Ontario · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 5 June 2024
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What we verified from this filing8 verified
- cash on handnote: Comprised of $128,743.73 in one trust account (initial asset recoveries net of disbursements) and $4,840,206.12 in a second trust account for the Master Fund (3iQ dividends, share sale proceeds, and interest, less direct disbursements). · as at: 2024-04-24 · amount: 4968949.85 · currency: CAD
- closing confirmedscope: the Master Fund's 3iQ common shares · outcome: completed · effective: 2024-04-24 · purchaser: 3iQ · date basis: stated
- operational summaryThe Receiver continues to oversee the wind-down of the Exponential Group, having been unable to secure Shareholder consensus on a sale, and is now proposing a court-approved liquidation of the Master Fund's portfolio company interests and/or the DAFC structure, alongside a proposed distribution to third-party investors.
- professional feesnote: Described as the Receiver's direct costs allocated against Master Fund proceeds; not explicitly labeled as professional fees or broken out by category. · party: Receiver (MNP Ltd.) · amount: 80750.89 · currency: CAD
- purchaser3iQ
- report date5 June 2024
- report noSecond Report
- sale outcometext: Receiver proposes to liquidate the Entities given lack of consensus and unsuccessful attempt to find an acquirer · scope: whole_business · status: liquidation_in_progress