From the Desk of Irwin Michael – November 6, 2015

Yesterday after the market closed, it was announced that Honeywell International agreed to buy Com Dev International’s space equipment business for $455 million, with the ExactEarth segment being spun out to Com Dev shareholders. Com Dev is a very large investment holding for us, held in the ABC Fully-Managed Fund, Fundamental-Value Fund, North American Deep-Value Fund and the Dirt-Cheap Stock Fund.

It has long been our view that Com Dev is a high quality, undervalued Canadian technology company, and this transaction allows our thesis to be realized. We believe this is a great liquidity event for Com Dev shareholders, providing fair value for our shares. We have elected to completely sell our holdings and we intend to invest in better valued opportunities.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

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