Recent Insider Transactions Derivative • May 31
Independent Director exercised options to buy CA$136k worth of stock. On the 27th of May, Kabir Jivraj exercised options to buy 140k shares at a strike price of around CA$0.56, costing a total of CA$78k. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. Since September 2025, Kabir has owned 2.80m shares directly. Company insiders have collectively bought CA$79k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 27
First quarter 2026 earnings released: EPS: CA$0.079 (vs CA$0.007 loss in 1Q 2025) First quarter 2026 results: EPS: CA$0.079 (up from CA$0.007 loss in 1Q 2025). Revenue: CA$23.4m (up 233% from 1Q 2025). Net income: CA$12.5m (up CA$13.5m from 1Q 2025). Profit margin: 54% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 16
The Western Investment Company of Canada Limited, Annual General Meeting, Jun 22, 2026 The Western Investment Company of Canada Limited, Annual General Meeting, Jun 22, 2026. Reported Earnings • Apr 04
Full year 2025 earnings released: CA$0.004 loss per share (vs CA$0.031 profit in FY 2024) Full year 2025 results: CA$0.004 loss per share (down from CA$0.031 profit in FY 2024). Revenue: CA$35.7m (up CA$31.2m from FY 2024). Net loss: CA$564.6k (down 143% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Announcement • Feb 03
An undisclosed buyer acquired 55.3% stake in GlassMasters ARG Autoglass Two Inc. from The Western Investment Company of Canada Limited (TSXV:WI) for approximately $23.2 million. An undisclosed buyer acquired 55.3% stake in GlassMasters ARG Autoglass Two Inc. from The Western Investment Company of Canada Limited (TSXV:WI) for approximately $23.2 million on February 2, 2026. The proceeds of the transaction were approximately $23.2 million, subject to customary post-closing adjustments, including working capital true-ups and escrow arrangements. The Transaction represents an approximate 2.3x multiple of the carrying value of Western’s investment in GlassMasters. As part of the acquisition, Roger and Jamie will continue to lead GlassMasters alongside its new partners.
An undisclosed buyer completed the acquisition of 55.3% stake in GlassMasters ARG Autoglass Two Inc. from The Western Investment Company of Canada Limited (TSXV:WI) on February 2, 2026. Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: CA$0.004 (vs CA$0.017 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.004. Revenue: CA$10.0m (up CA$8.75m from 3Q 2024). Net income: CA$602.3k (up 16% from 3Q 2024). Profit margin: 6.0% (down from 42% in 3Q 2024). The decrease in margin was driven by higher expenses. Announcement • Jul 22
The Western Investment Company of Canada Limited, Annual General Meeting, Sep 22, 2025 The Western Investment Company of Canada Limited, Annual General Meeting, Sep 22, 2025. Announcement • Jul 07
The Western Investment Company of Canada Limited Appoints Pablo Dancuart as Chief Financial Officer, Effective August 7, 2025 The Western Investment Company of Canada Limited announced the appointment of Pablo Dancuart as Chief Financial Officer effective August 7, 2025. Mr. Dancuart brings over fifteen years of experience in the property and casualty insurance sector and a strong track record of leading finance organizations through transformative changes, including the full implementation of IFRS 17. Prior to joining Western, Mr. Dancuart served as Vice President of Finance and Procurement at Gore Mutual Insurance Company, where he was part of the team responsible for a successful transformation of this highly respected insurer, with contributions spanning all major areas of change including the implementation of modern technology platforms, reinvention of outdated operating models, the enhancement of people strategies and the execution of high-growth, value-added initiatives. Reported Earnings • May 29
First quarter 2025 earnings released: CA$0.007 loss per share (vs CA$0.016 loss in 1Q 2024) First quarter 2025 results: CA$0.007 loss per share. Net loss: CA$998.9k (loss widened 110% from 1Q 2024). Announcement • Jan 02
The Western Investment Company of Canada Limited (TSXV:WI) acquired remaining 16.43% stake in Fortress Insurance Company for CAD 3 million. The Western Investment Company of Canada Limited (TSXV:WI) acquired remaining 16.43% stake in Fortress Insurance Company for CAD 3 million on December 31, 2024. A cash consideration of CAD 3 million will be paid by The Western Investment Company Canada Limited to Fortress Insurance Company.
