Company Commentary:
- As at
March 31, 2024 , Book Value per Share (BVpS) of the Company was$11.03 , compared with$10.91 as atDecember 31, 2023 . Stack Capital increased its exposure to Locus Robotics through a share-swap transaction issuing 273,501Stack Capital common shares, at$11.30 per share, which closed onMarch 4, 2024 .- The Company invested
US$8 million intoCanva, Inc. , a collaborative all-in-one visual design and communication platform, which closed onMarch 18, 2024 . The investment in Canva represents$1.18 of the Book Value per Share. Canva has become a leader in the visual communication space with more than 170 million monthly active users worldwide, and over twenty billion designs created on its platform. - The Company’s cash position as at
March 31, 2024 , was$14.1 million or$1.53 per share. - To date, the Company has completed nine investments contributing
$9.55 per share as atMarch 31, 2024 , into the following:SpaceX (space exploration & communications)Canva, Inc. (graphic design)Omio, Inc. (travel & leisure)Hopper, Inc. (travel & leisure)Locus Robotics, Inc. (robotics)Newfront Insurance, Inc. (insurance & benefits)Prove Identity, Inc. (cyber-security)Bolt Financial, Inc. (e-commerce)Varo Money, Inc. (neo-banking)
- During Q4-2022, the Company announced a normal course issuer bid to buy back its outstanding common shares which it believes to be undervalued. During Q1-2024, 2,600 common shares were repurchased at an average price of
$8.15 per share.
“We are extremely excited over the recent addition of Canva to the portfolio, which strengthens what was already an impressive collection of private companies here at Stack. While we anticipate Canva will continue along its impressive growth trajectory in the coming months, we also believe that it has the potential to be very well-received by public markets whenever it decides to list,” said
Q1-2024 Highlights
- As at
March 31, 2024 , the Book Value of the Company was$101.7 million , and the Book Value per Share was$11.03 . A detailed summary of Book Value per Share is as follows:
Breakdown of Book Value per Share as at | |||
Cash | $ | 1.53 | |
Investment – | 1.45 | ||
Investment – | 1.34 | ||
Investment – | 1.21 | ||
Investment – | 1.18 | ||
Investment – | 1.18 | ||
Investment – | 1.18 | ||
Investment – | 1.13 | ||
Investment – | 0.55 | ||
Investment – | 0.33 | ||
Net other assets | (0.05 | ) | |
Book Value per Share | $ | 11.03 |
i the Company invested in units of
ii the Company invested in shares of
iii the fair value of
- With the recent investment in Canva,
Stack Capital has satisfied the requirement described in its original Prospectus datedJune 9, 2021 , and forming part of the Voluntary Measures described therein, that it would invest at least 75% of the net proceeds from its IPO within three years.
About
For more information, please visit our website at www.stackcapitalgroup.com or contact:
VP, Corporate Development, and Investor Relations
647.280.3307
brian@stackcapitalgroup.com
Non-IFRS Financial Measures
This press release may make reference to the following financial measures which are not recognized under International Financial Reporting Standards (“IFRS”), and which do not have a standard meaning prescribed by IFRS:
- Book Value - the aggregate fair value of the assets of the Company on the referenced date, less the aggregate carrying value of the liabilities, excluding any deferred taxes or unrealized deferred gains or losses if applicable, of the Company; and
- Book Value per Share (BVpS) - the Book Value on the referenced day divided by the aggregate number of Common Shares that are outstanding on such day.
The Company’s Book Value and Book Value per Share is a measure of the performance of the Company as a whole. The Company’s method of determining this financial measure may differ from other issuers’ methods and, accordingly, this amount may not be comparable to measures used by other issuers. 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 per share prepared in accordance with IFRS.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Such forward-looking statements or information 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 forward-looking information may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. Forward-looking information contained or referred to in this press release includes, but may not be limited to the business of
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws,
Source:
2024 GlobeNewswire, Inc., source