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VANCOUVER, British Columbia, Dec. 31, 2023 (GLOBE NEWSWIRE) — British Columbia Discovery Fund Inc., (previously British Columbia Discovery Fund (VCC) Inc.) (the “Fund”), by MNP Ltd. (previously The Bowra Group Inc.) in its capability as liquidator of the Fund (the “Liquidator”), gives the next replace as to the liquidation proceedings of the Fund.
Pricing Web Asset Worth per Class A Frequent Share is $0.21 as at November 30, 2023 in comparison with $0.21 as at August 31, 2023.
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The Liquidator has now offered the entire Fund’s investments in publicly traded investments and made a distribution to shareholders of $.52 per share on June 19, 2023. Additional particulars of the sale of the Fund’s publicly traded investments and distribution to shareholders are contained in earlier press releases.
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The Fund’s remaining investments are shares in illiquid personal corporations.
The next is an replace of the Fund’s remaining portfolio corporations and the Liquidator’s actions:
- Phemi Programs Company (“Phemi”) – Phemi is a expertise firm which gives information administration, evaluation, privateness, and safety for healthcare based mostly in Vancouver, B.C.
For the reason that final press launch, the Liquidator has not recognized any new materials occasions that may impression the Fund’s funding in Phemi.
Additional updates and details about Phemi will be discovered at: www.phemi.com.
The Liquidator is continuous to watch Phemi and evaluate any potential alternatives for liquidity occasions whereas assessing the potential of a compelled liquidation sale or distribution in type pursuant to its mandate.
The Liquidator notes it has revised the worth of Phemi utilized in calculating Pricing Web Asset Worth to mirror a liquidation worth.
The Liquidator could additional revise the worth of Phemi because the Liquidator additional assesses the potential of a sale or distribution in type. - 3760073 Canada Corp. (previously Navarik Corp.) (“Navarik”) – Navarik is a expertise firm offering software program and information options for cargo and transport of petroleum merchandise based mostly in Vancouver, B.C. Navarik offered all of its property to Vela Software program Group (“Vela”) in September 2020. The Fund’s present curiosity in Navarik is restricted to future distributions Navarik could make to its shareholders pursuant to the transaction with Vela.
Vela didn’t meet the EBITDA threshold in fiscal 2022 leading to no payout for the Fund.
For the reason that final press launch, the Liquidator has not recognized any new materials occasions that may impression the Fund’s funding in Navarik.
The Liquidator is continuous to watch Navarik and the potential for any future distributions to the Fund pursuant to the phrases of its sale to Vela. - MTI Restricted Partnership (acquired on account of the sale of Mobidia Expertise Inc.) (“MTI LP”) – Mobidia was a Fund portfolio firm that was offered to Knowledge.ai Inc. (previously App Annie Inc.) in 2015. The Fund’s present curiosity in MTI LP is restricted to its respective curiosity in Knowledge.ai Inc. shares held by MTI LP exchanged within the sale of Mobidia transaction.
For the reason that final press launch, the Liquidator has not recognized any new materials occasions that may impression the Fund’s funding in MTI LP.
The Liquidator is continuous to watch MTI LP and Knowledge.ai Inc. and evaluate any alternatives for liquidity occasions whereas assessing the potential of a compelled liquidation sale or distribution in type pursuant to its mandate.
The Liquidator notes it has revised the worth of MTI LP utilized in calculating Pricing Web Asset Worth to mirror a liquidation worth.
The Liquidator could additional revise the worth of MTI LP because the Liquidator additional assesses the potential of a sale or distribution in type.
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The Fund will proceed to appreciate on its investments in portfolio corporations by way of participation in liquidity occasions when potential pursuant to its liquidation mandate and to deal with remaining excellent issues referring to its liquidation, together with tax issues.
As well as, the Liquidator is now additionally contemplating compelled gross sales and distributions in type the place acceptable (and is weighing that in opposition to the continued prices of sustaining the portfolio and persevering with to attend for liquidity occasions).
