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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公布2022年第四季度业绩并宣布价值创造战略
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.

安大略省多伦多-(Newsfile Corp.-2023年4月28日)-Quinsam Capital Corporation(CSE:QCA)(以下简称Quinsam或公司)宣布2022年第四季度业绩,净亏损690万美元(基本每股0.07美元,完全稀释后0.07美元),而2021年第四季度亏损460万美元(基本每股0.05美元,完全稀释后0.05美元)。投资者可以在sedar.com上查阅该公司的完整财务报表。

"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,我们的每股流通股净资产约为0.14美元,”首席执行官罗杰·登特表示。“我们的股价仍较资产净值有非常大的折让。”

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.

最近几个季度,小盘公司和从事大麻业务的公司的市场都非常困难。投资者对这些领域新投资的胃口一直非常有限。这种环境影响了我们许多上市投资的价值,并对我们的非上市投资的估值造成了负面影响。

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.

我们业绩的一个关键因素是根据IFRS会计准则对我们的一些私人公司投资进行了价值调整。国际财务报告准则要求所有资产都以“公允价值”列账,在公开市场波动期间确定私人公司投资的公允价值可能具有挑战性。我们遗留下来的大麻投资尤其如此。因此,昆萨姆决定完全注销这些投资中的一部分,尽管我们希望这些公司最终会收回投资。我们选择完全冲销的公司包括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."

我们在2022年第四季度对账面价值进行了调整,总价值为640万美元(在某些情况下包括应计利息)。“我们希望,随着时间的推移,其中一些条款可能会被证明是不必要的。然而,考虑到目前的小盘股市场状况,我们认为这些条款是适当的。”

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.

虽然第四季度的业绩主要是这些调整,但我们确实看到一项遗留投资取得了出色的进展。A-Synaptic(前身为Gefion),我们在2018年以每股0.6美元的价格投资了36万美元,最近以每股3美元的价格完成了融资,并计划在今年晚些时候上市。A-Synaptic专注于处方药市场,其首个产品即将进入医生主导的NDA试验,用于Jaxx Pharma的口服CBD产品Epidiolex的透皮替代品。Epidiolex是一种非常成功的癫痫治疗药物,它有严重的副作用,A-Synaptic认为通过其经皮治疗可以避免这些副作用。

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,本公司还根据预计将从税项亏损结转中追回的现金税款,录得60万美元的退税。

Value Creation Strategy

价值创造战略

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.

近年来,昆萨姆的股价一直低于资产净值。为了确保我们股票的估值达到资产净值,或者可能高于资产净值,昆萨姆正在着手实施一项战略,以实现我们潜在的经济价值。

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.

在目前的资本市场上,小盘股公司的资本非常稀缺。如果Quinsam能够将其投资组合转换为流动资产,Quinsam相信,作为与私人公司合并或反向收购的一部分,它可能能够获得超过资产净值的估值。

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,昆萨姆打算开始努力退出其非流动性投资,并寻找有可能创造重大股东价值的交易。昆萨姆认为,以耐心和谨慎的方式退出非流动性投资是谨慎的。因此,这一过程可能需要一年以上的时间。在这一过程中,通过投资于流动性工具,继续努力增长资产净值是一个目标。

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.

对创造价值的交易记录的搜索已经开始。我们预计可能需要一些时间才能找到合适的、创造价值的交易。关于这些步骤的状态将进一步公布,这些步骤有待所有适用的股东和监管机构的批准。

Issuer Bid

发行人投标

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没有根据其发行人竞标收购至多4,916,605股股票,该竞标开始于2022年9月6日,将于2023年9月5日结束。到目前为止,该公司已根据此次发行人投标收购了51.6万股。

Dividend

分红

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.

