VANCOUVER, British Columbia, Dec. 31, 2022 (GLOBE NEWSWIRE) -- British Columbia Discovery Fund Inc., (formerly British Columbia Discovery Fund (VCC) Inc.) (the “Fund”), by The Bowra Group Inc. in its capacity as liquidator of the Fund (the “Liquidator”), provides the following update as to the liquidation proceedings of the Fund.
Pricing Net Asset Value per Class A Common Share is $1.68 as at November 30, 2022 compared to $2.60 as at August 31, 2022, a decrease of 35%. The principal reason for this change is the decrease in value of the Fund’s publicly traded investments in D-Wave Systems Inc. and Tantalus Systems Holdings Inc.
The following is an update of the Fund’s portfolio companies and the Liquidator’s activities:
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D-Wave Systems Inc. (“D-Wave”) – D-Wave is a quantum computing company based in Burnaby, B.C. D-Wave continues to advance the science used in its products, build its technology, and build its core business of quantum computing services.
On August 5, 2022 DPCM Capital, Inc. (“DPCM”) and D-Wave, completed a business combination transaction and D-Wave Quantum Inc. (“D-Wave Quantum”) became the parent company of both D-Wave and DPCM.
On August 8, 2022 D-Wave Quantum began trading on the New York Stock Exchange under stock symbol QBTS.
The shares in D-Wave Quantum issued to the Fund are subject to a trading restriction for a period of 180 days from the date of the public listing of D-Wave Quantum.
D-Wave Quantum’s 20 day average for Pricing Net Asset Value was $9.70 USD as at August 31, 2022 and $2.55 USD as at November 30, 2022.
The decrease in value of the Funds investment in D-Wave is the primary reason for the 35% decrease in Net Asset Value per Common Share from the last press release.
Details of the transaction and information about D-Wave can be found at: www.dwavesys.com.
The Liquidator is continuing to monitor D-Wave Quantum and assess its strategy for the realization of the Fund’s position subsequent to expiry of the trading restriction period. -
Tantalus Systems Holdings Inc. – (“Tantalus”) – Tantalus is a technology company which develops and operates smart grid solutions for utilities based in Burnaby, B.C. Tantalus is currently publicly listed and trades on the Toronto Stock Exchange under symbol GRID.
The Liquidator notes that the share price of Tantalus decreased in the period used to calculate the November 30, 2022 Net Asset Value per Class A Common Share.
The decrease in the Tantalus share price contributed to the change in Net Asset Value per Class A Common Share from the last press release however the decrease was primarily influenced by the decrease in value of the Funds holdings in D-Wave Quantum.
Further updates and information about Tantalus can be found at: www.tantalus.com and SEDAR. In particular, see Tantalus’ MD&A for the period ending September 30, 2022 for discussion of Tantalus’ financial performance.
The Liquidator is continuing to monitor Tantalus and review and assess opportunities for the sale of the Fund’s Tantalus shares. -
Phemi Systems Corporation (“Phemi”) – Phemi is a technology company which provides data management, analysis, privacy, and security for healthcare based in Vancouver, B.C.
Since the last press release, the Liquidator has not identified any new material events that would impact the Fund’s investment in Phemi.
Further updates and information about Phemi can be found at: www.phemi.com.
The Liquidator is continuing to monitor Phemi and review any potential opportunities for liquidity events pursuant to its mandate. -
3760073 Canada Corp. (formerly Navarik Corp.) (“Navarik”) – Navarik is a technology company providing software and data solutions for cargo and shipping of petroleum products based in Vancouver, B.C. Navarik sold all of its assets to Vela Software Group (“Vela”) in September 2020. The Fund’s current interest in Navarik is limited to future distributions Navarik may make to its shareholders pursuant to the transaction with Vela.
Since the last press release, the Liquidator has not identified any new material events that would impact the Fund’s investment in Navarik.
The Liquidator is continuing to monitor Navarik and the potential for any future distributions to the Fund pursuant to the terms of its sale to Vela. -
MTI Limited Partnership (acquired as a result of the sale of Mobidia Technology Inc.) (“MTI LP”) – Mobidia was a Fund portfolio company that was sold to App Annie in 2015. The Fund’s current interest in MTI LP is limited to its respective interest in App Annie shares held by MTI LP exchanged in the sale of Mobidia transaction.
Since the last press release, the Liquidator has not identified any new material events that would impact the Fund’s investment in MTI LP.
The Liquidator is continuing to monitor MTI LP and App Annie and review any opportunities for liquidity events pursuant to its mandate.