PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Axis Investment Fund sells portfolio assets

Axis Investment Fund has completed the sale of all or substantially all of its portfolio assets to NorthStar Bancorp pursuant to a portfolio asset purchase agreement in exchange for CAD465,000 in cash.

On 23 July 2010, the fund announced that it had entered into the purchase agreement in connection with the portfolio asset sale.

The portfolio asset sale and purchase agreement were unanimously approved at the special meeting of the class A shareholders and class B shareholder (each voting separately as a class) held on 25 August.

At the meeting, the class A shareholders and class B shareholder also unanimously approved the voluntary liquidation and dissolution of the fund in accordance with the provisions of the Community Small Business Investment Fund Act.

As a result of the completion of the portfolio asset sale, the fund will now proceed with the wind-up which will include the satisfaction of any remaining obligations of the fund, providing a final capital distribution to class A shareholders and the class B shareholder, and completing the dissolution of the corporate entity. These actions are expected to take place by 30 November.

The record date for the final distribution to the fund’s class A shareholders and class B shareholder is set as 13 October.

Axis Investment Fund invests in eligible businesses engaged in the information technology sector, particularly in small and medium-sized eligible information technology businesses, with the objective of achieving long-term capital appreciation.

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured