picasa mir

mirrors

BMW 325is M-equiped 1992 224k for sale

Hi Everyone,

The auction is open. Openning bid is set at $6600.

Here are the Pics.

Alpine White on Black leather. Fully equiped, including M-style OEM body, front shirt, rear shirt. M-stearing wheel. M-lighted shifter. Race pedals. Rear Spoiler. All service done at BM Exclusif, all parts always replced with new OEM BMW pieces.

Beautiful car, no rust because no winters since I haved owned the car.

FOR SALE: MIRRORS // BMW OEM 325is 1992

For sale are two mirrors set left and right, automatic powered, fully functional. Motor works great and glass mirrors in perfect shape. They will fit on BMW E36 92-99 coupe to the best of my knowledge. They work perfectly and I had changed them to put on M// mirrors to fit the M// oem body kit.

Prefer to sell locally, ie Montreal, otherwise shipping is buyers responsibility. $150 Negotiable.















The mirror here has a crack on the frame and a slight chip on the white paint. Cosmetic, not a structural problem. Aside from that blemish the mirrors are perfectly functional.

CI Financial Income Trust Valuation Matrix

National Bank Financial Research: CIX Income Trust yield matrix

June 22, 2006

John Aiken, john.aiken@nbfinancial.com
Associate: Philip Hardie, philip.hardie@nbfinancial.com

CI Announces Shareholder Approval to an Income Trust
At a special meeting today, shareholders approved CI Financial's plan to convert to an income trust. The conversion is anticipated to be completed by June 30, with the first monthly distribution (estimated to be $0.1675 per share, or $2.01 annualized) most likely to be paid out on July 14. Further, it is anticipated that CI will change its year end from its current May to December.
Our Opinion
As discussed in previous research, we view the conversion favourably and believe that CI will ultimately be viewed as one of the premier income trusts. That said, CI's share price has declined over recent weeks, down almost 14% from its high.

As of yesterday's close, CI's pro forma yield was approximately 7%, well above the yield of some of the high quality, recurring revenue trusts of just over 6.5%. Using similar valuations, CI's valuation as a trust would be fairly valued at over $30, providing strong upside not even accounting for its higher yield.

In the chart below, we provide a valuation sensitivity on our forecast for fiscal 2007 distributions of $2.25, which represent growth of only 12% from CI's announced run-rate. While CI's valuation is currently being impacted by negative sentiment garnered by the weakness in the equity markets, we note that, even assuming fairly punitive markets for 2007, our cash distribution forecasts only decline to roughly $2.09, reflecting a $30 valuation on current implied yield and $32 based on premium trust valuations.


We note that each 1% decline in annualized investment returns only decreases forecast cash distributions by $0.01 per share (or $0.15 on its valuation). Further, assuming flat net sales for the year does not have a detrimental impact on near term cash distribution levels, as the declining revenue is offset by the lack of cash outflows required to fund deferred sales charges.

We believe that CI's current valuation represents an overly conservative view on its future prospects and believe that, with no serious impediments remaining to CI's conversion, its valuation will once again align with those of the premier income trusts. Consequently, we believe that this is an excellent opportunity to begin to accumulate the stock for investors wishing to hold it as a trust.

gENUITY RESEARCH NOTE: Canadian Asset Managers : Preliminary May IFIC results

June 5, 2006 Karin Huo, CA, CFA – 416.687.5311 karin.huo@genuitycm.com
Mario Mendonca, CA, CFA – 416.687.5265 mario.mendonca@genuitycm.com

Preliminary May IFIC results

AGF Management Ltd (AGF.NV) 21.50$ Hold $26.00

CI Financial (CIX) 31.39$ Restricted Stock Recommendation Return Restricted

Dundee Wealth Mgmt (DW) 11.65$ Hold $13.00

IGM Financial (IGM) 46.55$ Hold $53.00

• Based on a sample of preliminary data, IFIC estimates net new sales for the month of May to be between $100 million and $600 million. This compares to net new sales of $537.1 million in the prior month and $1.1 billion in the prior year. Long-term net new sales are estimated to be approximately $883 million, while money market funds are estimated to have experienced net redemptions of $532 million.

• Industry assets under management at the end of May 2006 are estimated to be between $588 billion to $593 billion, down approximately 2.8% from last month’s total of $608 billion.

• Uncertain market conditions resulted in most of the major indices falling in May. The S&P/TSX Composite Index fell 3.8%, led by a decline in energy and materials. In the rest of the world, the S&P 500 was down 3.1%, the NASDAQ was down 6.2%, and the MSCI World Index was down 3.7%. Foreign equity funds were negatively impacted by the continuing strength of the Canadian dollar.

