Item - 2021.TA10.6
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on February 5, 2021 and was adopted with amendments.
TA10.6 - Direct Investment Request - 2021 - No. 1
- 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 significantly prejudice 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 investment of up to $1,000,000 subject to the terms and conditions as set out in Confidential Attachment 1 subject to appropriate security reflected in the agreement.
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 Attachment 1 and the Confidential Presentation remain confidential in their entirety, as they contain commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice 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 pertains to commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice 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 $1,000,000 is recommended. Due diligence indicates the potential for risk-adjusted return and compliance with TAF's investment policy and asset mix limits. The investment, alongside sophisticated investors, will support a local company poised for growth that has strong alignment with TAF’s mandate.
Background Information
https://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-163421.pdf
Confidential Attachment 1 - Proposed Investment Details
Confidential Presentation from the Vice President, Impact Investing, Toronto Atmospheric Fund
(January 22, 2021) Report from the Vice President, Impact Investing on Direct Investment Request - 2021 - No. 1 - Status Report
https://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-163423.pdf
Motions
The recommendations be amended to read as follows:
The Board of Directors of the Toronto Atmospheric Fund:
1. Approve an investment of up to $1,000,000 subject to the terms and conditions as set out in Confidential Attachment 1 subject to appropriate security reflected in the agreement
2. Direct the Vice President - Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.
3. Direct that the confidential information contained in Confidential Attachment 1 and the Confidential Presentation 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 significantly prejudice the competitive position, or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.