Western Investment Company Announces Delay in Filing Annual Financial Statements
High River, Alberta--(Newsfile Corp. - April 28, 2020) - The Western Investment Company of Canada Limited (TSXV: WI) ("WICC" or "Western") announces that due to circumstances created by the COVID-19 pandemic, it is relying on the exemption provided in Alberta Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements (the "Alberta Instrument") of the Alberta Securities Commission (and similar exemptions provided by the securities commissions in other Canadian jurisdictions) to postpone the filing of the following continuous disclosure documents (collectively the "Documents"):
Western's Annual Audited Financial Statements for the twelve-month period ended December 31, 2019 as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102");
Western's Management Discussion & Analysis for the twelve-month period ended December 31, 2019 as required by section 5.1(2) of NI 51-102; and
Western's Annual Information Form.
In accordance with the Alberta Instrument, during the period from March 23, 2020 to June 1, 2020, a person or company required to make certain filings as described in the Alberta Instrument has an additional 45 days from the deadline otherwise applicable under Alberta securities laws to make the filing. Until Western has filed the required Documents, members of Western's management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Western expects to file the Documents on or prior to May 15, 2020.
Since the date the last interim financial statements and associated management's discussion and analysis were filed with respect to the interim period ending September 30, 2019, Western has disclosed by way of news releases the following significant business developments, which are available under Western's SEDAR profile at www.sedar.com:
On January 6, 2020, Western announced that it purchased an additional 11.25% of GlassMasters ARG Autoglass Two Inc. from a company controlled by its founder and former CEO, Miles Palmer;
On January 13, 2020, Western announced that it obtained regulatory approval to proceed with a normal course issuer bid whereby Western may purchase up to a total of 1,500,000 common shares in the capital of Western representing approximately 4.9% of the Common Shares then issued and outstanding; and
On April 14, 2020, Western provided an update to shareholders on the effect of the COVID-19 crisis on Western and its investee companies.
Additional material business developments since the date of the last financial reports filed include:
- On January 31, 2020, Western received a $1.2 Million shareholder loan from Golden Health Care. The loan bears interest at 4.09% per annum with interest payable monthly. The loan matures on January 31, 2021 with automatic annual renewal if not in default.
About The Western Investment Company of Canada Limited
WICC is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the TSX Venture Exchange under the symbol WI.
For more information on Western, please visit its website at www.winv.ca.
The Western Investment Company of Canada Limited
Scott Tannas President and Chief Executive Officer (403) 652-2663 email@example.com
This news release may contain certain forward-looking information and statements. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western's disclosure documents on the SEDAR website at www.sedar.com. Any forward looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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