News & Media



March 29, 2022, Toronto, Ontario - FAX Capital Corp. (FAX Capital or the Company) (TSX: 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. (TSXV: QUIS), Tecsys Inc. (TSX: TCS), BioSyent Inc. (TSXV: RX) and Avante Logixx Inc. (TSXV: 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 rate of return on our invested capital has significantly outperformed relevant benchmarks which is a testament to our highly disciplined investment process and patient capital deployment strategy.”

“During more recent market volatility, we have leveraged our material cash balance to increase positions in portfolio companies and buy back our own shares at an attractive discount to our book value. Additionally, we expect to execute on new investments and acquisitions from the robust pipeline of opportunities in the private and public markets that we have identified and assessed.”

Results for the Quarter and Year Ended December 31, 2021

The Company’s book value per share decreased 1.1% to $5.20 at December 31, 2021 from $5.26 per share at September 30, 2021. The decrease is primarily attributed to the Company recording unrealized loss on its investments of $2.6 million in the quarter. Net loss for the quarter ended December 31, 2021 was $3.0 million or $0.07 per share, compared to net income of $13.0 million or $0.30 per share in the comparative quarter last year.

The Company’s book value per share increased 7.7% to $5.20 at December 31, 2021 from $4.83 per share at December 31, 2020. The increase is primarily attributed to the Company recording realized and unrealized gain on its investments of $19.0 million in the year. Net income for the year ended December 31, 2021 was $15.0 million or $0.35 per share, compared to a net income of $19.3 million or $0.45 per share, for the year ended December 31, 2020.

Other Information

Further information about FAX Capital, including FAX Capital’s Financial Statements and Management’s Discussion & Analysis for the year ended December 31, 2021 and the year ended December 31, 2020, are available under the Company’s profile at and The Company’s Letter to Shareholders and supplemental materials in respect of the fourth quarter and full year of 2021 contain further information on the Company’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
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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. FLS contained or referred to in this presentation includes, but is not limited to: the future or expected performance of the Company and its investee companies; the Company’s continuing investment thesis and views in respect of such investee companies; the Company’s investment approach, objective and strategies, including investment selection; the cadence and structuring of any future investments; the Company’s plans to manage its investments; the Company’s continued utilization of the Normal Course Issuer Bid; and, any future investment decisions, including the further acquisition or disposition of securities of investee companies.

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 continuing impact and uncertainty created by the COVID-19 pandemic on targeted investments; Russia’s invasion of Ukraine; rising oil prices and related international tensions; as well as the identified risk factors included in the Company’s public disclosure, including the Company’s most recent Annual Information Form dated March 29, 2022 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 presentation is 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 news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.