VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) — British Columbia Discovery Fund (VCC) Inc. (the “Fund”), a venture capital investment fund managed by Discovery Capital Management Corp. (“DCMC” or the “Manager”), is pleased to report that the holdback receivable with respect to the sale of Rx Networks Inc. (“Rx Networks”) to Beijing BDStar Navigation Co., Ltd. (“BDStar” – www.navchina.com/en/) first announced in 2017 (the “Rx Transaction”) has been paid in full. The Rx Transaction was completed by the purchase of 100% of the outstanding shares of Rx Networks by BDStar for $31 million of all cash consideration, subject to a 20% holdback of the consideration for a period of two years.
Second Distribution under New Dividend Distribution Model
At the Special and Annual General Meeting of the Fund held on June 8, 2017, shareholders of the Fund approved special resolutions that convert the manner in which the Fund provides liquidity to investors to a dividend distribution model. As a result of the receipt of the approximately $1.6 million holdback receivable amount, the Fund is pleased to announce that it will make the second distribution under this new model in September 2019 in the amount of $0.35 per share. The total amount of the distribution will be approximately $1.5 million with shareholders each receiving their total pro rata share based on the number of shares held.