Business
Torrent Capital Reports 28% Year over Year NAV Growth in Q3 2021 Results and Appoints New Directors
Halifax, Nova Scotia--(Newsfile Corp. - November 29, 2021) - Torrent Capital Ltd. (TSXV: TORR)...
About this update from Torrent Capital Ltd
[{"type":"text","content":"Torrent Capital Reports 28% Year over Year NAV Growth in Q3 2021 Results and Appoints New DirectorsHalifax, Nova Scotia--(Newsfile Corp. - November 29, 2021) - Torrent Capital Ltd. (TSXV: TORR) (\"Torrent\" or the \"Company\") released financial results for the quarter ended September 30, 2021. Additionally, Torrent is pleased to announce the appointment of Mr Wayne Myles and Mr Carl Sheppard to the Company's Board of Directors, effective November 30th, 2021. Recent Q3 2021 Highlights include:Net Asset Value (\"NAV\") per share of $1.20, this represents a 28% year-over-year (\"YoY\") increase from a NAV per share of $0.94 on September 30, 2020.Quarter over quarter increase in NAV of 5.3% to $1.20 at the end of Q3 2021 from $1.14 at the end of Q2 2021.Realized gain on investments of $3,936,189 for the nine months ended September 30, 2021 Unrealized gain on investments of $871,811 for the nine months ended September 30, 2021 A cumulative return of 375.3%, since the launching of Torrent as an Investment Issuer on June 30, 2017, representing a compound annual rate of return of 44%. For comparison, the compound annual return during the same period for the S&P/TSX Small-Cap index and S&P 500 were 4.6% and 14.5%, respectively.Trailing ReturnTorrent CapitalTSX SmallCap IndexS&P 50012 Month28.6%41.5%28.1%24 Month132.8%33.7%44.7%36 Month137.2%21.5%47.8%Net Return by yearYear To Date13.4%15.2%15.4%202076.1%10.0%15.5%201937.5%12.8%28.9%201833.4%-20.1%-6.2%2017*29.8%5.9%10.3%Since InceptionCumulative Return375.3%21.0%77.7%Compound Annual Return44.2%4.58%14.48% *6 month period from the date the Company was fully invested on June 30, 2017.The top-performing investments in Torrent's portfolio that contributed to its Q3 results were Wildbrain Ltd. and Kneat.com Inc. Wildbrain's management continues to progress its turnaround underpinned by refocusing corporate goals and de-risking the balance sheet and, as such, Investor confidence continues to improve reflected by a 16.2% increase in stock price during Q3. Kneat.com Inc. had another quarter of strong growth due to solid financial results, new customers onboarded, and an up-listing to the Toronto Stock Exchange. The stock price increased 45.9% through the quarter. Companies in the clean technology sector listed on the Canadian markets underperformed during the third quarter foll...