The venture capital firm that helped launch B.C. tech companies like Sierra Wireless and TIR Systems is dissolving and liquidating all its assets.
Discovery Capital Corp. (TSX-V:DVY) will be distributing to its shareholders its investment interests in seven active junior technology companies, four that are publicly traded and three that are privately held. Any illiquid assets will be distributed as receipts that will be managed by DCC subsidiary Discovery Capital Management Inc.
Discovery Capital's co-CEOs John McEwen and Harry Jaako and CFO Charles Cook plan to buy Discovery Capital Management Inc. as part of the liquidation plan. A special board committee has been appointed to consider the purchase offer. Further details of the liquidation will be released in a future information circular.
Discovery Capital Management's primary asset is its agreement to manage the British Columbia Discovery Fund (VCC) Inc., a B.C. venture capital fund with investments in a dozen developing technology companies.
Discovery Capital's share price range during the past week: between $0.15 and $0.17; 52-week high: $0.175; 52-week low: $0.07.