A Capital Opportunity
A Global Market for US Companies
Disclaimer
This document is for information purposes only. While the information herein is
collected and compiled with care, neither TMX Group Limited nor any of its
affiliated companies represents, warrants or guarantees the accuracy or the
completeness of the information. You agree not to rely on the information
contained herein for any trading, legal, accounting, tax, investment, business,
financial or other purpose.
This information is provided with the express condition, to which by making use
thereof you expressly consent, that no liability shall be incurred by TMX Group
Limited and/or any of its affiliates as a result of any errors or omissions herein or
any use or reliance upon this information.
2
© 2014 TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc.
Canada and TSX: Strong Fundamentals
Economically stable
•
•
•
•
•
•
Canada is the fifth largest equity
market by float capitalization in the
MSCI World Index
World’s soundest banking system
Lowest debt-to-GDP among G7
Strong equity culture
~$2.4 trillion in market cap
$270 billion in equity capital raised
in last 5 years
A dynamic marketplace
•
•
•
•
3
Robust marketplace
Access to capital
History of innovation
Committed to growth
Canadian Markets… Global Leaders
4
st
1
st
1
st
1
In Listed Mining
Companies Worldwide
In Listed Oil and Gas
Companies Worldwide
In Listed Clean Technology
Companies Worldwide
st
1
st
1
nd
2
In Global Mining and Global Gold
S&P/TSX Indices
In Exchange-Traded Funds (ETFs)
Originator of the World’s First ETF
In the World by Number
of New Listings
nd
2
th
7
th
7
In the World by Number
of Listed Companies
In Equity Financing
In Market Capitalization
Source: World Federation of Exchanges, December 2013, TSX and TSXV Market Intelligence Group
4
Global Exchange Leader in 2013
TSX/TSXV
LSE/
AIM
NYSE/MKT
Euronext
Nasdaq OMX
ASX
Hong Kong
Exchanges
3,673
2,736
3,433
3,392
2,055
1,643
Quoted Market Value
(US$ Trillions)
2.1
4.4
21.5
7.4
1.4
3.1
New Listings
International New Listings
266
25
170
32
325
35
144
N/A
84
19
110
4
Equity Capital Raised
(US$ Billions)
42.0
47.5
202.8
77.5
49.0
48.3
1.4
2.2
15.4
10.2
0.9
1.3
Number of Issuers Listed
Value Traded
(US$ Trillions)
5
Source: Capital IQ and World Federation of Exchanges, December 2013
5
Access to Capital
Toronto Stock Exchange and TSX Venture Exchange
Total Financings (C$ Billions) 1999 – 2013
Average Financing Size:
TSX: $67M
TSXV: $2M
Toronto Stock Exchange
TSX Venture Exchange
64.9
58.8
52.2
49.7
46.2
19.2
19.2
1999*
6
25.5
23.1
22.0
20.9
2.4
1.1
2000
2001
27.3
25.8
1.4
2002
31.5
32.5
29.1
28.4
54.0
47.6
41.8
40.8
44.1
51.1
50.6
41.0
2.4
4.1
2003
2004
2005
7.9
2006
11.1
2007
5.5
2008
9.8
5.0
2009
2010
10.1
2011
43.6
39.9
35.3
6.1
* TSX Venture Exchange commenced operations on November 29, 1999
56.5
60.0
6.0
2012
3.8
2013
Diverse Issuer Base
Number of Issuers by Sector
Mining
1,618
Oil & Gas
& Energy
Services
449
Structured
Products
214
Financial
Services
122 Clean
Technology
116
Real
Estate
106
ETPs
296
Forest
Products
23
Technology
169
Diversified
Industrials
254
7
*As at December 31, 2013, Includes issuers on TSX and TSXV (100% = 3,673)
Utilities &
Pipelines
29
CPC
115
Comm &
Media 52
Life
Sciences
110
Service at All Stages of Growth
A Unique Market Structure
with a Strong Feeder System
Serving all Market Caps
% of TSX Issuers
% of TSXV Issuers
94%
583
35%
535
Issuers
29%
2,015
Issuers
<$50 Million
442
Issuers
graduates
+147 M&A*
36%
5%
114
$50 - $250 Million
555
Issuers
1%
12
>$250 Million
* From January 1, 2000 – December 31, 2013
8
Market Capitalization, December 31, 2013
The World Lists on TSX and TSXV
TSX and TSXV International
Listings by Country/Region
Total International Listings as at December 31, 2013= 314
TSX = 164 Listings | QMV=$151 B
TSXV = 150 Listings | QMV= $2.8 B
9
The World Trades on TSX and TSXV
~40%
of daily trading originates
from international brokers
th
7
in the world in value traded
10
TSX and TSXV by the Numbers
3673
Issuers
266
Going public events
$43.6B
Equity raised
$66.5M
Average Financing on TSX
$2.4M
Average Financing on TSXV
11
* As of or YTD December 31 2013
11
TSX: Ideal Equity Marketplace
for Growth-Oriented US Companies
26 financings| Equity capital raised: $1.4B | Average offering size: $53M
Exchange
12
Company Name
Sector
Amount Raised
(C$M)
Clean Technology
$418M
Real Estate
$229M
Mining
$154M
Real Estate
$102M
Diversified Industries
$75M
TSX
Pattern Energy Group Inc.
