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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”), supplies the next replace as to the liquidation proceedings of the Fund.
Pricing Internet Asset Worth per Class A Widespread 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 bought all the 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 firms.
The next is an replace of the Fund’s remaining portfolio firms and the Liquidator’s actions:
- Phemi Programs Company (“Phemi”) – Phemi is a know-how firm which supplies information administration, evaluation, privateness, and safety for healthcare based mostly in Vancouver, B.C.
Because the final press launch, the Liquidator has not recognized any new materials occasions that will affect the Fund’s funding in Phemi.
Additional updates and details about Phemi could be discovered at: www.phemi.com.
The Liquidator is constant to observe Phemi and overview any potential alternatives for liquidity occasions whereas assessing the opportunity of a compelled liquidation sale or distribution in form pursuant to its mandate.
The Liquidator notes it has revised the worth of Phemi utilized in calculating Pricing Internet Asset Worth to replicate a liquidation worth.
The Liquidator could additional revise the worth of Phemi because the Liquidator additional assesses the opportunity of a sale or distribution in form. - 3760073 Canada Corp. (previously Navarik Corp.) (“Navarik”) – Navarik is a know-how firm offering software program and information options for cargo and transport of petroleum merchandise based mostly in Vancouver, B.C. Navarik bought all of its belongings to Vela Software program Group (“Vela”) in September 2020. The Fund’s present curiosity in Navarik is proscribed 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.
Because the final press launch, the Liquidator has not recognized any new materials occasions that will affect the Fund’s funding in Navarik.
The Liquidator is constant to observe 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 bought to Knowledge.ai Inc. (previously App Annie Inc.) in 2015. The Fund’s present curiosity in MTI LP is proscribed to its respective curiosity in Knowledge.ai Inc. shares held by MTI LP exchanged within the sale of Mobidia transaction.
Because the final press launch, the Liquidator has not recognized any new materials occasions that will affect the Fund’s funding in MTI LP.
The Liquidator is constant to observe MTI LP and Knowledge.ai Inc. and overview any alternatives for liquidity occasions whereas assessing the opportunity of a compelled liquidation sale or distribution in form pursuant to its mandate.
The Liquidator notes it has revised the worth of MTI LP utilized in calculating Pricing Internet Asset Worth to replicate a liquidation worth.
The Liquidator could additional revise the worth of MTI LP because the Liquidator additional assesses the opportunity of a sale or distribution in form.
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The Fund will proceed to comprehend on its investments in portfolio firms by way of participation in liquidity occasions when attainable pursuant to its liquidation mandate and to handle remaining excellent issues regarding its liquidation, together with tax issues.
As well as, the Liquidator is now additionally contemplating compelled gross sales and distributions in form the place acceptable (and is weighing that in opposition to the continuing prices of sustaining the portfolio and persevering with to attend for liquidity occasions).
In accordance with the steps for the voluntary liquidation as authorised by shareholders within the Info Round dated Might 22, 2020 and authorised 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 type of the residual portfolio belongings.
Presently, the Fund 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 could be discovered on the Liquidator’s web site at: www.bowragroup.com. The Liquidator will proceed to make out there on its web site extra data and updates on the standing of the Fund’s liquidation proceedings and disseminate a information launch on at the least a quarterly foundation.
Threat Components and Ahead-Trying 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 probably be affected by quite a lot 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 not guarantee its shareholders of the timing or quantity of any liquidation distributions. The remaining portfolio belongings of the Fund include illiquid securities of personal entities which can be liquidated both opportunistically upon the prevalence of liquidity occasions within the underlying portfolio firms 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 is determined by the proceeds realized from such inclinations which in flip will rely upon the various elements that affect the worth of the portfolio firms.
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The Fund could have decrease realizations pursuant to compelled gross sales and distributions in form than it might if it had waited for subsequent liquidity occasions, however nonetheless, such compelled gross sales or distributions in form may additionally scale back ongoing administrative prices of the Fund. The Fund could also be prevented from making distributions in form by the constating paperwork of personal firms or by the provisions of relevant shareholders’ agreements, if any, every of which can comprise authorized and technical limitations or prohibitions on the flexibility of the Fund to distribute shares in form to shareholders.
The Fund will proceed to incur bills that can scale back the worth of any liquidation distributions; if the Fund fails to retain ample funds to pay the bills and liabilities truly owed to the Fund’s collectors, every shareholder receiving liquidation distributions may very well be held responsible for cost to the Fund’s collectors, of his, her or its professional rata share of any shortfall, as much as the quantity truly distributed to every shareholder; if, on the time of a distribution to shareholders, the Fund can not go statutory solvency checks, the distribution could also be prohibited; there aren’t any assurances that the Liquidator will obtain the identical monetary outcomes that administration may obtain if it had continued because the supervisor of the Fund; the tax therapy of liquidation distributions could fluctuate 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 “Threat Components” within the data round of the Fund dated Might 22, 2020 and out there on www.sedar.com.
Further Info
Further data regarding the Fund’s liquidation and related issues is contained within the data round of the Fund dated Might 22, 2020, which is accessible 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 probably be no modifications except 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 could 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
Telephone: 604-689-8939
Electronic mail : insolvencyinfoTBG@mnp.ca
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