News & Media



May 6, 2021, Toronto, Ontario - FAX Capital Corp. (FAX Capital or the Company) (TSX: FXC and FXC.WT) today announced its results for the quarter ended March 31, 2021. All currency figures are Canadian dollars.

Operating Highlights:
  • Book value of $5.12 per subordinate voting share and multiple voting share (collectively, the shares) at March 31, 2021, an increase of 6.0% in the quarter and 24% over the past year.
  • Participated in a private placement with Quisitive Technology Solutions, Inc. (Quisitive) for an aggregate subscription amount of $20 million. Subsequent to quarter end, the Company participated in a second private placement with Quisitive for an aggregate subscription amount of $5 million. In both transactions, the Company earned a capital commitment fee of 3.5% of the aggregate subscription amount.
  • Completed the acquisition of 78% of privately owned Carson, Dunlop & Associates Ltd. (Carson Dunlop) for $11.75 million.
  • Appointed Graham Badun as CEO of FAX Capital’s new platform company, which will leverage Carson Dunlop as its foundational asset and focus on property technology, education technology and home services.
  • Realized a 96% return on the Company’s $14.2 million investment in People Corporation following the sale of its business to Goldman Sachs Merchant Banking Division.
  • Realized a 103% return on the Company’s $2 million investment in an undisclosed public company.
  • Held a cash balance at March 31, 2021 available to be invested of $102.1 million, or $2.38 per share.

"We are pleased with the strong start we have had to the year," said Blair Driscoll, CEO of FAX Capital. "We continue to make steady progress on our capital deployment, and while there is still much work to be done, we are proud of our performance and execution thus far as evidenced by the consistent growth in our book value per share."   

"With a strong pipeline of potential investments and a healthy cash balance to take advantage of opportunities, we remain optimistic about our value proposition as we continue to focus on generating strong returns for our shareholders over the long-term."

Results for the Quarter Ended March 31, 2021

The Company’s book value per share increased 6.0% from $4.83 per share at December 31, 2020 to $5.12 per share as at March 31, 2021. The 6.0% increase in the book value per share is primarily attributed to the Company recording realized and unrealized gains (losses) on its public company investments of $14.6 million in the period.

Net income for the quarter ended March 31, 2021 was $12.4 million, compared to a net loss of $9.2 million in the comparative quarter last year.

Other Information  

Further information about FAX Capital, including FAX Capital’s Financial Statements and Management’s Discussion & Analysis for the quarter ended March 31, 2021 and the year ended December 31, 2020, are available under the Company’s profile at and The Company’s updated investor presentation and factsheet in respect of the first quarter of 2021 contain further information on FAX Capital’s strategy and operations and can be accessed on the Company’s website. Shareholders are encouraged to read these documents.

About FAX Capital Corp.

The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States.

For additional information please contact:

Investor Relations
Tim Foran
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations
Kieran Lawler
Telephone: (416) 303-0799
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Cautionary Statement Regarding Use of Non-IFRS Accounting Measures

This press release makes reference to the following financial measure which is not recognized under International Financial Reporting Standards (IFRS) and which does not have a standard meaning prescribed by IFRS: “book value per share”. The Company’s book value per share is a measure of the performance of the Company as a whole. Book value per share is measured by dividing shareholders’ equity of the Company at the date of the statement of financial position by the number of subordinate voting shares and multiple voting shares outstanding at that date. The Company’s method of determining this financial measure may differ from other companies’ methods and, accordingly, this amount may not be comparable to measures used by other companies. This financial measure is not a performance measure as defined under IFRS and should not be considered either in isolation of, or as a substitute for, net earnings prepared in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information. Such forward-looking information or statements (FLS) are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions or variations thereof. FLS contained or referred to in this press release includes, but is not limited to, the future or expected performance of the Company’s portfolio companies; the Company’s continuing investment thesis in respect of such portfolio companies; the Company’s investment approach, objectives and strategy, including investment selection and pace of continued capital deployment; the ability to realize on further potential investment opportunities; the structuring of its future investments and its plans to manage those investments; and the Company’s financial performance.

FLS 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 FLS are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors which could cause results to differ materially from those expressed in FLS contained in this press release include, but are not limited to: the continued impact of COVID-19 on targeted investments, the economy and markets generally, as well as the identified risk factors included in the Company’s public disclosure, including the annual information form dated March 25, 2021, which is available on SEDAR at and on the Company’s website at The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice. Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise. The FLS contained in this press release are expressly qualified by this cautionary statement.  For more information on the Company, please review the Company's continuous disclosure filings that are available at

No securities regulatory authority has either approved or disapproved of the contents of this press release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.