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Quinsam Reports Q4/2022 Results and Announces Value Creation Strategy

Quinsam Reports Q4/2022 Results and Announces Value Creation Strategy

Quinsam公佈2022年第四季度業績並宣佈價值創造戰略
newsfile ·  2023/04/29 08:05

Toronto, Ontario--(Newsfile Corp. - April 28, 2023) - Quinsam Capital Corporation (CSE: QCA) ("Quinsam" or the "Company") is announcing its Q4/2022 results, with a net loss of $6.9 million ($0.07 per share basic, $0.07 fully diluted) versus a loss of $4.6 million ($0.05 per share basic, $0.05 fully diluted) in Q4/2021. Investors can access the Company's full financial statements on sedar.com.

安大略省多倫多-(Newsfile Corp.-2023年4月28日)-Quinsam Capital Corporation(CSE:QCA)(以下簡稱Quinsam或公司)宣佈2022年第四季度業績,淨虧損690萬美元(基本每股0.07美元,完全稀釋後0.07美元),而2021年第四季度虧損460萬美元(基本每股0.05美元,完全稀釋後0.05美元)。投資者可以在sedar.com上查閱該公司的完整財務報表。

"At December 31, 2022, we had net assets of approximately $0.14 per share outstanding," said Roger Dent, CEO. "Our shares continue to trade at a very steep discount from NAV."

“截至2022年12月31日,我們的每股流通股淨資產約為0.14美元,”首席執行官羅傑·登特表示。“我們的股價仍較資產淨值有非常大的折讓。”

The market for both small cap companies and for companies engaged in the cannabis business has been very difficult during recent quarters. Investors' appetite for new investment in these sectors has been very limited. This environment has impacted the values of many of our listed investments and has created a negative context for the valuation of our unlisted investments.

最近幾個季度,小盤公司和從事大麻業務的公司的市場都非常困難。投資者對這些領域新投資的胃口一直非常有限。這種環境影響了我們許多上市投資的價值,並對我們的非上市投資的估值造成了負面影響。

A key factor in our results was carrying value adjustments made to a number of our private company investments pursuant to IFRS accounting standards. IFRS standards require all assets to be carried at "fair value" and the determination of the fair value of private company investments during periods of public market volatility can be challenging. This is particularly the case with our legacy cannabis investments. Accordingly, Quinsam has decided to fully write off a number of these investments, even though we are hopeful that we will see recoveries from these companies in the fullness of time. Companies where we have elected to take full write offs include Asterion, Ikanik, Evio, King & Pegahmagabow, Budd Hutt, Plantext, Phytopharma, Green Stripe and New Hope.

我們業績的一個關鍵因素是根據IFRS會計準則對我們的一些私人公司投資進行了價值調整。國際財務報告準則要求所有資產都以“公允價值”列賬,在公開市場波動期間確定私人公司投資的公允價值可能具有挑戰性。我們遺留下來的大麻投資尤其如此。因此,昆薩姆決定完全註銷這些投資中的一部分,儘管我們希望這些公司最終會收回投資。我們選擇完全沖銷的公司包括Asterion、Ikanik、Evio、King&Pegahmagabow、Budd Hutt、Plantext、Phytopharma、Green Strip和New Hope。

We made adjustments to carrying values totalling $6.4 million (including accrued interest in some cases) in Q4/2022. "We are hopeful that some of these provisions may prove in the fullness of time to have been unnecessary. However, given current small cap market conditions we believe that these provisions were appropriate."

我們在2022年第四季度對賬面價值進行了調整,總價值為640萬美元(在某些情況下包括應計利息)。“我們希望,隨著時間的推移,其中一些條款可能會被證明是不必要的。然而,考慮到目前的小盤股市場狀況,我們認為這些條款是適當的。”

While Q4 results were dominated by these adjustments, we did see one legacy investment make excellent progress. A-Synaptic (formerly named Gefion), in which we invested $360,000 at $0.60 per share in 2018, has recently completed a financing at US$3 per share and is planning a listing later this year. A-Synaptic is focused on the prescriptive medicine market with its first product about to enter physician-led NDA trials for a transdermal replacement for Jaxx Pharma's orally delivered CBD product called Epidiolex. Epidiolex is a highly successful epilepsy treatment that has serious side effects which A-Synaptic believes will be avoided with its transdermal treatment.

雖然第四季度的業績主要是這些調整,但我們確實看到一項遺留投資取得了出色的進展。A-Synaptic(前身為Gefion),我們在2018年以每股0.6美元的價格投資了36萬美元,最近以每股3美元的價格完成了融資,並計劃在今年晚些時候上市。A-Synaptic專注於處方藥市場,其首個產品即將進入醫生主導的NDA試驗,用於Jaxx Pharma的口服CBD產品Epidiolex的透皮替代品。Epidiolex是一種非常成功的癲癇治療藥物,它有嚴重的副作用,A-Synaptic認為通過其經皮治療可以避免這些副作用。

In Q4/2022, the Company also recorded a tax recovery of $0.6 million based on the estimated cash tax to be recovered from tax loss carry backs.

