Western Investment Company of Canada Limited
("
Western") (TSX-V:WI) announced that yesterday
the CEO of Western, Scott Tannas, provided shareholders with the
following update:
Yesterday we at Western disclosed the details of our third
investment – Ocean Sales Group. In the next few weeks, we expect to
similarly confirm our fourth investment, this time in the Agrifood
Business. These two significant transactions cap off what has been
a hectic twelve months for our little company. In review:
- One year ago we completed our very first transaction –
GlassMasters Autoglass. This company performed well in 2017, with
strong growth in both revenue and profit.
- In February, we closed a $12.4 million equity financing
replenishing our treasury and adding dozens of new shareholders.
This allowed us to confidently continue to seek and assess
potential acquisitions throughout the spring of 2017.
- In August, we announced a partnership with Saskatchewan- based
Golden Health Care, the Province’s largest Seniors Care provider.
The partnership includes an ownership position in the management
company, and an initial investment in three Seniors Care
facilities. There will be future opportunities to grow our
investment through additional share purchases in current facilities
as well as participation in planned expansion by Golden.
- In September we signed an agreement with Ocean Sales Group,
Canada’s largest Exhibition Retailer. The investment was modeled
after our success with GlassMasters – both companies feature
dynamic retailing, strong growth, and outstanding management
partners.
- In November we agreed to participate in a partnership
investment in a Western - based food processor – a solid, long
established business with an iconic brand.
- Over the year we developed our unique, flexible and cost
efficient operating model featuring Shafeen Mawani as Chief
Operating Officer and Stacey Cross as Chief Financial Officer.
“Western Sensibility” gives us a very inexpensive operating
platform with terrific talent that can be scaled up as we
grow.
- As we close the year, our capital is fully deployed, and we
expect a healthy return from our portfolio in 2018.
Since inception we have consistently stated our intention to
focus our investment activities in areas where we have expertise
amongst the members of Board, Management, and other key
shareholders. Specifically, we identified Insurance and Financial
Services, Agrifood, Dynamic Retailing, and Human Services. We now
have investments in three out of the four categories. We are
looking forward to helping our existing investments achieve success
in 2018. We are also confident we will continue to find exciting
opportunities for us to add to our portfolio.
Our stock price over the past few months has dropped to levels
that are disappointing for all shareowners. As a result, we have
taken a decision that we will not raise additional equity for
expansion at our current price. Our stock is significantly
undervalued in our opinion, and we refuse to contemplate financing
activities that will risk diluting existing returns to current
shareholders. We are capable of making a good return for
shareholders in 2018 without making additional acquisitions. That
said, we intend to work hard in 2018 to raise the profile of our
company with investors to achieve an improvement in our price and
liquidity. Once our shares approach a fairer value, we will execute
on the next stage of expansion, but until then, we’ll stand
pat.
All shareholders can help to strengthen our share price by
telling the Western story to people who may be interested in
joining our shareholder group. It’s a good story, and one that we
can be proud to tell. Of course we can also add to our respective
positions, as many shareholders, including members of management
and the Board have done in recent weeks. An up to date investor
presentation, including information on our portfolio companies and
our plans and expectations for 2018 has been posted to our website
at www.winv.ca.
On behalf of the Board and Management at Western, I thank you
for your support in 2017, and look forward to reporting our
progress over the coming year.
About Western
Western is a unique publicly traded, private equity company
founded by a group of successful Western Canadian businesspeople,
and dedicated to building and maintaining ownership in successful
Western Canadian companies, and helping them to grow. The Company’s
shares are traded on the TSX Venture Exchange under the symbol WI.
For more information on the Company, please visit its website at
www.winv.ca.
CONTACT INFORMATION
The Western Investment Company of Canada LimitedScott
TannasPresident and Chief Executive Officer(403)
652‐2663stannas@winv.ca
AdvisoryThis news release may contain certain
forward‐looking information and statements, including without
limitation, statements pertaining to future plans, acquisitions,
financings and returns. Statements containing the words:
'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates' and any other words of similar meaning are
forward‐looking. All statements included herein involve various
risks and uncertainties because they relate to future events and
circumstances beyond Western's control. There can be no assurance
that such information will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such information. A description of assumptions used to develop such
forward‐looking information and a description of risk factors that
may cause actual results to differ materially from forward‐looking
information can be found in Western's disclosure documents on the
SEDAR website at www.sedar.com. Any forward looking statements are
made as of the date of this news release and Western does not
undertake to update any forward‐looking information except in
accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Western Investment Compa... (TSXV:WI)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Western Investment Compa... (TSXV:WI)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024