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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tantalus Systems Holding Inc | TSX:GRID | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.53% | 1.33 | 1.33 | 1.34 | 1.35 | 1.33 | 1.35 | 2,000 | 19:59:22 |
Pricing Net Asset Value per Class A Common Share (“Pricing NAV”) is $2.70 as at May 31, 2021 compared to $2.56 as at March 31, 2021, an increase of 5%. The principal reason for this increase is the increase in the fair value of the Fund’s holdings in Tantalus Systems Holdings Inc. as described below, offset by the impact of expenses of the Fund and other minor adjustments. The following is an update of the Fund’s portfolio companies and Liquidator’s activities:
The Fund will continue to realize on its investments in portfolio companies through participation in liquidity events when possible pursuant to its liquidation mandate and to address remaining outstanding matters relating to its liquidation, including tax matters.
At this time, the Fund is not aware of the anticipated date of any distribution, or the date of its dissolution.
Updates and materials related to the Fund’s liquidation proceedings can be found on the Liquidator’s website at: www.bowragroup.com. The Liquidator will continue to make available on its website additional information and updates on the status of the Fund’s liquidation proceedings, and disseminate a news release on at least a quarterly basis.
Risk Factors and Forward-Looking Information
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and 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.
Certain risks include, but are not limited to: the Fund cannot assure its shareholders of the timing or amount of any liquidation distributions. The timing of liquidation of the Fund’s portfolio assets depends on the timing of occurrence of liquidity events in the underlying portfolio companies and the amount of such distributions depends on the proceeds realized from such dispositions which in turn will depend on the many factors that impact the value of the portfolio companies. The Fund will continue to incur expenses that will reduce the value of any liquidation distributions; if the Fund fails to retain sufficient funds to pay the expenses and liabilities actually owed to the Fund’s creditors, each shareholder receiving liquidation distributions could be held liable for payment to the Fund’s creditors, of his, her or its pro rata share of any shortfall, up to the amount actually distributed to each shareholder; if, at the time of a distribution to shareholders, the Fund cannot pass statutory solvency tests, the distribution may be prohibited; there are no assurances that the Liquidator will achieve the same financial results that management might achieve if it had continued as the manager of the Fund; the tax treatment of liquidation distributions may vary from shareholder to shareholder, and shareholders should consult their own tax advisors; and the Class A Shares may, in certain circumstances, cease to be ‘‘qualified investments’’ for “registered plans” for the purposes of the Income Tax Act (Canada).
See “Risk Factors” in the information circular of the Fund dated May 22, 2020 and available on www.sedar.com.
Additional Information
Additional information relating to the Fund’s liquidation and associated matters is contained in the information circular of the Fund dated May 22, 2020, which is available on SEDAR at www.sedar.com.
The Bowra Group is a boutique financial advisory firm with offices in Vancouver, British Columbia and Edmonton, Alberta. The Bowra Group specializes in insolvency and restructuring and services offered include business restructurings, business viability and performance improvement assessments and turnaround management. The Bowra Group is a Licensed Insolvency Trustee and acts formally as Trustee, Monitor, Receiver and Liquidator in engagements across a variety of industries.
Further information about The Bowra Group and updates to shareholders and information on the liquidation of the Fund can be found at www.bowragroup.com.
Gordon Brown The Bowra Group Inc. Suite 430 – 505 Burrard Street, Vancouver, B.C. V7M 2C1 Phone: 604-689-8939 Email: info@bowragroup.com
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