The Western Investment Company of Canada Limited (TSXV:WI) completed the acquisition of remaining 16.43% stake in Fortress Insurance Company on December 31, 2024. Announcement • Dec 19
The Western Investment Company of Canada Limited announced that it has received CAD 30 million in funding from Tevir Capital On December 19, 2024, The Western Investment Company of Canada Limited closed the transaction. The company issued 2,750,000 units at a price of CAD 0.40 per unit for the gross proceeds of CAD 1,100,000 in its final tranche. The Private Placement remains subject to the final approval of the TSX Venture Exchange. Announcement • Dec 06
The Western Investment Company of Canada Limited has completed a Follow-on Equity Offering in the amount of CAD 6.296946 million. The Western Investment Company of Canada Limited has completed a Follow-on Equity Offering in the amount of CAD 6.296946 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 15,742,365
Price\Range: CAD 0.4
Security Features: Closed-End Fund
Transaction Features: Rights Offering Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: CA$0.017 (vs CA$0.016 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.017 (up from CA$0.016 in 3Q 2023). Net income: CA$521.1k (up 6.7% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Oct 07
The Western Investment Company of Canada Limited has filed a Follow-on Equity Offering in the amount of CAD 22.160671 million. The Western Investment Company of Canada Limited has filed a Follow-on Equity Offering in the amount of CAD 22.160671 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 55,401,678
Price\Range: CAD 0.4
Security Features: Closed-End Fund
Transaction Features: Rights Offering New Risk • Oct 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 83% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Revenue is less than US$1m (CA$1.2m revenue, or US$857k). Minor Risk Market cap is less than US$100m (CA$25.2m market cap, or US$18.6m). New Risk • Sep 01
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: CA$1.2m (US$861k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (CA$1.2m revenue, or US$861k). Market cap is less than US$10m (CA$12.7m market cap, or US$9.41m). Announcement • Aug 30
The Western Investment Company of Canada Limited announced that it expects to receive CAD 15 million in funding The Western Investment Company of Canada Limited announced a private placement that it will issue up to 37,500,000 units at a price of CAD 0.40 per unit for the gross proceeds of CAD 15,000,000 on August 30, 2024. Each Unit will consist of one Common Share of the Corporation and one warrant to purchase a Common Share, with each Warrant exercisable to purchase one additional Common Share for a period of 5 years from the date of closing at an exercise price of CAD 0.47. The company may engage one or more brokers to act as agent for the Private Placement. The Private Placement is subject to approval of the TSXV. New Risk • Jul 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.0m (US$9.53m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$793k free cash flow). Market cap is less than US$10m (CA$13.0m market cap, or US$9.53m). Minor Risk Revenue is less than US$5m (CA$1.4m revenue, or US$1.0m). Reported Earnings • May 01
Full year 2023 earnings released: EPS: CA$0.007 (vs CA$0.007 loss in FY 2022) Full year 2023 results: EPS: CA$0.007 (up from CA$0.007 loss in FY 2022). Revenue: CA$2.01m (up 65% from FY 2022). Net income: CA$202.0k (up CA$417.3k from FY 2022). Profit margin: 10.0% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Board Change • Apr 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Jennie Moushos was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 28
The Western Investment Company of Canada Limited (TSXV:WI) has secured an agreement to acquire 14.22% stake in Fortress Insurance Company for CAD 2.6 million. The Western Investment Company of Canada Limited (TSXV:WI) has secured an agreement to acquire 14.22% stake in Fortress Insurance Company for CAD 2.6 million on March 26, 2024. The transaction is subject to the approval of the TSX Venture Exchange (the "TSXV"), shareholder approval and various other conditions. The Share Purchase is conditional on the closing of the previously announced proposed transaction with companies affiliated with Paul Rivett to invest at least $20 million (CAD 27 million) into the Corporation. Announcement • Mar 22
