BC Discovery Fund plans redemption on strength of In Motion Technology exit
British Columbia Discovery Fund VCC, a retail venture capital fund managed by Discovery Capital Management Corp, announced that it made redemption offers of $10.9 million of its Class A Shares in 2013. It also flagged its redemption plan for 2014. The fund intends to redeem approximately 20 percent of its net asset value, or $9.6 million, based in part on the successful Mar. 2014 closing of the previously-announced sale of portfolio company In Motion Technology Inc to Sierra Wireless Inc (NASDAQ: SWIR) (TSX: SW). In January, Sierra Wireless said it would acquire the Vancouver-based provider of mobile enterprise technologies for US$21 million.
18 February 2014•4 mins read
