On August 27, 2024, Quinsam Capital Corporation (CSE: QCA) released its Q2/2024 financial results, reporting a net loss of $0.5 million ($0.005 per share basic, $0.005 fully diluted) compared to a net loss of $0.9 million ($0.009 per share basic, $0.009 fully diluted) in Q2/2023. The full financial statements can be accessed by investors on sedarplus.ca.
CEO Roger Dent commented, “As of June 30, 2024, our net assets amounted to approximately $0.13 per share outstanding. Despite this, our shares are trading at a significant discount from NAV. Additionally, our more liquid investments exceed $0.05 per share.”
The Q2 net loss was primarily due to fluctuations in the values of two public company investments, California Nanotechnologies and Rivalry. However, Dent noted that the share price of California Nanotechnologies has significantly increased since the end of the quarter.
Quinsam made three new investments since the end of Q1/2024. These include a top-up investment in Nevada Organic Phosphate, a $280,000 investment in VVT, and participation in a bridge loan to Char Technologies. The company continues its search for a value-creating transaction, with further announcements expected pending shareholder and regulatory approvals.
Quinsam also announced a new issuer bid to repurchase up to 4,600,000 of its common shares. The company believes that the current market price of its shares may not fully reflect its underlying value, and thus, the repurchase is in the best interest of its shareholders.
An investor call is scheduled for August 28, 2024, to discuss these developments. Quinsam Capital Corporation is a merchant bank specializing in small-cap investments and does not offer investment advice. Forward-looking statements in this press release address anticipated future events and outcomes but are subject to inherent uncertainties and risks. The company does not commit to updating these statements unless required by law.