The Western Investment Company of Canada Limited Plans Chief Executive Officer Changes The Western Investment Company of Canada Limited announced that companies affiliated with Paul Rivett have offered to invest at least $20 million into the Corporation (the Transaction) to transform Western into a property and casualty insurance and investment holding company. Completion of the Transaction is subject to the approval of the TSX Venture Exchange (the TSXV), shareholder approval and various other conditions. The terms of the Transaction are set forth in a definitive agreement dated March 21, 2024 (the Definitive Agreement) that also provide for a potential upsize to $23 million and for a number of other corporate transactions described below. The transactions as contemplated constitute a Change of Business under the policies of the TSXV. Upon Closing, the Western team will consist of the following individuals: Paul Rivett to be appointed to Chief Executive Officer; Scott Tannas to be appointed to Chairman of the Board of Directors for a 5-year term with the option to renew by mutual agreement. Paul Rivett currently serves as founder and president of TCC and Chairman of the Board of Directors for Chorus Aviation and GreenFirst Forest Products. Previously, he joined Fairfax Financial Holdings Limited ("Fairfax") in 2003 and served as President between 2013 and 2020. Mr. Rivett led Fairfax’s corporate development which included debt and equity financings, mergers and acquisitions, as well as prominent investment and insurance/reinsurance transactions. He attracted proprietary insurance and non-insurance investments with a commitment to a long-term, decentralized approach to investing. Recent Insider Transactions • Dec 07
Chief Operating Officer recently sold CA$62k worth of stock On the 4th of December, Shafeen Mawani sold around 150k shares on-market at roughly CA$0.42 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Shafeen has been a net seller over the last 12 months, reducing personal holdings by CA$106k. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: CA$0.016 (vs CA$0.015 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.016 (up from CA$0.015 in 3Q 2022). Revenue: CA$881.3k (up 14% from 3Q 2022). Net income: CA$488.6k (up 11% from 3Q 2022). Profit margin: 55% (down from 57% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Oct 11
The Western Investment Company of Canada Limited announced that it expects to receive CAD 5 million in funding The Western Investment Company of Canada Limited announced a non-brokered private placement of 5,000 convertible unsecured subordinated debentures at a price of CAD 1,000 per debenture for gross proceeds of up to CAD 5,000,000 on October 10, 2023. Each debenture will be convertible into common shares at a conversion price of CAD 0.48 per share. The debentures will mature on December 31, 2025, and bear interest at the rate of 9.60% per annum, payable semi-annually in arrears at the end of March and September. If, commencing on and from the closing date and prior to the maturity date, the closing price of the common shares on the TSX Venture Exchange is CAD 0.65 or greater for the preceding 20 trading days, WICC may, at its option, force the conversion of the debentures into common shares. The initial closing date of the offering is expected to occur on or about November 15, 2023, and additional closings may occur subsequent to the initial closing date and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approval including the approval of the TSX Venture Exchange. The debentures will be subject to a statutory hold period that extends four months and one day from the closing date. The registered brokers are entitled to receive a cash commission equal to 2% of the aggregate proceeds of the portion of the offering sold to subscribers sourced by such registered broker. Announcement • Aug 19
The Western Investment Company of Canada Limited Announces Annual Dividend, Payable on September 29, 2023 The Western Investment Company of Canada Limited announced that its Board of Directors declared a dividend of $0.005 per share on WICC'soutstanding common shares as part of Western's annual dividend program. The dividend will be payable on September 29, 2023, to shareholders of record at the close of business on September 15, 2023. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: CA$0.013 (vs CA$0.005 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.013 (up from CA$0.005 in 2Q 2022). Revenue: CA$932.3k (up 73% from 2Q 2022). Net income: CA$393.2k (up 185% from 2Q 2022). Profit margin: 42% (up from 26% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
Full year 2022 earnings released: CA$0.007 loss per share (vs CA$0.001 profit in FY 2021) Full year 2022 results: CA$0.007 loss per share (down from CA$0.001 profit in FY 2021). Net loss: CA$215.4k (down CA$235.3k from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 20
