FAX Capital Corp. Reports Fourth Quarter and 2021 Results – Benzinga – Press Release

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TORONTO, March 29, 2022 (GLOBE NEWSWIRE) — FAX Capital Corp. (FAX Capital or the Company) FXC today announced its results for the fourth quarter and full year ended December 31, 2021. All currency figures are Canadian dollars.

Despite heightened market volatility in the latter half of the year, the Company performed well in 2021 aided by solid growth in the value of its existing portfolio of investments, the stability of its cash balance and its share buyback program to enhance shareholder value.

Operating Highlights:

• Book value of $5.20 per subordinate voting share and multiple voting share (collectively, the shares) at December 31, 2021 a decrease of 1.1% quarter-over-quarter and an increase of 7.7% year-over-year.
• Invested $65.2 million of capital into eight companies in 2021, including acquiring ownership of the private company Carson, Dunlop & Associates Ltd., announcing new positions in public companies Quisitive Technology Solutions Inc. QUIS, Tecsys Inc. TCS, BioSyent Inc. RX and Avante Logixx Inc. XX.
• Realized $15.5 million gain on sale of investments, primarily related to the Company’s investment in 2020 in People Corp. which was acquired by Goldman Sachs in Q1 2021.
• Increased the fair value of Carson, Dunlop & Associates Ltd. by 16% in Q3 2021, driven by an improved outlook for the business.
• Bought back and cancelled approximately 343,000 subordinate voting shares in 2021 at an average cost of $4.17 per share, pursuant to FAX Capital’s Normal Course Issuer Bid.
• Held a cash balance available to be invested of approximately $76 million, or $1.78 per share, at December 31, 2021.

“We were very pleased with our execution and performance in 2021. Despite a more challenging market environment in the latter portion of the year, we demonstrated solid growth in our book value per share which was up 8% for the year,” said Blair Driscoll, CEO of FAX Capital. “Our unlevered internal…

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