Item - 2020.TA9.7
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on November 6, 2020 and was adopted with amendments.
TA9.7 - Direct Investment Update and Request - 2020 - Number 4
- Decision Type:
- ACTION
- Status:
- Amended
Confidential Attachment - Commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved an additional investment of up to $350,000 in subordinated debt or limited partnership equity units, subject to the terms and conditions, inclusive of the stated Conditions Precedent, outlined by the Investment Committee at its meeting of October 15, 2020 and as set out in Confidential Attachment 1 to the report (October 23, 2020) from the Chair, Investment Committee.
2. Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.
3. Directed that the confidential information contained in Confidential Attachments 1 and 2 to the report (October 23, 2020) from the Chair, Investment Committee remain confidential in their entirety, as they contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Decision Advice and Other Information
The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Origin
Summary
Approval of a direct investment of up to $600,0000 in subordinated debt is recommended. This investment demonstrates the potential for appropriate risk-adjusted return and strong alignment with TAF's mandate.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157851.pdf
Confidential Attachment 1 - Update and Request
Confidential Attachment 2 - Original Approved Request
Motions
That the recommendations be approved with the following amendment to recommendation 1:
1. Approve an additional investment of up to $350,000 in subordinated debt or limited partnership equity units, subject to the terms and conditions, inclusive of the stated Conditions Precedent, outlined by the Investment Committee at its meeting of 15 October 2020 and as set out in Confidential Attachment 1.
2. Direct the Vice President, Impact Investing to implement the investment to the satisfaction of the Toronto Atmospheric Fund’s Solicitor.
3. Direct that the confidential information contained in Confidential Attachments 1 and 2 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.