The Western Investment Company of Canada Limited to Report Q1, 2023 Results on May 26, 2023 The Western Investment Company of Canada Limited announced that they will report Q1, 2023 results on May 26, 2023 Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: CA$0.015 (vs CA$0.011 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.015 (up from CA$0.011 in 3Q 2021). Net income: CA$441.8k (up 33% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Jennie Moushos was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Jennie Moushos was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
Second quarter 2022 earnings released: EPS: CA$0.005 (vs CA$0.023 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.005 (down from CA$0.023 in 2Q 2021). Net income: CA$138.2k (down 80% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Jun 01
First quarter 2022 earnings released: CA$0.025 loss per share (vs CA$0.016 loss in 1Q 2021) First quarter 2022 results: CA$0.025 loss per share (down from CA$0.016 loss in 1Q 2021). Net loss: CA$773.3k (loss widened 62% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: CA$0.001 (vs CA$0.12 loss in FY 2020) Full year 2021 results: EPS: CA$0.001 (up from CA$0.12 loss in FY 2020). Revenue: CA$1.38m (down 160% from FY 2020). Net income: CA$20.0k (up CA$3.65m from FY 2020). Profit margin: 1.5% (down from 157% in FY 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Jennie Moushos was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 03
Fort Mckay First Nation acquired 39.3% stakes in GlassMasters autoglass ltd. from The Western Investment Company of Canada Limited (TSXV:WI) and ATB Capital. Fort Mckay First Nation acquired 39.3% stakes in GlassMasters autoglass ltd. from The Western Investment Company of Canada Limited (TSXV:WI) and ATB Capital on February 1, 2022. The Western Investment Company will receive cash proceeds of CAD 0.53 million in exchange for 3% stake of GlassMasters. Two Fort Mckay Directors will be joining the Glassmasters board.
Fort Mckay First Nation completed the acquisition of 39.3% stakes in GlassMasters autoglass ltd. from The Western Investment Company of Canada Limited (TSXV:WI) and ATB Capital on February 1, 2022. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: CA$0.011 (vs CA$0.011 in 3Q 2020). Revenue: CA$665.9k (flat on 3Q 2020). Net income: CA$331.7k (down 5.0% from 3Q 2020). Profit margin: 50% (down from 52% in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 28
Second quarter 2021 earnings released: EPS CA$0.023 (vs CA$0.012 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CA$1.11m (up CA$999.7k from 2Q 2020). Net income: CA$699.5k (up 97% from 2Q 2020). Profit margin: 63% (down from 316% in 2Q 2020). The decrease in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jul 25
President recently bought CA$84k worth of stock On the 22nd of July, Scott Tannas bought around 3k shares on-market at roughly CA$33.50 per share. This was the largest purchase by an insider in the last 3 months. Scott has been a buyer over the last 12 months, purchasing a net total of CA$112k worth in shares. Executive Departure • Jul 13
Independent Director Robert Espey has left the company On the 30th of June, Robert Espey's tenure as Independent Director ended after 5.7 years in the role. We don't have any record of a personal shareholding under Robert's name. Robert is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.17 years. Reported Earnings • Jun 03
First quarter 2021 earnings released: CA$0.016 loss per share (vs CA$0.14 loss in 1Q 2020) First quarter 2021 results: Revenue: -CA$168.0k (down 249% from 1Q 2020). Net loss: CA$476.7k (loss narrowed 89% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • May 03
Full year 2020 earnings released: CA$0.12 loss per share (vs CA$0.041 profit in FY 2019) Full year 2020 results: Net loss: CA$3.63m (down 390% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 03
New 90-day high: CA$0.31 The company is up 51% from its price of CA$0.20 on 01 December 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is up 7.0% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: CA$0.28 The company is up 20% from its price of CA$0.23 on 06 November 2020. The Canadian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is up 10.0% over the same period. Reported Earnings • Nov 25
Third quarter 2020 earnings released: EPS CA$0.011 Third quarter 2020 results: Net income: CA$349.1k (up 20% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. 
