Info box: New wireless companies

A year after the government's wireless spectrum auction, communication industry observers say cable companies might be the ones to watch — but investors should also keep a few others in view.

Financials and ownership structure of selected new wireless players

Videotron Inc. public 4.5:1* $1.2 4,500 national Quebecor Inc. (100%)
Wind Mobile (formerly Globalive Communications Corp.) private N/A not applicable 180 not yet operating Wind Mobile (67%); Orascom Telecom Holding SAE (33%)
Data and Audio-Visual Enterprises (DAVE) Wireless Inc. private N/A not applicable 35 not yet operating Data and Audio-Visual Investments Inc. (67%); Orange II LLC (15%); Quadrangle Capital Partners II LLP (18%)
Shaw Communications Inc. public 1.3:1 $8.1 10,000 not yet operating Shaw Communications Inc. (100%)
SaskTel private 0.27:1 N/A 5,000 Saskatchewan Province of Saskatchewan
Manitoba Telecom Services Inc. public 0.68:1 $2.3 6,000 Manitoba, Ontario Manitoba Telecom Services Inc. (100%)
Bragg Communications Inc. private not available N/A not available not available Tindish Holdings Ltd. (79.96%); John Bragg Family Trust (20.04%)
Novus Wireless Inc. private not available N/A 40 not yet operating 2503161 British Columbia Ltd. (owner, Terence Hui) (100%)
Blue Canada Wireless Inc. private not available N/A not available not available Michael Gelfand (51%); Brian Gelfand (39%); Alan Williams (10%)
Celluworld Inc. private not available N/A not available not available Abraham Finkel (50%); Simon Neuhauser (50%)
Rich Telecom Corp. private not available N/A not available not available Ahmad Mahmoud Abdalla ‰?? 100%
*Quebecor: “Quebecor Inc.’s debt:equity ratio was 4.5:1 or 82:18 at the end of Q1/09. However, please note that this figure is abnormally high due to the depressed book value of shareholders‰?? equity related to the write-off of Quebecor World last year and a large write-off in the Newspapers segment in Q4/08. Also, keep in mind that the AWS spectrum is owned by Quebecor Media [debt-to-equity ratio of 2:1], not Quebecor Inc.” ‰?? Sanford Lee, Associate, Equity Research, Genuity Capital Markets
Source: Genuity Capital Markets