• RBC Asset Management continues to lead the industry with net new sales of $267 million in May. CI Financial was second with net new sales of $238 million, and Dynamic Mutual Funds was third with net new sales of $110 million.

• CIBC Asset Management was the worst performer this month with net redemptions of $296 million. AIM Trimark was close behind with net redemptions of $281 million. The other companies reporting net redemptions this month include AIC, National Bank Mutual Funds, TD Asset Management, Altamira, Scotia Securities, and AGF Management. AGF was unable to continue its trend of positive net new sales this month and reported net redemptions of $11 million.

• The results from the six major banks (BMO, BNS, CM, NA, RY, and TD) were again mixed this month. TD Asset Management reported its first month of net redemptions since September 2004, primarily from its money market funds. Overall, the six major banks generated net redemptions of $125 million in May, down from net new sales of $549 million (55.2% of industry) in the prior year.

• According to IFIC, the four independent public asset managers reported much better results than the banks this month. Overall, they reported net new sales of $426 million (121.4% of industry), versus net new sales of $158 million (15.9% of industry) last year.
Preliminary industry results Last Friday, the Investment Funds Institute of Canada (IFIC) released its preliminary estimates for the Canadian mutual fund companies for May 2006.

NET NEW SALES Source: IFIC Industry net new sales and assets Based on a sample of preliminary data, IFIC estimates net new sales for the month of May to be between $100 million and $600 million. This compares to net new sales of $537.1 million in the prior month and $1.1 billion in the prior year.

Long-term net new sales are estimated to be approximately $883 million, while money market funds are estimated to have experienced net redemptions of $532 million. Industry assets under management at the end of May 2006 are estimated to be between $588 billion to $593 billion, down approximately 2.8% from last month’s total of $608 billion. Volatility in equity markets reduces assets under management Uncertain market conditions resulted in most of the major indices falling in May. The S&P/TSX Composite Index fell 3.8%, led by a decline in energy and materials. In the rest of the world, the S&P 500 was down 3.1%, the NASDAQ was down 6.2%, and the MSCI World Index was down 3.7%. Foreign equity funds were negatively impacted by the continuing strength of the Canadian dollar.

RBC Asset Management leads the industry again in May RBC Asset Management continues to lead the industry with net new sales of $267 million in May. CI Financial was second with net new sales of $238 million, and Dynamic Mutual Funds was third with net new sales of $110 million. Eight companies reported net redemptions in May, and four of those companies were banks. CIBC Asset Management was the worst performer this month with net redemptions of $296 million, coming from both long-term and money-market funds. AIM Trimark was close behind with net redemptions of $281 million. The other companies which reported net redemptions this month include AIC, National Bank Mutual Funds, TD Asset Management, Altamira, Scotia Securities, and AGF Management. The results from the six major banks (BMO, BNS, CM, NA, RY, and TD) were again mixed this month with only two of the banks reporting positive net new sales. TD Asset Management reported its first month of net redemptions since September 2004, primarily from its money market funds due to higher interest rates and market volatility. Overall, the six major banks generated net redemptions of $125 million in May, down from net new sales of $549 million (55.2% of industry) in the prior year. Canadian asset managers According to IFIC, the four independent public asset managers reported significantly better results than the banks this month. Overall, they reported net new sales of $426 million (121.4% of industry), versus net new sales of $158 million (15.9% of industry) last year. The remainder of our discussion of the asset managers focuses on the data from the separate press releases provided by the companies that disclose net sales and AUM.

AGF Management

AGF Management reported net redemptions of $11.0 million, versus net new sales of $1.9 million last month and net redemptions of $205.2 million last year. While AGF was unable to continue its trend of positive net new sales this month, the magnitude of redemptions in May 2006 was well below May 2005. Mutual fund assets under management were $23.7 billion, down 4.0% from $24.7 billion in the previous month. Weak investment markets as well as a rising Canadian dollar reduced assets under management by $978.0 million in May. Total assets under management (including institutional and Private Investment Management) were $37.7 billion, down 3.6% from the previous month. Although AGF reported net redemptions in May, gross sales of $366.3 million were up 110% from the previous year. We continue to believe that AGF has implemented the right initiatives to address its difficulties and the company is well positioned to maintain its sales momentum throughout the rest of the year.

CI Financial

CI Financial reported gross sales of $932 million, up from $720 million last month and $675 million last year. Net new sales (excluding reinvested distributions) were $227 million, versus $131 million last year. Total fee-earning assets as of May 31, 2006 were $74.2 billion, down 2.6% from $76.2 billion last month. Mutual fund assets were $55.8 billion, down 2.7% from the previous month and up 16.6% from last year.

