HGV Extends the Term of Parallax Ventures as Asset Manager

Hygrovest Limited (ASX: HGV) ("HGV" or the “Company”) is an Australian-listed specialist investment company, which concentrates on producing capital growth for shareholders over the medium term from investments in listed and unlisted equities and other financial assets.

Extension of HGV Investment Management Agreement with Parallax

HGV is pleased to advise that it has agreed to an investment management agreement with Parallax Ventures (“Parallax”), with an initial term to 30 June 2023 (which may be extended by a further 2 years at HGV’s option) (“IMA”). The IMA is effectively on the same terms as the previous investment management agreement, entered into with Parallax in 2019.

Parallax was appointed as asset manager of HGV’s investment portfolio in July 2019, for an initial period of three years. During this term, the returns1 have exceeded HGV’s benchmark.

The HGV Board believes that entering into the IMA is important during the transition of the portfolio from its current concentration in cannabis businesses to a broader range of investment opportunities in sectors such as healthcare, the digital economy and natural resources.

Pursuant to the IMA, the bulk of Parallax’s remuneration will continue to be linked to material increases in HGV’s share price and/or net asset value and if achieved, paid through the issue of new Performance Rights to Parallax.

Click here for the full ASX Release

This article includes content from Hygrovest Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Cronos Group Inc. to Reconvene Virtual 2024 Annual Meeting of Shareholders

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Each of the directors listed as a nominee in the Company's definitive proxy statement dated April 26, 2024 was elected as a director of the Company, with each director receiving in excess of 93.4% of the votes cast in favor of his or her election. The detailed results of the vote for the election of directors are as follows:

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Revenues from ordinary activities	up	93%	31-Dec-21 000 (5,590)	31-Dec-20 000 (2,894)
Loss from ordinary activities after tax attributable to the
owners of Hygrovest Limited	up	142%	(5,288)	(2,188)
Loss for the half-year attributable to the owners of Hygrovest
Limited	up	142%	(5,288)	(2,188)

Name of Director	Number of Shares Voted For	Percentage of Shares Voted For	Number of Shares Withheld from Voting	Percentage of Shares Withheld from Voting
Jason Adler	215,118,391	98.33%	3,654,113	1.67%
Murray Garnick	215,949,040	98.71%	2,823,464	1.29%
Michael Gorenstein	204,416,959	93.44%	14,355,545	6.56%
Kamran Khan	207,976,756	95.07%	10,795,748	4.93%
Dominik Meier	208,048,529	95.10%	10,723,975	4.90%
James Rudyk	215,011,800	98.28%	3,760,704	1.72%
Elizabeth Seegar	205,934,088	94.13%	12,838,416	5.87%

HGV Extends the Term of Parallax Ventures as Asset Manager

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