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These are great Toff ! Any thoughts about adding CVR's into the mix ?

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Yes! We will definitely include CVRs in the future. We regularly find them (though not many), but exclude almost all of them because we don't find the specific opportunity interesting. But will continue to expand the list...

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Thanks ! I find them pretty interesting. Also remember hearing Andrew from YAVB speaking about them & as far as I can tell funds stay away from them for a variety of reasons (sizing/ timing)... Which I hope means that they could be fertile hunting grounds.

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Wondering if anyone can give some insight on $DCBO Docebo tax treatment (as a non-Canadian). From reading the filings, it appears that the excess above the paid-up capital per Common Share (C$10.60) is taxed as a dividend? At ~C$75 per share that means ~C$64. As a non-Canadian resident potentially holding these in a non-taxable account would that mean the C$64 would be subject to withholding taxes at 25%?

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My understanding is tender price ($55 USD) less $7.60 USD (10.60 cad), = $47.40 taxable at 15% = $7. So it would reduce the $10 spread to approx $3 for non CAD investors. All US figures here. Happy to be wrong.

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Thanks again for the great work!

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