13:07:52 EDT Thu 22 Oct 2020
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Shell Summary for Sept. 23, 2020

2020-09-23 20:43 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange dropped 37.66 points to 677.04 Wednesday. William Martens Jr. and Armin Martens Jr.'s first capital pool shell, Marwest Apartment Real Estate Investment Trust (MAR: $0.50), has begun trading, following its $500,000 initial public offering at 50 cents. The IPO agent was Canaccord Genuity Corp. Marwest Apartment today traded 200 shares at 50 cents. As its name suggests, the shell plans to seek a real estate deal for its qualifying transaction.

William Jr., 44, previously spent four years as an analyst and a mortgage broker at a commercial mortgage lender called Montrose Winnipeg Inc. He is now a principal of his family's construction and property management business, the Marwest Group, which was founded in the 1960s. His cousin and shell-making partner, Armin Jr., 34, also lives in Winnipeg and is a principal of the Marwest Group.

Both shell-makers are first-timers on a public company board, but their uncle and fellow shell trustee, Cornelius Martens Sr., 78, is not. He is a former trustee of Artis Real Estate Investment Trust (AX: $7.95). His brother, Armin Martens Sr., 65, is the president and chief executive officer of Artis. Armin Sr. is not involved with his son's shell (Marwest Apartment) as a trustee, officer or escrow shareholder.

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