Western Investment Company of Canada Announces Delay in Filing its 2022 Annual Financial Statements

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company of Canada Announces Delay in Filing its 2022 Annual Financial StatementsHigh River, Alberta--(Newsfile Corp. - April 28, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"Western\" or the \"Company\") announced today that it will not be filing its annual financial statements, accompanying management's discussion and analysis and related chief executive officer (\"CEO\") and chief financial officer (\"CFO\") certifications for the financial year ended December 31, 2022 (collectively, the \"Annual Filings\"), within the period prescribed for the filing of such documents under Parts 4, 5 and 6 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, namely within 120 days of year-end, being May 1, 2023 (the \"Filing Deadline\").The delay at Western is related to reporting matters including finalization of the audited financial statements of one of Western's investee companies. The transition to a new auditor has added additional complexities to the audit which is taking longer then anticipated. Western is working closely with its auditor Ernst & Young LLP, and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than May 15, 2023.Western CEO Scott Tannas made the following statement. \"We support the provision of extra time to allow auditors and management of this particular investee company to satisfactorily complete the 2022 audit, and ensure that their financial statements are accurate in all respects.\" The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (\"NP 12-203\"). The Company has made an application to the Alberta Securities Commission, as principal regulator of the Company, a management cease trade order (\"MCTO\") under NP 12-203 in respect of the default regarding the Annual Filings. The MCTO will prohibit the CEO and the CFO from trading in securities of Western for so long as the Annual Filings are not filed. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities. The application for the MCTO remains subject to the risk factors de...

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