Dundee Wealth Management

Dundee Wealth Management reported net new sales of $175 million in May, versus $82 million last month and $142 million last year. Total assets under management (including Dundee Securities Managed Accounts) were $21.3 billion, down 2.7% due to negative market performance. Dundee continues to report solid and consistent sales results each month, and we believe that it will continue to do so throughout the rest of the year. We continue to rate Dundee Wealth a HOLD with a target price of $13.50. IGM Financial IGM Financial reported total mutual fund assets under management in May of $96.8 billion, down 2.7% from the previous month. Net sales were $85.5 million, down 43% from $141.9 million last year.

IGM Financial

While Investors Group continues to generate solid sales results, Mackenzie Financial reported its first month of net redemptions since January 2005.

BMO NESBITT BURNS: CI FINANCIAL (CIX) OUTPERFORM RESEARCH NOTE

CI Financial Inc (CIX-TSX)

Stock Rating: Outperform
Stock
Price: $31.03
Target Price: $39.00
Member of:Top 15 Income Stock Selections

June 1, 2006
Brief Research Note
Financial Services - Diversified Financials John Reucassel, CFA(416) 359-4379 John.Reucassel@bmonb.com
Assoc: Jennifer Kao, CFA


Very Good May Net Inflows; Estimated $0.16-0.17 monthly distribution upon conversion.

Impact Potentially Positive

Details & Analysis

CI announced long-term fund net sales of $185 million for May 2006 A strong result given the market volatility and a non-RRSP month. We believe that these results underscore the company's strong competitive position. Industry results are likely to also be favourable, with the banks showing particular strength.

The management circular was also released yesterday and indicated that as a business trust, CI expects its monthly distributions to start atapproximately $0.16-0.17, or $1.92 to $2.04. Using the mid-range of $2.00 implies a current yield of 6.5% (13.0x 2007E EBITDA; FYE is May). Given the company's organic growth prospects of roughly 7% over a cycle, we believe that this growth combined with the yield makes CI an attractive business trust. CI hopes to convert shortly after the shareholder meeting schedulefor June 22, 2006, and is conditional on receiving an advanced tax ruling.

CI remains Outperform rated.

Explanation on CI Investments income trust conversion

Equity isn't the same as equality: Sun Life's stake in CI Financial gives it a leg up
National Post Thu 25 May 2006 Page: FP2 Section: Financial Post Byline:
Barry Critchley Column: Off The Record Source:
Financial Post

It's been known for years but now it's official: Some shareholders aredeemed more important than others. Consider the situation with the process that will see CI Financial Inc. convert to an income trust. CI will make that conversion by way of a plan ofarrangement, meaning that the conversion will be subject to a vote by shareholders. (The vote is on June 22.) Sun Life Financial is CI's major shareholder, with a 35% stake. CI's shareholders will be offered a couple of choices when they switch from owning a stake in a public company to owning a stake in an income trust: - A unit of the trust; or - A combination of class B limited partner units (the so-called exchangeable LP units) of Canadian International LP and special voting units of the trustand (possibly) units. Some short-term limits have been placed on theexchangeable shares. However, the public shareholders will be limited in their ability to receive the exchangeable LP units The reason: According to CI's news release, Sun Life "will be afforded the right to receive exchangeable LP Units in priority to other CI shareholders (the so-called minority shareholders.)" At this stage, it's not known how many exchangeable shares will be offered.The number apparently depends on a formula, given that an income trust ismeant to be designed so that it doesn't pay tax. But however many are issued, first dibs will go to Sun Life, which acquired its stake in CI via a two-step process: Initially it swapped its mutual fund assets for CI shares; later it topped up that stake with the purchase of shares from two CIinsiders. Exchangeable shares are attractive because they allow a tax-free rollover. That means the holder can defer capital gains for a period of time. (In this deal, the exchangeable shares effectively have no term. In short, they are perpetuals, a characteristic of common shares.) Exchangeable shares have been issued on a number of occasions in recent years. They are typically issued when a foreign company acquires a Canadian company, such as when Merrill Lynch purchased Midland Walwyn in the late 1990s. Hands up those who don't want to receive an exchangeable share? Exchangeable shares are in all aspects -- except one -- akin to regular common shares. The one difference: Exchangeable shares, which are listed on an exchange, come with a term to maturity. To maintain a listing, a minimum number of shares has to be outstanding.Given that Sun Life will be the main holder and given that it regards CI asa core holding, the chances are that the exchangeable shares will beoutstanding for many, many years. And even though CI admitted that Sun Life had been given preferential treatment in the conversion, the deal has been given the go-ahead by aspecial committee of CI's board of directors. That committee -- which consisted of independent directors, in essence thoseindependent of Sun Life -- concluded that the arrangement is in the best interests of CI and its minority shareholders. The special committee was advised by Genuity Capital Markets. That firm opined that the transaction isfair to the minority shareholders from a financial point of view. The circular will make it clear how much Genuity was paid for that opinion. So if the fundamental principle is that all shareholders are equal --and have equal rights -- what is there about an income trust conversion that mayput that principle at risk? The short answer is that it was a requirement for the deal to proceed. Given that Sun Life's stake is more than one-third, it has enough firepower to block the transaction -- which requires the support of two-thirds of theshareholders. Sun Life's ownership stake will count as part of meeting thatcondition. Accordingly, CI had to get Sun Life on side. While it had enough of a stake to block the deal, it also wanted a tax-free rollover, given that it alreadyreceives dividends on a tax-free basis. And that's what it got. From CI's perspective, it came to the conclusion that the company was muchbetter off as an income trust than as a regular company. The reason: As a trust, it won't or shouldn't pay tax -- meaning it will trade at a highermultiple. As a profitable company, it will pay tax.

