will also create operational efficiencies and improved customer service.

The contracts supporting expansion are 10-year transportation services agreements for volumes that average over 230,000 bbl/d, or approximately 75 percent of the initial capacity, and that provide a steady, long-term EBITDA stream which is expected to be, on average, in the range of approximately CAD270 million to CAD300 million per year.

This is a significant announcement for a company that continues to demonstrate it’s one of the best invest-to-grow, high-dividend stories in the world.

Pembina also announced that as a result of strong investor demand for its previously announced offering of cumulative redeemable rate reset preferred shares the size of the offering has been increased to 10 million shares. Aggregate gross proceeds will be CAD250 million.

Proceeds from the offering will be used to partially fund the 2014 CAPEX program, including the Phase III project, as well as to reduce debt drawn on credit facilities and for general corporate purposes.

Pembina Pipeline, which is currently yielding 4.5 percent, is now a buy under USD35.

Aggressive Roundup

Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF) pushed out to a 52-week high on the Toronto Stock Exchange (TSX) earlier this week. The stock traded in a tight range around the CAD17 mark throughout most of 2013 before busting out in late December and topping off at CAD20.72 on Jan. 8, 2014.

The main catalyst for the run is management’s Dec. 5, 2013, announcement that it will acquire New Jersey-based General Chemical Holding Co for USD860 million. The deal will essentially double Chemtrade’s size while expanding the company’s North American water-treatment capacity.

General Chemical manufactures sulphuric acid and other chemicals for customers operating in the water-treatment, pharmaceutical and the pulp and paper industries. The company’s EBITDA for the 12 months ended Sept. 30, 2013, were USD110 million on sales of USD390 million.

Chemtrade has secured a USD1 billion senior secured credit facility to cover the purchase price and transaction costs. And this week management secured another piece of the financing puzzle, agreeing to sell on a bought-deal basis 15.8 million subscription receipts at CAD19 per to raise gross proceeds of CAD300.2 million.

The underwriters have the option to purchase within 30 days of closing, expected on Jan. 23, 2014, an additional 15 percent of the offering cover overallotments.

Chemtrade expects to close the General Chemical transaction by the end of this month.

The acquisition of General Chemical adds significant size, scale and scope to Chemtrade’s existing product and service platform. General Chemical has strong portfolio alignment with Chemtrade’s current business, enhancing its existing sulphuric acid geographic footprint and greatly expanding the water treatment business so it now extends across most of North America.

The deal also allows Chemtrade entry into new but related product categories and end-markets and positions it to capitalize on new growth opportunities.

According to Chemtrade management, the transaction is approximately 15 percent accretive to distributable cash flow per unit, excluding potential cost savings, for the 12 months ended Dec. 31, 2012. Chemtrade’s DCF per unit for the period, in other words, would have been CAD2.38.

The company actually posted full-year 2012 DCF after maintenance capital expenditures of CAD2.07 per unit.

The combined business would have generated revenue of approximately CAD1.305 billion and earnings before interest, taxation, depreciation and amortization (EBITDA), before synergies, of approximately CAD246 million for the 12-month period ended Dec. 31, 2012.

Management expects to see operating cost savings of USD10 million through the reduction of duplicate services. These “synergies” are expected to be fully realized within a year of closing.

Chemtrade intends to maintain its current annual distribution rate of CAD1.20 per unit.

Chemtrade also announced its intention to file an election to change its entity classification from a partnership to an association taxable as a corporation for US federal income tax purposes, effective as of Jan. 15, 2014.

As a corporation paying dividends rather than distributions in US terms, withholding from dividends paid with respect to Chemtrade shares held in an IRA may now be recoverable.

Chemtrade Logistics is a buy under USD18.

Joining Chemtrade in the “52-Week High” club is fellow Aggressive Holding and October 2013 Best Buy recommendation Newalta Corp (TSX: NAL, OTC: NWLTF).

