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VANCOUVER, British Columbia, Dec. 31, 2023 (Globe Newswire) — British Columbia Discovery Fund Ltd. (Formerly British Columbia Discovery Fund (VCC) Inc.) (“fundEstablished by MNP Ltd. (formerly The Bowra Group Inc.) in its capacity as liquidator of the Fund (“liquidator), provides the following latest information regarding the Fund’s liquidation process:
The priced net asset value of our Class A common stock is $0.21 as of November 30, 2023, compared to $0.21 as of August 31, 2023.
The liquidator has now sold all of the Fund’s publicly traded investments and made a distribution to shareholders of $0.52 per share on June 19, 2023. Details of the sale of the Fund’s publicly traded investments and distributions to shareholders are provided below. Previous press release.
The Fund’s remaining investments are in illiquid private company stocks.
Below is an update on the Fund’s remaining portfolio companies and liquidator activity.
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Femisystems Co., Ltd. (“feminist”) – Phemi is a technology company based in Vancouver, British Columbia that provides healthcare data management, analytics, privacy, and security.
Since the last press release, the Liquidator has not identified any new material events affecting the Fund’s Femi investments.
Further updates and information about Phemi can be found at www.phemi.com.
The liquidator continues to monitor Femi and considers potential opportunities for liquidity events, assessing the possibility of a compulsory liquidation sale or in-kind distribution in accordance with its obligations.
The liquidator notes that it has revised the value of Femi used in the price net asset value calculation to reflect the liquidation value.
The liquidator may further revise Femi’s value to further assess the possibility of a sale or distribution in kind. -
3760073 Canada Inc. (Formerly Navarik Corp.) (“navarik”) – Navarik is a technology company based in Vancouver, British Columbia that provides software and data solutions for the cargo and transportation of petroleum products. Navarik has sold all of its assets to Vela Software Group ( ”bellaThe Fund’s current interest in Navarik is limited to future distributions that Navarik may make to shareholders pursuant to the transaction with Vera.
Vela did not meet the EBITDA criteria in 2022, so there were no payments to the Fund.
Since the last press release, the Liquidator has not identified any new material events that may affect the Fund’s investment in Navarik.
The liquidator continues to monitor Nabarik and the possibility of future distributions to the Fund pursuant to the terms of the sale to Vera. -
MTI Joint Stock Company (Acquired through the sale of Mobidia Technology Inc.)MTI LP) – Mobidia was a portfolio company of the fund that was sold to Data.ai Inc. (formerly App Annie Inc.) in 2015. The Fund’s current interest in MTI LP is limited to its respective interest in Data.ai Inc. stock held by the company. MTI LP was exchanged in the sale of his Mobidia transaction.
Since the previous press release, the Liquidator has not identified any new material events affecting the Fund’s investment in MTI LP.
The Liquidators continue to monitor MTI LP and Data.ai Inc. and are considering all opportunities for liquidity events, evaluating the possibility of mandatory liquidation sales or in-kind distributions.
The liquidator notes that it has revised the value of MTI LP used in the price net asset value calculation to reflect the liquidation value.
The liquidator may further revise the value of MTI LP to further evaluate the possibility of a sale or in-kind distribution.
The Fund intends to continue to realize its investments in its portfolio companies by participating in liquidity events where possible pursuant to its liquidation obligations and to address any remaining outstanding issues related to liquidation, including tax matters. .
Additionally, liquidators are now considering forced sales and in-kind distributions if necessary (and weighing that against the ongoing costs of maintaining the portfolio and waiting for a liquidity event). .
Pursuant to the Voluntary Liquidation Procedures approved by the Shareholders in the Information Circular dated May 22, 2020 and approved by the Fund’s Shareholders on June 24, 2020, the Liquidator has determined that the liquidation process will be completed within two years from December 1st. Please be careful if it is extended beyond this limit. , as of the 2020 Liquidation Effective Date, the Liquidator reserves the discretion to hasten the dissolution of the Fund through a forced sale or in-kind distribution of remaining portfolio assets.
At this time, the Fund does not have a scheduled distribution date, and the Fund’s dissolution date has not yet been determined.
The latest information and materials regarding the Fund’s liquidation process are available on the Liquidator’s website at www.bowragroup.com. The Liquidator will continue to publish additional information and updates regarding the status of the Fund’s liquidation proceedings on its website and will distribute news releases at least quarterly.
Risk factors and forward-looking information
This news release may contain statements regarding expected future events and financial results, which are forward-looking in nature and are subject to risks and uncertainties. The issuer cautions that actual performance will be affected by a number of factors, many of which are beyond the control of the liquidator. Specific risks include, but are not limited to, the risks described in the paragraphs below.
The Fund cannot guarantee to shareholders the timing or amount of liquidation distributions. The Fund’s remaining portfolio assets consist of illiquid private company securities that may be sold opportunistically or pursuant to a forced sale in the event of a liquidity event in an underlying portfolio company. It may be liquidated by active liquidation. The timing of liquidity events is uncertain, and the amount of distributions resulting from such events depends on the proceeds from such dispositions, which in turn depend on many factors that affect the value of portfolio companies. Determined by
Although the Fund may realize lower amounts based on forced sales or in-kind distributions than if it had waited for a subsequent liquidity event, such forced sales or in-kind distributions may still result in the Fund’s ongoing management costs. may also be reduced. The Fund may be prevented from making dividends in kind by private company filings or by the provisions of the applicable shareholder agreement, if any. Each provision may contain legal and technical limitations or prohibitions on the Fund’s ability to distribute shares. Be kind to shareholders.
The Fund will continue to incur expenses and reduce the value of liquidation distributions. If the Fund does not actually retain sufficient funds to pay the expenses and liabilities owed to the Fund’s creditors, each shareholder receiving a liquidation distribution shall pay a pro rata share of the deficiency to the Fund’s creditors. You may be liable to pay the amount. The amount actually distributed to each shareholder is capped. Distributions may be prohibited if the Fund is unable to pass statutory solvency tests at the time of distribution to shareholders. There can be no assurance that the liquidator will achieve the same financial results as management would have achieved had it continued as administrator of the Fund. The tax treatment of liquidation distributions may vary from shareholder to shareholder, and shareholders should consult their own tax advisors. Additionally, Class A Shares may no longer be a “qualified investment” for a “registered plan” in certain circumstances. income tax law (Canada).
See “Risk Factors” in the Fund’s Information Circular dated May 22, 2020, available at www.sedar.com.
Additional Information
Additional information regarding the Fund’s liquidation and related matters is contained in the Fund’s Information Circular dated May 22, 2020, which is available on SEDAR at www.sedar.com.
MNP Ltd. is one of Canada’s largest corporate insolvency providers and a subsidiary of national professional services firm MNP LLP. Bowra Group merged with MNP Ltd. on December 1, 2022. MNP Ltd. (formerly The Bowra Group Inc.) will continue to act as the fund’s liquidator and will remain unchanged unless otherwise stated.
Further information about MNP Ltd. (formerly The Bowra Group Inc.), updates to shareholders, and information regarding the liquidation of the Fund can be found at www.bowragroup.com.
gordon brown
MNP Ltd. (formerly Bowla Group Co., Ltd.)
Suite 1630 – 609 Granville Street,
Vancouver, British Columbia V7Y 1G5
Phone: 604-689-8939
Email: insolvencyinfoTBG@mnp.ca
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