News & Media



November 4, 2021, Toronto, Ontario - FAX Capital Corp. (FAX Capital or the Company) (TSX: FXC and FXC.WT) today announced its results for the quarter ended September 30, 2021. All currency figures are Canadian dollars.

Despite heightened market volatility in the period, the Company performed well aided by the stability of its cash balance.

Operating Highlights:
  • Book value of $5.26 per subordinate voting share and multiple voting share (collectively, the shares) at September 30, 2021, a decrease of 3.5% in the quarter and an increase of 17.1% year-over-year.
  • Deployed $6.8 million of capital during the quarter into three investments: $3.5 million into Avante Logixx Inc. (TSXV: XX), $1.3 million into Hamilton Thorne Ltd. (TSXV: HTL) and $2.0 million into an undisclosed Canadian public company which the Company is in the process of accumulating.
  • Subsequent to the Company’s investment, Avante announced that its board of directors will oversee a strategic review process to consider and evaluate various strategic alternatives available to the company in the pursuit of maximizing shareholder value.
  • Increased the fair value of Carson, Dunlop & Associates Ltd. by 16%, driven by an improved outlook for the business.
  • Bought back and cancelled approximately 181,000 shares in the nine months ended September 30, 2021 at an average cost of $4.12 per share, pursuant to FAX Capital’s Normal Course Issuer Bid.
  • Held a cash balance available to be invested of approximately $78 million, or $1.83 per share at September 30, 2021.

“Our strong growth in book value, up 17% over the past year, has been achieved through an unlevered internal rate of return on our invested capital that has significantly outperformed relevant indices,” said Blair Driscoll, CEO of FAX Capital. “These investment returns have been driven by a permanent capital structure that enables us to be patient, diligent and selective in the companies we buy, be decisive in our investment timing, and move seamlessly between the public and private markets depending on prevailing market opportunities.

"The Company remains well capitalized with a healthy cash balance and no debt, and we anticipate that the pace of capital deployment will pick up in subsequent quarters,” concluded Mr. Driscoll. “We continue to assess a robust pipeline of potential new investments and acquisitions, including opportunities to build our PropTech platform, while continuing to buy back our own shares at an attractive discount to our book value.”

Results for the Three and Nine Months Ended September 30, 2021

The Company’s book value per share decreased 3.5% from $5.45 per share at June 30, 2021 to $5.26 per share as at September 30, 2021. The 3.5% decrease in the book value per share is primarily attributed to the Company recording a net unrealized loss on its investments of $8.7 million in the period. Net loss for the quarter ended September 30, 2021 was $8.4 million, compared to net income of $10.3 million in the comparative quarter last year.

The Company’s book value per share increased 8.9% from $4.83 per share at December 31, 2020 to $5.26 per share as at September 30, 2021. The 8.9% increase in the book value per share is primarily attributed to the Company recording realized and unrealized gains on its investments of $21.5 million in the period. Net income for the nine months ended September 30, 2021 was $18.0 million, compared to $6.3 million in the comparative period last year.

Warrant Expiry

The Company’s warrants (the Founder Warrants) issued on November 21, 2019, in connection with the Company’s public offering of units, are scheduled to expire on November 22, 2021. Each Founder Warrant entitles the holder to acquire, subject to adjustment in certain circumstances, one subordinate voting share of the Company at an exercise price equal to $4.50 per subordinate voting share. The Founder Warrants currently trade on the Toronto Stock Exchange (TSX) under the trading symbol FXC.WT and the subordinate voting shares trade on the TSX under the trading symbol FXC.

A presentation providing further information on the Founder Warrants will be included on the Company’s website under “Presentations”.

Other Information

Further information about FAX Capital, including FAX Capital’s Financial Statements and Management’s Discussion & Analysis for the nine months ended September 30, 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 third 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; the Company’s ability to utilize its Normal Course Issuer Bid; the anticipated expiration date of the Founder Warrants; 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 TSX accepts no responsibility for the adequacy or accuracy of this release.