Newalta, which posted a total return of 8.2 percent in US dollar terms in 2013, is up 10.2 percent in US dollar terms since Oct. 4, 2013. The share price on the TSX has surged by 21.9 percent, not accounting for dividends or currency movements.

In mid-December management announced a 2014 capital expenditure budget of approximately CAD180 million, including CAD145 million for growth initiatives and CAD35 million for maintenance expenses.

Newalta will allocate CAD70 million, or 48 percent of its growth CAPEX budget, to New Markets, as it continues to emphasize a segment that drove much of its 2013 revenue and earnings growth.

The Oilfield segment will see spending of CAD40 million, or about 28 percent of the growth budget, while Industrial spending will be approximately CAD8 million, or about 6 percent of the total, down from approximately 10 percent in 2013.

Newalta will allocate CAD12 million for on-site equipment to be used by all three divisions, though predominately New Markets and Oilfield. The remaining CAD15 million in growth CAPEX will be spent on technical development and corporate investments.

The decision to continue to emphasize higher-margin Oilfield and New Markets divisions is a prudent strategy. Third-quarter gross margins for those divisions were 41 percent and 37 percent, respectively.

Overall spending for 2014 is forecast to be 2.9 percent higher than the roughly CAD175 million Newalta spent in 2013, including CAD145 million of growth CAPEX. The company invested CAD190 million during 2012.

In its Dec. 11, 2013, announcement management also noted that it’s conducting a comprehensive review to improve productivity and profitability, particularly in the Industrial Division and in selling, general and administrative expenses (SG&A).

Newalta’s SG&A typically runs at approximately 10 percent of revenue, which is at the high end of the range for energy services companies, so there appears to be ample opportunity to improve profit margin here.

Management reiterated guidance for 20 percent year-over-year growth in adjusted EBITDA for the second half of 2013, which suggests fourth-quarter adjusted EBITDA of approximately CAD40 million. Commodity-price weakness in the latter part of the fourth quarter poses a threat to management’s guidance, though long-term prospects remain bright.

Newalta is a solid buy up to USD17.50.

Ag Growth International Inc (TSX: AFN, OTC: AGGZF) is also quite proximate to its own 52-week high of CAD45.21, which was established on Dec. 27, 2013. As of this writing the manufacturer and marketer of portable grain-handling equipment is trading at CAD44.40 on the TSX.

In late December Ag Growth closed a previously announced CAD75 million offering of 5.25 percent convertible unsecured subordinated debentures maturing Dec. 31, 2018. Underwriters exercised their full overallotment option of CAD11.25 million, taking the gross proceeds to CAD86.25 million.

The debentures are convertible at the holder’s option into common shares at a conversion price of CAD55 per share.

Ag Growth will use net proceeds of CAD71.3 million, together with a CAD42.9 million drawdown under its credit facility, to redeem its outstanding CAD114.9 million, 7 percent convertible unsecured subordinated debentures due this month.

The company will save CAD2 million to CAD3 million in annual interest expenses as a result, and this savings should provide a significant boost to 2014 earnings per share. And it should help bring down Ag Growth’s payout ratio as well.

These are all positives for a company that’s on track to post solid operating and financial numbers for the fourth quarter of 2013 and the first half of 2014 and is well-positioned for a dividend increase when it reports its next set of results in mid-March.

Ag Growth is now a buy under USD42.

Energy producer ARC Resources Ltd (ASX: ARX, OTC: AETUF) announced this week that it estimates fourth-quarter 2013 production to be approximately 100,000 barrels of oil equivalent per day (boe/d), a company record for quarterly production volume that should contribute to an annual record rate of 96,000 boe/d as well.

ARC expects 2014 production to average 110,000 to 114,000 boe/d.

Management also reported that initial flows of restricted volumes of oil and natural gas through its new Parkland/Tower gas processing and liquids handling facility began in late December. Construction was completed ahead of schedule, despite extreme weather conditions during commissioning.

