Q: For a long term investor, say 10 + yrs, are the issues you identified in your dropping coverage notice for Fiera, fatal? In the long term the ups and downs of any company are to be expected, however, there are some risk conditions from which a company may not be able to survive. Do you see Fiera as a going concern 10 yrs from now albeit at a lower price and lower dividend. Or perhaps a lower price and zero dividend?
5i Research Answer:
We do not have big going concern concerns. Rather, there is just little growth and the dividend is likely in jeopardy. We believe our resources can be better spent on more-promising opportunities. Its small size and lack of growth likely means little investor interest. A catalyst is needed here. But it has only lost money once in the past 30 years, so it should be able to at least survive.