29 August 2017
In accordance with the Funding Agreement between Callaghan Innovation and Powerhouse Ventures Limited, Callaghan will be appointing an independent party to undertake a review of the effect (if any) that the liquidation of Hydroworks Limited may have on Powerhouse’s incubator services. The report is expected to be completed by 31 October 2017.
For Powerhouse Incubated Companies with Approved Repayable Funding: Callaghan Innovation will be in direct contact with you. During the period of this review, Callaghan Innovation will continue to make payments directly to you under the repayable loan contract (where tranche payments are due), subject to payment claims meeting our normal criteria. This review should not preclude Powerhouse Ventures Limited from providing ongoing incubation services to you. Please note that all reporting under the Agreement remains unchanged.
For Powerhouse Incubated Companies with Approved Pre-Incubation Funding: Powerhouse will be in direct contact with you. During the period of this review, Callaghan Innovation will not be providing Pre-Incubation Funding to Powerhouse.
Should you have an enquiry that your Powerhouse investment manager is unable to answer regarding this matter, please direct this to email@example.com