Western Investment Company Reports Positive Net Income for 2021 and New Net Asset Value Calculation Pegs Total Value at 82 cents per Share

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Reports Positive Net Income for 2021 and New Net Asset Value Calculation Pegs Total Value at 82 cents per ShareHigh River, Alberta--(Newsfile Corp. - April 26, 2022) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q4 / Year-End Financial Statements and MD&A on SEDAR, including a new section in the MD&A that provides market value assessments of Western's investment portfolio also known as Net Asset Value.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"I invite all shareholders to review our disclosure around estimates of the fair market value of our assets. The valuation work to provide this information to shareholders was inspired by the recent sale of a 39.2% interest in GlassMasters, where the purchaser paid a significantly higher per share price than the carrying value on our books. We followed the same practice as other private equity firms to value private assets and estimate the unrecorded gain of our investments at year-end 2021 to be $11.3 million. Together with our \"book\" value, this produces an estimated net asset value (\"NAV\") of 82 cents per share for Western, a number that is of considerable interest to shareholders. Having now produced the information, we will update the disclosure (up or down) annually, or sooner if circumstances warrant. 2021 was a roller coaster year, with three of our five companies recording revenue gains. Consumer demand rose steadily, and the trend continues into 2022. Supply chain issues became a major concern during the year. While we set out to achieve a record setting year for net income, a combination of one-time negative events at Foothills pulled our 2021 annual income back to just above break even. Nonetheless, we continued to build value at all our companies and are confident that 2022 will yield a record year of profitability. While we anticipate continued instability within supply chains, our management teams (including Foothills) have made the required adjustments and are better prepared to profitably respond to growing consumer demand in the coming year. After just four months, there is plenty of evidence to say we are on track for a much stronger financial result in 2022.Portfolio Report- Fortress Insurance Company during 2021 s...

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