NOT FOR DISSEMINATION IN
Dividend
The Board of Directors of Quinsam has approved the company’s 24th consecutive quarterly dividend. The dividend is
Issuer Bid Update
Quinsam announced a normal course issuer bid to purchase up to 5,733,635 of its common shares (the “Bid”) in
Quinsam has repurchased and cancelled 5,733,635 shares pursuant to the bid, exercising the bid in full. The shares were purchased at a large discount to NAV and the repurchases had a positive impact on NAV per share for remaining shareholders.
Quinsam is pleased to announce the that it intends to proceed with a new normal course issuer bid to purchase up to 5,446,952 of its common shares (the “New Bid”). The Company is commencing the New Bid because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company’s business and future prospects. The Company believes that the repurchase of its common shares for cancellation is in the best interests of its shareholders because the Bid will increase the respective proportionate shareholdings and equity interests of all remaining shareholders. The Company has 108,939,058 common shares issued and outstanding. Under the terms of the New Bid, the Company may acquire up to 5,446,952 of its common shares, representing 5% of its issued and outstanding common shares. The Company will commence the New Bid on
Update
Quinsam is now preparing its Q2/2020 financial statements. The company expects to complete its work and release results in mid-August to late August.
Market conditions have been extremely volatile in recent months. That being said, since we released our
“While market conditions are highly unsettled due to COVID-19 and related economic factors, we currently have a positive outlook. We think that the unsettled and volatile conditions will provide interesting opportunities for those willing to take measured risks,” said
About
Quinsam is a merchant bank based in
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
For further information please contact:
(647) 993-5475
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.
By their nature, forward-looking statements require us to make assumptions which include, among other things, that (i) Quinsam will have sufficient capital under management 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.
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 in such forward-looking information. The Company 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 of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed 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
The forward-looking information contained herein is provided as at the date of this press release, based upon the opinions and estimates of management and information available to management as at the date of this press release. The Company 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 in this press release.
Source:
2020 GlobeNewswire, Inc., source