The Business, Engineering, Science & Technology Discoveries Fund Inc.
CNSX : VC

July 11, 2014 14:43 ET

The Business, Engineering, Science & Technology Discoveries Fund Inc. Announces Completion of Fund Re-Organization

TORONTO, ONTARIO--(Marketwired - July 11, 2014) - The Business, Engineering, Science & Technology Discoveries Fund Inc. (the "Fund") (CSE:VC) announced that the transaction involving the Fund and Tier One Capital Limited Partnership (the "Limited Partnership"), which was approved by the shareholders of the Fund at a special meeting on March 28, 2014, is effective today, July 11, 2014 (the "Effective Date").

The Limited Partnership has acquired substantially all of the assets of the Fund in exchange for units of the Limited Partnership (the "Units"). The outstanding Class A Shares and Class L Shares of the Fund have been automatically redeemed for Units.

Each Class A Shareholder and Class L Shareholder will receive an equivalent value of Units in payment for the redemption price of the Class A Shares and Class L Shares held by that shareholder on the Effective Date. The number of Units that a Class A Shareholder or Class L Shareholder is entitled to receive has been calculated as the number of Class A Shares or Class L Shares held multiplied by the net asset value of the applicable series of shares on the valuation date immediately prior to the Effective Date divided by the deemed issue price per Unit of $14.00. Fractional Units will not be issued, and the number of Units issued to a former shareholder of the Fund will be rounded down to the next whole number of Units. The net asset value per share for each series of outstanding Class A Shares and Class L Shares used in the exchange ratio calculation were as follows: (i) $9.3384 Class A Shares, Series I; (ii) $9.2352 Class A Shares, Series II; (iii) $9.3009 Class A Shares, Series III; (iv) $9.4066 Class A Shares, Series IV; and (v) $9.4804 Class L Shares, Series I.

The Units of the Limited Partnership are listed on the Canadian Securities Exchange under the symbol "TLP".

About Tier One Capital Limited Partnership

Tier One Capital Limited Partnership is a limited partnership formed under the laws of the Province of Ontario. The General Partner of the Limited Partnership is T1 General Partner LP, a limited partnership formed under the laws of Ontario. The Limited Partnership's investment objective will be to provide a return on investment for Limited Partners and provide regular cash distributions. The General Partner intends to make regular distributions, which would be assessed on a quarterly basis, to the Limited Partners, having regard to the income received or anticipated to be received from the portfolio companies held by the Limited Partnership as well as the fees, expenses and other obligations of the Limited Partnership.

About The Business, Engineering, Science & Technology Discoveries Fund Inc.

The Business, Engineering, Science & Technology Discoveries Fund Inc. was established in 1996 and registered as a labour sponsored investment fund corporation in Ontario. The Fund's investment focus is primarily on companies capitalizing on the innovative uses of engineering, science and technology.

The Fund invested in eligible companies that are in differing stages of development in a variety of high growth industries which may include telecommunications, information technology, computers and life sciences.

Certain statements contained in this press release may include forward-looking information with respect to the Fund's and Limited Partnership's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. Further information can be found in the disclosure documents filed by the Fund at www.sedar.com.

Contact Information

  • The Business, Engineering, Science & Technology
    Discoveries Fund Inc.
    John Richardson
    416-203-7331 ext 228 / 1-800-795-BEST
    jrichardson@bestfunds.ca