VANCOUVER, British Columbia, Dec. 31, 2022 (Globe Newswire) — British Columbia Discovery Fund Inc. , (previously British Columbia Discovery Fund (VCC) Inc.) (known as “funds”), by The Bowra Group Inc. as liquidator of the Fund (“liquidator), the subsequent replace concerning the Fund’s liquidation procedures.
The worth of NAV per Class A typical share is $1.68 as on November 30, 2022 in comparison with $2.60 on August 31, 2022, a lower of 35%. The first purpose for this transformation is the decline within the worth of the fund’s publicly traded funding in D-Wave Programs Inc. and Tantalus Programs Holdings Inc.
The next is an replace of the fund’s portfolio of firms and the actions of the liquidator:
D-Wave Programs Inc. (“D-WaveBC D-Wave continues to advance the science utilized in its merchandise, construct out its know-how, and construct out its core enterprise of quantum computing providers.
On August 5, 2022 DPCM Capital, Inc. (“DPCMand D-Wave, finishing a enterprise mixture transaction and D-Wave Quantum Inc. (“D- quantum wave”) The mother or father firm of each D-Wave and DPCM.
On August 8, 2022, D-Wave Quantum started buying and selling on the New York Inventory Alternate below the inventory image QBTS.
Shares in D-Wave Quantum issued to the Fund are topic to buying and selling restrictions for a interval of 180 days from the date of D-Wave Quantum’s public itemizing.
D-Wave Quantum’s 20-day common NAV for pricing was $9.70 on Aug 31, 2022 and $2.55 on Nov 30, 2022.
The decline within the worth of investing cash in D-Wave is the principle purpose for the 35% drop in NAV per widespread share from the most recent press launch.
Transaction particulars and details about D-Wave will be discovered at: www.dwavesys.com.
The liquidator continues to watch D-Wave Quantum and consider its technique to attain fund standing after the buying and selling restriction interval ends.
Tantalus Programs Holdings Inc. – (“Tantalus’) – Tantalus is a know-how firm that develops and operates sensible grid options for utilities headquartered in Burnaby, BC Tantalus is at the moment listed on the Toronto Inventory Alternate below the image GRID.
The liquidator notes that the share worth of Tantalus declined within the interval used to calculate the November 30, 2022 NAV for every Class A typical share.
The decline in Tantalus’ share worth contributed to the change in web asset worth per Class A typical share from the final press launch, nonetheless the decline was primarily affected by a lower within the worth of the holdings of funds in D-Wave Quantum.
Extra updates and details about Tantalus will be discovered at: www.tantalus.com And the Cedar. Specifically, see Tantalus’ MD&A for the interval ended September 30, 2022 for a dialogue of Tantalus’ monetary efficiency.
The liquidator continues to watch Tantalus and to evaluate and consider alternatives to promote Tantalus shares to the Fund.
Phemi Programs Inc (“BimiPhemi is a know-how firm that gives knowledge administration, analytics, privateness and safety for healthcare and is headquartered in Vancouver, British Columbia.
For the reason that final press launch, the liquidator has not recognized any new materials occasions that might have an effect on the Fund’s funding in Phemi.
Extra updates and details about Phemi will be discovered at: www.phemi.com.
The liquidator continues to watch Phemi and evaluate any potential alternatives for liquidity occasions in accordance along with his mandate.
3760073 Canada Corp. (previously Navarik Corp.) (“NavarikHeadquartered in Vancouver, British Columbia, Navarik has offered all of its property to Vela Software program Group (“Vela Software program Group”).villa”) in September 2020. The Fund’s present curiosity in Navarik is proscribed to future distributions that Navarik could make to its shareholders pursuant to the transaction with Vela.
For the reason that final press launch, the liquidator has not recognized any new materials occasions that might have an effect on the fund’s funding in Navarrek.
The liquidator continues to watch Navarik and the potential for any future distributions of the Fund pursuant to the phrases of its sale to Vela.