In accordance with the steps for the voluntary liquidation as accepted by shareholders within the Info Round dated Might 22, 2020 and accepted by the shareholders of the Fund on June 24, 2020 the Liquidator notes that if the liquidation course of extends past two years from December 1, 2020 the efficient date of the liquidation, the Liquidator retains the discretion to speed up dissolution of the fund by way of a compelled sale or distribution in form of the residual portfolio property.
Right now, the Fund just isn’t conscious of the anticipated date of any distribution, and the Fund has not but decided a date for the dissolution of the Fund.
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Updates and supplies associated to the Fund’s liquidation proceedings will be discovered on the Liquidator’s web site at: www.bowragroup.com. The Liquidator will proceed to make accessible on its web site further data and updates on the standing of the Fund’s liquidation proceedings and disseminate a information launch on no less than a quarterly foundation.
Danger Components and Ahead-Wanting Info
This information launch could embrace statements about anticipated future occasions and/or monetary outcomes which might be forward-looking in nature and topic to dangers and uncertainties. The issuer cautions that precise efficiency will likely be affected by plenty of elements, lots of that are past the management of the Liquidator. Sure dangers embrace however should not restricted to these described within the paragraphs under.
The Fund can’t guarantee its shareholders of the timing or quantity of any liquidation distributions. The remaining portfolio property of the Fund include illiquid securities of personal entities which can be liquidated both opportunistically upon the incidence of liquidity occasions within the underlying portfolio corporations or by proactively liquidating pursuant to compelled gross sales. The timing of liquidity occasions is unsure and the quantity of distributions ensuing from such occasions relies on the proceeds realized from such inclinations which in flip will depend upon the various elements that impression the worth of the portfolio corporations.
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The Fund could have decrease realizations pursuant to compelled gross sales and distributions in type than it might if it had waited for subsequent liquidity occasions, however nonetheless, such compelled gross sales or distributions in type might also cut back ongoing administrative prices of the Fund. The Fund could also be prevented from making distributions in type by the constating paperwork of personal corporations or by the provisions of relevant shareholders’ agreements, if any, every of which can include authorized and technical limitations or prohibitions on the power of the Fund to distribute shares in type to shareholders.
The Fund will proceed to incur bills that may cut back the worth of any liquidation distributions; if the Fund fails to retain enough funds to pay the bills and liabilities really owed to the Fund’s collectors, every shareholder receiving liquidation distributions might be held answerable for fee to the Fund’s collectors, of his, her or its professional rata share of any shortfall, as much as the quantity really distributed to every shareholder; if, on the time of a distribution to shareholders, the Fund can’t cross statutory solvency assessments, the distribution could also be prohibited; there are not any assurances that the Liquidator will obtain the identical monetary outcomes that administration would possibly obtain if it had continued because the supervisor of the Fund; the tax remedy of liquidation distributions could range from shareholder to shareholder, and shareholders ought to seek the advice of their very own tax advisors; and the Class A Shares could, in sure circumstances, stop to be ‘‘certified investments’’ for “registered plans” for the needs of the Earnings Tax Act (Canada).
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See “Danger Components” within the data round of the Fund dated Might 22, 2020 and accessible on www.sedar.com.
Extra Info
Extra data referring to the Fund’s liquidation and related issues is contained within the data round of the Fund dated Might 22, 2020, which is offered on SEDAR at www.sedar.com.
MNP Ltd. Is among the largest company insolvency practices in Canada and a subsidiary of nationwide skilled companies agency MNP LLP. The Bowra Group merged with MNP Ltd. efficient December 1, 2022. MNP Ltd. (previously The Bowra Group Inc.) will proceed to behave as a Liquidator of the Fund and there will likely be no modifications until in any other case famous.
Additional details about MNP Ltd. (previously The Bowra Group Inc.) and updates to shareholders and knowledge on the liquidation of the Fund will be discovered at www.bowragroup.com.
Gordon Brown
MNP Ltd. (previously The Bowra Group Inc.)
Suite 1630 – 609 Granville Avenue,
Vancouver, B.C. V7Y 1G5
Cellphone: 604-689-8939
E-mail : insolvencyinfoTBG@mnp.ca
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