February 22, 2019
Jamie Blundell, President & COO discusses some of the highlights from the first annual meeting of Shareholders:
We are pleased to report that all resolutions proposed to shareholders at the annual and special meeting of shareholders held on February 21, 2019, were duly passed. We were very pleased to have a handful of shareholders present in person at the meeting, where we had a healthy discussion on the challenges facing CGOC and what steps are being taken to increase shareholder value, and market awareness for our story.
Net Asset Value (“NAV”) and Share Price
As announced on February 19, 2019, our NAV as at February 15, 2019 grew 29% since inception to $2.99 and outperformed many of our benchmarks such as the HMMJ, HMJR and NAMR. However, there remains a significant discount gap between the share price and NAV of approximately 39%. The share price has rebounded quite nicely since the inception of our marketing and investor outreach program, up approximately 98% in 2019 (up to yesterday’s close). We remain committed to working through our initiatives to close this gap.
Communication and Outreach
We will continue to provide our NAV updates on a monthly basis. We have made the decision to host our webinars on a quarterly basis but will be providing a more detailed fact sheet on our public and private investments so that our shareholders can better understand our value proposition. We have conducted and will continue to conduct investor outreach in an effort to diversify and enhance the shareholder base, as well as build relationships with the brokerage community, which we hope will result in analyst coverage, and overall support for the stock.
The portfolio has been performing, with minimal volatility, and there are a number of catalyst events within the private portfolio which are yet to be realized. We will ensure that the future value of the Corporation is clearly understood and are confident that we can create real value for our existing and new shareholders alike.
For further information please contact Cannabis Growth Opportunity Corporation:
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