TSX
Milestone Apartments Real Estate Investment Trust
TSX
Allied Nevada Gold Corp.
TSX
WPT Industrial Real Estate Investment Trust
TSX
Student Transportation Inc.
TSX
HealthLease Properties Real Estate Investment Trust
Real Estate
$69M
TSX
HealthLease Properties Real Estate Investment Trust
Real Estate
$69M
TSX
Sophiris Bio Inc.
Life Sciences
$69M
TSX
Polymet Mining Corp.
Mining
$63M
TSX
HealthLease Properties Real Estate Investment Trust
Real Estate
$50M
YTD December 31 2013
TSXV: Ideal Equity Marketplace
for Early Stage US Companies
57 financings| Equity capital raised: $138.8M | Average offering size: $2.4M
Exchange
13
Sector
Company Name
Amount Raised
(C$M)
TSX
Atlas Financial Holdings, Inc.
Financial Services
$24M
TSX
Strata-X Energy Ltd.
Oil & Gas
$13M
TSX
Stellar Biotechnologies, Inc.
Life Sciences
$12M
TSX
ePals Corporation
Technology
$8.2M
TSX
OPEL Technologies Inc.
Technology
$7.2M
TSX
Greenfields Petroleum Corporation
Oil & Gas
$6.8M
TSX
PACEpartners Inc.
Life Sciences
$6.0M
TSX
Strata-X Energy Ltd.
Oil & Gas
$5.9M
TSX
Spectra7 Microsystems Inc.
Technology
$5.4M
TSX
Gold Reserve Inc.
Mining
$5.3M
YTD December 31 2013
Support for Issuers of all Sectors
and Sizes
TSX/TSXV US Listings by Sector
Total US Listings as at April 30 2014 = 166
TSX = 82 listings, QMV=$109.5B
TSXV = 84 listings, QMV= $1.7B
**Source: Capital IQ, TSX and TSXV Market Intelligence Group As at April 30 2014
14
Market Capitalization
Distribution of Listed Issuers**
US Based Companies By The Numbers
166
$111B
US Companies listed
on TSX and TSXV
Market Cap
Top 10 US Companies on TSX
by Market Capitalization
Company
Market Cap
(C$)
1
General Motors Company
$55.2 B
2
Brookfield Office Properties Inc.
$13.2 B
3
Catamaran Corporation
$8.6 B
4
Royal Gold Inc.
$4.6 B
Tahoe Resources Inc.
$3.6 B
6
Stillwater Mining Company
$1.8 B
16
$1.5B
5
7
Pattern Energy Group Inc.
$1.0 B
New US Companies
Listed in 2013
Raised Through 83
Financings in 2013
8
Cott Corporation
$0.841 B
9
Alacer Gold Corp.
$0.761 B
10
Atlantic Power Corporation
$0.751 B
Unless otherwise noted, all data is as at April 30, 2014
15
15
Multiple Pathways to Listing
IPO
Initial Public
Offering
RTO
Reverse Takeover/
Reverse Merger
CPC
Capital Pool Company
SPAC
Special Purpose
Acquisition Corp.
QT
Qualifying Transaction/
Acquisition
Dual or Interlisting
16
Capital Pool Company™ (CPC) Program
has a Strong Track Record
Anatomy of a Qualifying
Transaction (QT)
CPC
Since inception
– 2,401 CPCs were created
– 84% have completed their
QT (2,015 companies)
Private Company
Currently
Qualifying Transaction
Coinciding Private Placement
New TSX
Venture Company
17
– 339 graduates now trade on TSX
– 92 of the grads were CPCs
– 66 QTs in 2013
A new clean CPC shell has none
of the hidden costs of a shell
with previous operating history
Specific Listing Criteria for Mining,
Oil & Gas and Industrial Sectors
Technical Listing Requirements
18
19