鉴于Quinsam的价值创造战略,该公司认为,目前通过发行人出价将资本返还给股东符合股东的最佳利益。低于资产净值的股票回购可以增加每股资产净值,如果价值创造战略能够成功执行,应该会带来每股回报的改善。因此,股息在此时暂停,并将随着价值创造战略的进展而重新评估。

Investor Call

投资者电话会议

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

投资者电话会议将于上午9:00举行。东部时间2023年5月1日星期一按Zoom:

Meeting ID: 816 9724 8129
Passcode: 546933

会议ID:816 9724 8129
密码:546933

About Quinsam Capital Corporation

昆萨姆资本公司简介

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是一家商业银行,专注于它认为被低估的“小盘股”投资。我们不代表第三方投资,也不提供投资建议。

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.

总的来说,昆萨姆并不认为个人投资是重大事件。Quinsam可能会选择在公司购买完其头寸后宣布某些投资,因为我们认为这些信息有助于投资者了解我们的决策过程。一般来说,昆萨姆不会宣布出售投资。

For further information contact:

如需进一步信息,请联系:

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

罗杰·登特,首席执行官
(647)993-5475
邮箱: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.

本新闻稿可能包含与预期的未来事件、结果、情况、表现或预期有关的前瞻性陈述,这些陈述不是历史事实,而是代表我们对未来事件的信念,这些事件本身就是不确定的。前瞻性表述常常但不总是可以由前瞻性词语来识别,如“预期”、“相信”、“继续”、“预期”、“目标”、“计划”、“打算”、“估计”、“可能”、“项目”、“预测”、“潜在”、“目标”和“将”,或暗示未来结果的类似词语,或关于未来事件或业绩的其他预期、信念、计划、目标、假设、意图或陈述。

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.

就其性质而言,前瞻性陈述要求作出假设,其中包括:(I)Quinsam将有足够的资本实施其业务战略,(Ii)业务战略将产生昆萨姆预期的结果,以及(Iii)市场将以与业务战略一致的方式作出反应和表现。

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.

前瞻性信息涉及已知和未知的风险、不确定性和其他因素,这些因素可能导致实际结果或事件与预期的大不相同。昆萨姆认为,前瞻性信息中反映的预期是合理的,但不能保证这些预期将被证明是正确的。可能导致实际结果与本新闻稿中前瞻性信息表述的结果大不相同的一些风险和其他因素包括,但不限于:坤帝科为获得和维护监管批准而投资的大麻公司,包括获得和续签美国州、地方或其他许可证,以及现有保护措施免受美国联邦或其他起诉的不确定性;监管或政治变化,如适用法律和法规的变化,包括美国州法律合法化;这些因素包括大麻行业的市场及一般经济状况或其他情况、利率、监管及法定发展、本公司投资的性质、现有的投资机会及竞争、我们的投资集中于若干行业及行业、对关键人士的依赖、影响投资的风险、本公司增长的管理及汇率波动,以及就估值创造策略而言,本公司有能力按合乎经济或根本的条款完成剥离不良资产的能力,以寻找有利的商机、按合乎经济或完全合乎经济的条款争取已确定的商机或根据已确定的商机采取行动,并取得所有必要的股东及监管机构批准。提醒读者,前面列出的风险和因素并不是详尽的。尽管Quinsam试图确定可能导致实际事件或结果与前瞻性信息中描述的事件或结果大不相同的因素,但可能存在导致事件或结果与预期、预期或估计的事件或结果不同的因素。

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信息是基于对管理层的意见和估计以及管理层在此日期可获得的信息而提供的。除适用法律要求外,昆萨姆不承担任何更新或修改任何前瞻性信息的意图或义务,无论是由于新信息、未来事件或其他原因。提醒读者不要过度依赖本文中包含的前瞻性信息。

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要查看本新闻稿的源版本,请访问

译文内容由第三方软件翻译。


以上内容仅用作资讯或教育之目的,不构成与富途相关的任何投资建议。富途竭力但不能保证上述全部内容的真实性、准确性和原创性。
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