MTI Restricted Partnership (Acquired because of the sale of Mobidia Know-how Inc.) (“MTI LP’) – Mobidia was a fund portfolio firm that was offered to App Annie in 2015. The Fund’s present curiosity in MTI LP is proscribed to its personal curiosity in App Annie shares held by MTI LP that was exchanged within the sale of the Mobidia transaction.
For the reason that final press launch, the liquidator has not recognized any new materials occasions that might have an effect on the Fund’s funding in MTI LP.
The liquidator continues to watch MTI LP and App Annie and evaluate any alternatives for liquidity occasions as per its mandate.
The Fund will proceed to appreciate its investments in portfolio firms by taking part in liquidity occasions when attainable in accordance with the liquidation mandate and by dealing with remaining excellent issues associated to the liquidation, together with tax issues.
Right now, the fund shouldn’t be conscious of the anticipated date of any distribution, and the fund has not but set a date for dissolving the fund.
The liquidator issued the primary liquidator’s report on November 30, 2021 and a replica of the report is on the market on the Liquidator web site below the title Liquidator – studies at: www.bowragroup.com.
Updates and supplies concerning the Fund’s liquidation procedures will be discovered on the liquidator’s web site at: www.bowragroup.com. The liquidator will proceed to make further data and updates accessible on its web site on the standing of the Fund’s liquidation proceedings and to publish a press launch on a minimum of a quarterly foundation.
Threat components and forward-looking data
This information launch could embrace statements about anticipated future occasions and/or monetary outcomes which are forward-looking in nature and topic to dangers and uncertainties. The issuer warns that precise efficiency will likely be affected by a variety of components, lots of that are past the management of the liquidator.
A number of the dangers embrace, however usually are not restricted to: The Fund can’t reassure its shareholders in regards to the timing or quantity of any liquidation distributions. The timing of liquidating the property of the Fund’s portfolio is dependent upon the timing of the prevalence of liquidity occasions within the underlying portfolio firms and on the timing of buying and selling alternatives for publicly traded securities within the portfolio, and the quantity of those distributions is dependent upon the proceeds from these inclinations which in flip will rely upon many components that have an effect on the worth of the portfolio firms. The Fund will proceed to incur bills that would scale back the worth of any liquidation distributions; If the fund fails to carry adequate funds to pay the bills and liabilities really owed to the collectors of the fund, every shareholder receiving the liquidation distributions could also be held liable to pay to the collectors of the fund, his or her share of any deficit, as much as the quantity really distributed to every shareholder; If, on the time of the distribution to the shareholders, the fund can’t move the solvency checks, the distribution could also be prohibited; There isn’t a assurance that the liquidator will obtain the identical monetary outcomes that administration may obtain if it continued as fund supervisor; The tax therapy of liquidation distributions could range from shareholder to shareholder, and shareholders ought to seek the advice of their very own tax advisors; Class A Shares could, in sure circumstances, stop to be “qualifying investments” for “Registered Plans” functions Earnings tax regulation (Canada).
See “Threat Elements” within the Fund’s media round dated Could 22, 2020, accessible at www.sedar.com.
Extra data concerning the Fund’s liquidation and associated issues is contained within the Fund’s data round dated Could 22, 2020, which is on the market on SEDAR on the hyperlink www.sedar.com.
The Bowra Group is a boutique monetary advisory agency with places of work in Vancouver, British Columbia and Edmonton, Alberta. Bowra Group makes a speciality of insolvency and restructuring, providers offered embrace enterprise restructuring, enterprise viability assessments and efficiency enchancment and turnaround administration. The Bowra Group is a certified insolvency trustee and formally acts as a trustee, controller, receiver and liquidator in operations throughout quite a lot of industries.
Extra details about the Bowra Group, updates for shareholders and details about the fund’s liquidation will be discovered at www.bowragroup.com.
The Bowra Group Inc.
Suite 430-505 Burrard Road,
Vancouver, BC V7M 2C1