在2022年第四季度,本公司還根據預計將從稅項虧損結轉中追回的現金稅款,錄得60萬美元的退稅。

Value Creation Strategy

價值創造戰略

Quinsam shares have traded at a discount to NAV in recent years. In an effort to secure a valuation for our shares that is at NAV or perhaps at a premium to NAV, Quinsam is embarking on a strategy to realize our underlying economic value.

近年來,昆薩姆的股價一直低於資產淨值。為了確保我們股票的估值達到資產淨值,或者可能高於資產淨值,昆薩姆正在著手實施一項戰略,以實現我們潛在的經濟價值。

In current capital markets, capital is very scarce for small cap companies. If Quinsam is able to convert its portfolio to liquid assets, Quinsam believes that it may be able to secure a valuation in excess of NAV as part of a merger or reverse takeover with a private company.

在目前的資本市場上,小盤股公司的資本非常稀缺。如果Quinsam能夠將其投資組合轉換為流動資產,Quinsam相信,作為與私人公司合併或反向收購的一部分,它可能能夠獲得超過資產淨值的估值。

Accordingly, Quinsam intends to commence an effort to exit its illiquid investments and look for transactions that have the potential to create significant shareholder value. Quinsam believes that it is prudent to exit its illiquid investments in a patient and careful way. Accordingly, this process will likely take in excess of one year. It is a goal to continue to try to grow NAV while this process is underway through investment in liquid vehicles.

因此,昆薩姆打算開始努力退出其非流動性投資,並尋找有可能創造重大股東價值的交易。昆薩姆認為,以耐心和謹慎的方式退出非流動性投資是謹慎的。因此,這一過程可能需要一年以上的時間。在這一過程中,通過投資於流動性工具,繼續努力增長資產淨值是一個目標。

The search for a value creating transaction has begun. We anticipate that it may take some time to find a suitable, value creating transaction. Further announcements will be made on the status of such steps which are subject to all applicable shareholder and regulatory approvals.

對創造價值的交易記錄的蒐索已經開始。我們預計可能需要一些時間才能找到合適的、創造價值的交易。關於這些步驟的狀態將進一步公佈,這些步驟有待所有適用的股東和監管機構的批准。

Issuer Bid

發行人投標

In Q4/2022, Quinsam acquired no shares pursuant to its issuer bid to acquire up to 4,916,605 shares that commenced on September 6, 2022 and will terminate on September 5, 2023. To date, the Company has acquired 516,000 shares pursuant to this issuer bid.

在2022年第四季度,Quinsam沒有根據其發行人競標收購至多4,916,605股股票,該競標開始於2022年9月6日,將於2023年9月5日結束。到目前為止,該公司已根據此次發行人投標收購了51.6萬股。

Dividend

分紅

Given Quinsam's value creation strategy, the Company believes that it is in the best interests of shareholders to return capital to its shareholders through an issuer bid at this time. Share repurchases at less than NAV are accretive to NAV per share and should result in improved per share returns if the value creation strategy can be executed successfully. Accordingly, dividends are suspended at this time and will be re-evaluated as the value creation strategy progresses.

鑑於Quinsam的價值創造戰略,該公司認為,目前通過發行人出價將資本返還給股東符合股東的最佳利益。低於資產淨值的股票回購可以增加每股資產淨值,如果價值創造戰略能夠成功執行,應該會帶來每股回報的改善。因此,股息在此時暫停,並將隨著價值創造戰略的進展而重新評估。

Investor Call

投資者電話會議

An investor call will be held at 9:00 a.m. Eastern time on Monday, May 1, 2023 by Zoom:

投資者電話會議將於上午9:00舉行。東部時間2023年5月1日星期一按Zoom:

Meeting ID: 816 9724 8129
Passcode: 546933

會議ID:816 9724 8129
密碼:546933

About Quinsam Capital Corporation

昆薩姆資本公司簡介

Quinsam is a merchant bank with a focus on "small cap" investments which it believes are undervalued. We do not invest on behalf of third parties or offer investment advice.

Quinsam是一家商業銀行,專注於它認為被低估的“小盤股”投資。我們不代表第三方投資,也不提供投資建議。

Generally, Quinsam does not believe that individual investments are material events. Quinsam may choose to announce certain investments once the company has finished buying its position because we feel that this information helps investors understand our decision making process. Generally, Quinsam does not announce the sale of investments.