ARC has an inventory of 26 previously drilled wells at Tower and Parkland ready to begin producing. The existing wells will be brought into production over the course of the first quarter.

ARC plans to drill additional wells at Tower and Parkland in 2014, which are expected to fill the facility over the course of the next 12 to 18 months.

This should help it achieve its 2014 output targets.

ARC, which continues to grow production while paying a solid dividend, is a buy under USD26.

Closing the Books on 2013

Here are estimated and confirmed dates for the next set of operating and financial numbers from Canadian Edge Portfolio Holdings. Except where noted, Holdings will be reporting fourth-quarter and full-year 2013 results.

We’ll begin reviewing reports in the February issue of CE, with Shaw Communications Inc’s (TSX: SJR/B, NYSE: SJR) fiscal 2014 first-quarter results, Brookfield Renewable Energy Partners LP’s (TSX: BEP-U, NYSE: BEP) final 2013 numbers and possibly reports from ARC Resources Ltd (TSX: ARX, OTC: AETUF) and Cineplex Inc (TSX: CGX, OTC: CPXGF).

Should a company post numbers that fundamentally change our investment thesis and require immediate action we’ll issue a Flash Alert.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Feb. 28, 2014 (estimate)
• Artis REIT (TSX: AX-U, OTC: ARESF)–Feb. 27, 2014 (confirmed)
• Bank of Nova Scotia (TSX: BNS, NYSE: BNS)–March 4, 2014 (FY 2014 Q1, confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–March 12, 2014 (estimate)
• Brookfield Real Estate Services Inc (TSX: BRE, OTC: BREUF)–March 27, 2014 (estimate)
• Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPFF)–Feb. 7, 2014 (confirmed)
• Canadian Apartment Properties REIT (TSX: CAR, OTC: CDPYF)–Feb. 26, 2014 (estimate)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Feb. 7, 2014 (estimate)
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Feb. 26, 2014 (estimate)
• Dundee REIT (TSX: D-U, OTC: DRETF)–Feb. 27, 2014 (confirmed)
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Feb. 28, 2014 (estimate)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–Feb. 25, 2014 (confirmed)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Feb. 14, 2014 (estimate)
• Northern Property REIT (TSX: NPR, OTC: NPRUF)–March 13, 2014 (estimate)
• Pembina Pipeline Corp (TSX: PPL, NYSE: PBA)–Feb. 28, 2014 (estimate)
• RioCan REIT (TSX: REI, OTC: RIOCF)–Feb. 14, 2014 (estimate)
• Shaw Communications Inc (TSX: SJR/B, NYSE: SJR)–Jan. 14, 2014 (FY 2014 Q1, confirmed)
• Student Transportation Inc (TSX: STB, NSDQ: STB)–Feb. 11, 2014 (estimate)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–Feb. 28, 2014 (estimate)

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN OTC: ACAZF)–Feb. 12, 2014 (estimate)
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–March 14, 2014 (estimate)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–Feb. 6, 2014 (estimate)
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Feb. 21, 2014 (estimate)
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–March 14, 2014 (estimate)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Feb. 21, 2014 (estimate)
• Extendicare Inc (TSX: EXE, OTC: EXETF)–Feb. 27, 2014 (estimate)
• Magna International Inc (TSX: MG, NYSE: MGA)–Feb. 28, 2014 (estimate)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Feb. 13, 2014 (estimate)
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–Feb. 12, 2014 (estimate)
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–Feb. 25, 2014 (estimate)
• Lightstream Resources Ltd (TSX: LTS, OTC: LSTMF)–March 12, 2014 (estimate)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–March 6, 2014 (estimate)
• Vermilion Energy Inc (TSX: VET, NYSE: VET)–March 3, 2014 (confirmed)
• Wajax Corp (TSX: WJX, OTC: WJXFF)–March 5, 2014 (estimate)