INVESTMENTS

The Firm maintains a substantial reserve of liquid assets at all times to facilitate the ability of its core operating subsidiaries to respond opportunistically to strategic transactions as they become available. While awaiting deployment, these resources are invested in high grade money market securities.

At the same time, the Firm carries a portfolio of publicly traded equities whose cornerstone is a material holding in the Royal Bank of Canada, which position was received upon the sale of Richardson Greenshields in 1996.

The Firm’s cash reserves have also been employed to sponsor strong management teams with entrepreneurial vision and world class opportunities. These investments have been made in both public and private entities. They have typically been focused on early stage energy and technology companies, including the likes of Western Oil sands Inc., OPTI Canada Inc., Angiotech Pharmaceuticals Inc. and MacDonald, Dettwiler & Associates Ltd. The Firm often assists the development and governance of these enterprises by providing its own experienced board members.