British Columbia Discovery Fund announces final $0.11 per share payout in liquidation
British Columbia Discovery Fund Inc. has announced a final distribution of $0.11 per share to its shareholders, marking a significant step in the fund's liquidation process. The move follows an Order of the Supreme Court of British Columbia, approving the final payment and winding up of the fund.
Shareholders can expect the final payment to be deposited into their respective accounts, reducing the Pricing Net Asset Value to $nil. However, it is crucial to note that the tax treatment of these liquidation payments may vary from shareholder to shareholder.
The Liquidator aims to dissolve the Fund and cancel its shares immediately after this final payment. Once this payment is made, the liquidation of the Fund will be substantially complete. Nevertheless, shareholders should be aware that they could potentially be held liable for payment to the Fund's creditors if the Fund fails to retain sufficient funds to cover its expenses and liabilities.
The risk factors outlined in the information circular of the fund, dated May 22, 2020, and available on SEDAR, highlight potential risks related to the fund's liquidation. These include uncertainties regarding the timing and amount of payments, market volatility, and possible delays or complications in the liquidation process.
Additional information regarding the Fund's liquidation is available on SEDAR and the Liquidator's website. Shareholders are advised to stay informed about the proceedings and consult with their financial advisors regarding the tax implications of the final payment. The Fund cannot assure shareholders of the exact timing or amount of the final liquidation payment.