Cdn$30.05 Price: Cdn$30.05 StockRating: Sector Perform T Headline: Potential deadline moved up to June 30

May 18, 2006 The NBF Daily Bulletin
Diversified Financials
CI Financial
CIX (T) Cdn$30.05
Stock Rating: Sector Perform
(Unchanged)
Target: Cdn$32.00
(Unchanged)
Risk Rating: Low

Income Trust Conversion Update
Potential deadline moved up to June 30

HIGHLIGHTS Stock Data:
52-weekLow-High $16.67 - $33.39
Shares Outstanding (millions) 285.7
Market Float (est) 54%
S&P/TSX Composite Weighting 0.44%
(Year-End May
31) 2005A 2006E 2007E
EPS $1.09 $1.08 $1.41
EBITDA $1.81 $2.08 $2.62
FCF $0.80 $1.10 $1.68
P/E 27.7x 27.7x 21.3x
EV/EBITDA 17.2x 14.9x 11.8x
P/FCF 37.6x 27.4x 17.9x
ROE 20.7% 20.7% 24.9%
Mutual Fund Margin 1.12% 1.12% 1.14%
Financial Data:
Market Capitalization (millions) $8,585
Market Float (millions) $4,593
Assets Under Management (billions) $56.0
Net Debt (millions) $275.2
Book Value per share $5.29
Price/BV 5.7x
Quarterly Dividend $0.18
Dividend Yield 2.40%
Industry Rating: Market Weight
(NBF Economics & Strategy Group)

CI announced additional terms on proposed conversion
Late yesterday afternoon, CI announced additional terms of
its proposed conversion to an income trust. Most notably,
investors will have the option of taking the tradable units or
what will essentially amount to exchangeable units, with
certain restrictions. The main benefit of the exchangeable
units is the deferral of capital gains, which, in turn, will attract
taxes, offset by certain restrictions, including the fact that the
units will not be exchangeable until Jan. 1, 2007. While there
is a maximum number of exchangeable units that can be
issued, Sun Life Financial’s 35% ownership will be given
exchangeable units in priority of other shareholders.
􀂄 Potential conversion date moved up to July 1
CI announced that its timeline includes a shareholders’
meeting on June 22 and a potential conversion date of June
30. If all goes well, unitholders could potentially receive their
first distributions by July 15. While we do not see any material
impediments to a conversion at this point, we do note that CI
has yet to receive an advance tax ruling from the Canada
Revenue Agency.

􀂄 Our opinion: Favourable, but really no new information
Although Sun Life is receiving quasi-preferential treatment,
we note that the conversion would not be successful without
its buy-in. While we view the release favourably, we note that
there is no information that compels us to alter our
assumptions (any changes will most likely to be driven by the
mailing of the information circular on May 31). While we are
maintaining our arguably conservative conversion target of
$32, with CI’s share price trading down recently, we believe
that value now exists on the conversion at current levels.

Company Profile:
CI Financial is an independent wealth management
company with a very broad selection of investment funds.
With $71.7 billion in fee-earning assets as of December
2005, CI is the second largest publicly traded fund company.
CI has its headquarters in Toronto, sales offices across
Canada, and portfolio management teams in Toronto, San
Francisco, Orlando, Florida and Old Greenwich,
Connecticut.
John Aiken, CA, CFA - (416) 869-7491
john.aiken@nbfinancial.com
Associate:
Phil Hardie, P.Eng, MBA – (416) 869-8045
philip.hardie@nbfinancial.com
Source: BigCharts.com