SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) announces its intention to commence a normal course issuer bid (“NCIB”), under which the Company may purchase up to 2,737,805 of the Company’s common shares, representing approximately 5% of its issued and outstanding common shares (the “Common Shares”). The Company is commencing the NCIB because it believes that, due to the success and growth of several of its portfolio holdings, the market price of the Common Shares may not fully reflect the underlying value of the Company’s business and future prospects. SOL Global believes that the repurchase of its Common Shares for cancellation represents an appropriate use of the Company’s financial resources and will enhance shareholder value.
The NCIB is expected to commence on March 31, 2021 and terminate on March 31, 2022. All Common Shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange (the “CSE”). All purchases made under the NCIB will be at the prevailing CSE market price for the Common Shares at the time of purchase. Common Shares acquired by the Company under the NCIB are being purchased for cancellation. The Company intends to appoint Clarus Securities Inc. as its broker to conduct the NCIB on its behalf.
“We believe that SOL Global is trading significantly below its net asset value; therefore, one of the best stocks we can buy is our own,” said Andy DeFrancesco, Chairman and CEO of SOL Global.
Annual 2020 Financial Statements
The Company is anticipating releasing its 2020 audited financial results on Monday, March 29, 2021 after the close of market trading.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.
Non-IFRS Financial Measures
This press release includes references to net asset value, which is a financial measure that does not have a standardized meaning prescribed by IFRS. Net asset value is calculated as the value of total assets less the value of total liabilities at a specific date. The Company believes this non-IFRS measure does not only provide management with comparable financial data for internal financial analysis but also provides meaningful supplemental information to investors. In particular, management believes this financial measure can provide information useful to its shareholders in understanding the performance of the Company and may assist in the evaluation of its business relative to that of its peers. Investors are cautioned that this non-IFRS measure should not be construed as an alternative to the measurements calculated in accordance with IFRS as, given the non-standardized meaning, it may not be comparable to similar measures presented by other issuers.
