REGINA, SK, Oct. 29, 2020 /CNW/ - Input Capital Corp. (TSXV:
INP) (US: INPCF) ("Input", "Company") today provided
an update to shareholders regarding the previously announced
planned purchase of the Company by Bridgeway National Corp.
("Bridgeway").
Input has received a letter from Bridgeway CEO Eric C. Blue indicating that Bridgeway is not in
a position to complete the Plan of Arrangement (the
"Arrangement") as set out in the Arrangement Agreement (the
"Agreement") and that Bridgeway wishes to terminate the
Agreement. As a result of Bridgeway's inability to complete the
Arrangement, the Agreement has been terminated. Bridgeway has
acknowledged and agreed to pay the termination fee contemplated in
the Arrangement Agreement and Input has provided banking
instructions for the processing of the funds.
Input's Board of Directors has met and confirmed a return to the
Company's strategic plan that was in place prior to August 12, 2020. This plan focuses on
managing Input's existing book of business to build book value per
share. Input will minimize expenses and maximize and accelerate
where possible the repatriation of the Company's capital. Input
will reinstate the quarterly dividend and continue its Normal
Course Issuer Bid program. As of the most recently reported
quarter, Input's book value per share was $1.34*.
Input's Board will continue to consider internal or external
proposals that would enhance and grow shareholder value.
ABOUT INPUT
Input is an agriculture commodity streaming company with a focus
on canola, the largest and most profitable crop in Canadian
agriculture. The Company has developed several flexible and
competitive forms of financing which help western Canadian canola
farmers solve working capital, mortgage finance and canola
marketing challenges and improve the financial position of their
farms. Under a streaming contract, Input has provided capital in
exchange for a stream of canola via multi-year fixed-volume canola
purchase contracts. As of May 2019,
Input has postponed capital deployment operations in light of
canola trade uncertainties with China and the effect of this uncertainty on
capital availability.
Forward Looking Statements
This release includes forward-looking statements regarding
Input and its business. Such statements are based on the current
expectations and views of future events of Input's management. In
some cases the forward-looking statements can be identified by
words or phrases such as "may", "will", "expect", "plan",
"anticipate", "intend", "potential", "estimate", "believe" or the
negative of these terms, or other similar expressions intended to
identify forward-looking statements. The forward-looking events and
circumstances discussed in this release may not occur and could
differ materially as a result of known and unknown risk factors and
uncertainties affecting Input, including risks regarding the
agricultural industry, economic factors and the equity markets
generally and many other factors beyond the control of Input. No
forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions
and involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statement or information.
Accordingly, readers should not place undue reliance on any
forward-looking statements or information. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and Input undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
*Non-IFRS Measures
Input measures key performance metrics established by management
as being key indicators of the Company's strength, using certain
non-IFRS performance measures, including:
- Adjusted Crop Revenue, Adjusted Crop Volume and Adjusted Crop
Margin;
- Adjusted Total Revenue;
- Adjusted Net Income (Loss), Adjusted Net Income (Loss) per
share, Adjusted EBITDA, Adjusted EBITDA per share, and;
- Book Value per share.
The Company uses these non-IFRS measures for its own internal
purposes. These non-IFRS measures do not have any standardized
meaning prescribed by IFRS, and these measures may be calculated
differently by other companies. The presentation of these non-IFRS
measures is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The Company provides
these non-IFRS measures to enable investors and analysts to
understand the underlying operating and financial performance of
the Company in the same way as it is frequently evaluated by
Management. Management will periodically assess these non-IFRS
measures and the components thereof to ensure their continued use
is beneficial to the evaluation of the underlying operating and
financial performance of the Company. For more detailed
information, please refer to Input's Management Discussion and
Analysis available on the Company's website
at investor.inputcapital.com and on SEDAR at
www.sedar.com.
SOURCE Input Capital Corp.