We are happy to report that we have exited our equity investment in EverEdgeIP Global Limited (Everedge).
The $1.45 million deal has two parts – the sale of our shares in Everedge to a new investor for $550,000, and a related medium and long term debt agreement with Everedge. This has no material impact on the value we hold for Everedge in our portfolio.
The sale of the shares is to a Singapore-based investor, which Everedge believes will create significant value for the company, as it can now pursue certain business opportunities there.
Lance resigned from the Board of Directors of Everedge as at 7 August 2020, before this agreement was approved by Everedge. He was not acting as an Everedge director during the course of the negotiation.
We were advised by law firm Kindrik Parters (formerly Simmonds Stewart) for this transaction.
Impact on the Fund
We held Everedge on the books at a valuation consistent with this agreement, so we do not believe there will be a material change in our iNAV per share as a result of this sale.
We are happy with this transaction, given the circumstances, and see this as another step on the path to a more focused set of investments for the long term. We intend to put the funds to good use, and are looking at another new, technology, investment in the short to medium term.