總的來說,昆薩姆並不認為個人投資是重大事件。Quinsam可能會選擇在公司購買完其頭寸後宣佈某些投資,因為我們認為這些資訊有助於投資者瞭解我們的決策過程。一般來說,昆薩姆不會宣佈出售投資。

For further information contact:

如需進一步資訊,請聯繫:

Roger Dent, CEO
(647) 993-5475
roger@quinsamcapital.com

羅傑·登特,首席執行官
(647)993-5475
郵箱:Roger@QuinsamCapital.com

This press release may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events, which are inherently uncertain. Forward-looking statements can often, but not always, be identified by forward-looking words such as "anticipate", "believe", "continue", "expect", "goal", "plan", "intend", "estimate", "may", "project", "predict", "potential", "target", and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.

本新聞稿可能包含與預期的未來事件、結果、情況、表現或預期有關的前瞻性陳述,這些陳述不是歷史事實,而是代表我們對未來事件的信念,這些事件本身就是不確定的。前瞻性表述常常但不總是可以由前瞻性詞語來識別,如“預期”、“相信”、“繼續”、“預期”、“目標”、“計劃”、“打算”、“估計”、“可能”、“專案”、“預測”、“潛在”、“目標”和“將”,或暗示未來結果的類似詞語,或關於未來事件或業績的其他預期、信念、計劃、目標、假設、意圖或陳述。

By their nature, forward-looking statements require making assumptions which include, among other things, that (i) Quinsam will have sufficient capital to effect its business strategies, (ii) the business strategies will produce the results intended by Quinsam, and (iii) the markets will react and perform in a manner consistent with the business strategies.

就其性質而言,前瞻性陳述要求作出假設,其中包括:(I)Quinsam將有足夠的資本實施其業務戰略,(Ii)業務戰略將產生昆薩姆預期的結果,以及(Iii)市場將以與業務戰略一致的方式作出反應和表現。

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Quinsam believes that the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct. Some risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information in this press release include, but are not limited to: cannabis companies Quinsam has invested in obtaining and maintaining regulatory approvals including acquiring and renewing U.S. state, local or other licenses, and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization; market and general economic conditions of the cannabis sector or otherwise, interest rates, regulatory and statutory developments, the nature of the Company's investments, the available opportunities and competition for investments, the concentration of our investments in certain industries and sectors, reliance on key personnel, risks affecting investments, management of the growth of the Company, and exchange rate fluctuations and, in the case of the valuation creation strategies, the ability to complete divestitures of illiguid assets on terms which are economic or at all, to identify beneficial business opportunities, to secure or act on the identified business opportunities on terms which are economic or at all, and obtain all necessary shareholder and regulatory approvals. Readers are cautioned that the foregoing list of risks and factors is not exhaustive. Although Quinsam has attempted to identify factors that could cause actual events or results to differ materially from those described in forward-looking information, there may be factors that cause events or results to differ from those intended, anticipated or estimated.

前瞻性資訊涉及已知和未知的風險、不確定性和其他因素,這些因素可能導致實際結果或事件與預期的大不相同。昆薩姆認為,前瞻性資訊中反映的預期是合理的,但不能保證這些預期將被證明是正確的。可能導致實際結果與本新聞稿中前瞻性資訊表述的結果大不相同的一些風險和其他因素包括,但不限於:坤帝科為獲得和維護監管批准而投資的大麻公司,包括獲得和續簽美國州、地方或其他許可證,以及現有保護措施免受美國聯盟或其他起訴的不確定性;監管或政治變化,如適用法律和法規的變化,包括美國州法律合法化;這些因素包括大麻行業的市場及一般經濟狀況或其他情況、利率、監管及法定發展、本公司投資的性質、現有的投資機會及競爭、我們的投資集中於若干行業及行業、對關鍵人士的依賴、影響投資的風險、本公司增長的管理及匯率波動,以及就估值創造策略而言,本公司有能力按合乎經濟或根本的條款完成剝離不良資產的能力,以尋找有利的商機、按合乎經濟或完全合乎經濟的條款爭取已確定的商機或根據已確定的商機採取行動,並取得所有必要的股東及監管機構批准。提醒讀者,前面列出的風險和因素並不是詳盡的。儘管Quinsam試圖確定可能導致實際事件或結果與前瞻性資訊中描述的事件或結果大不相同的因素,但可能存在導致事件或結果與預期、預期或估計的事件或結果不同的因素。

The forward-looking information contained herein is provided as at this date, based upon the opinions and estimates of management and information available to management as at this date. Quinsam does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking information contained herein.

本文中包含的前瞻性資訊是基於對管理層的意見和估計以及管理層在此日期可獲得的資訊而提供的。除適用法律要求外,昆薩姆不承擔任何更新或修改任何前瞻性資訊的意圖或義務,無論是由於新資訊、未來事件或其他原因。提醒讀者不要過度依賴本文中包含的前瞻性資訊。

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不得在美國境內傳播或由任何美國新聞發佈服務機構發佈

To view the source version of this press release, please visit

要查看本新聞稿的源版本,請訪問

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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