Every time a registered security such as a common share, an income trust unit, a mutual fund unit or a corporate bond is bought or sold in the public markets, that transaction is processed by a transfer agent. The transfer agent’s role is to process these securities as they change hands from sellers to buyers. The transfer agent is appointed by the issuer and is paid a fee for maintaining the shareholder registry, for issuing, validating and transferring the ownership of the issuer’s securities and for related services such as replacing lost share certificates.

The transfer services industry in North America generates more than $1 billion annually. The industry is comprised of more than 40 companies serving reporting issuers whose securities trade on the North American public markets including the Toronto Stock Exchange, the TSX Venture Exchange, the New York Stock Exchange, the American Stock Exchange and NASDAQ.

Canadian Market
The $140 million Canadian market for transfer services is divided into three segments based on the size and/or location of the issuer. The Large/Mid-Cap segment accounts for approximately 66 percent of the market followed by the Mid/Small-Cap segment which accounts for approximately 34 percent.

Grey Horse’s wholly owned subsidiary, Equity Transfer Services is the dominant transfer agent serving the Mid/Small Cap segment in the Ontario region.