Pender Growth Fund Updates Status of Redemption Program
VANCOUVER, Dec. 16, 2013 /CNW/ - (TSXV: PTF) Pender Growth Fund (VCC) Inc., (the "Fund") received eligible redemption requests aggregating $3.4 million as of the annual redemption deadline of November 30, 2013.
The Fund recently honoured redemption requests aggregating $3.7 million, thereby honouring all requests made in 2011 and 50% of requests made in 2012. Pender has now honoured a total of $15 million of redemptions since inception. Therefore adding the 50% of 2012 redemption requests that have not yet been honoured, being $1.1 million, to the $3.4 million of redemption requests that were received this year, there is a total of $4.5 million of outstanding redemptions.
After taking into account the Fund's investment pacing requirements and working capital needs, the Fund's Board of Directors has determined that the Fund is unable to process the requested 2013 redemptions at this time. However, PenderFund Capital Management ("Pender"), the Manager of the Fund, anticipates that transactions may occur within the next year that will allow the Fund to meet the requested redemptions on a full or partial basis. The Fund will update its shareholders on the status of redemptions as further determinations are made. Pender continues to work diligently to achieve liquidity and profitable realizations.
Submitted redemption requests will be considered "Unredeemed Redemption Shares" and shall have priority to any subsequent redemption requests received after November 30, 2013. The $1.1 million of redemptions, submitted last year, will be the first to be redeemed and the $3.4 million of redemptions submitted this year will be next.
Shareholders of the Fund are referred to the Annual Information Form dated March 26, 2013 for additional information.
The sources of funds available to the Fund to meet redemption requests are investment income and proceeds from dispositions of "mature investments" in accordance with the rules of the Small Business Venture Capital Act.
About Pender Growth Fund
The Fund is a later-stage, diversified, venture capital corporation, focused on undervalued public companies. The Fund's investors in British Columbia received a cash-back tax credit of 30% from the provincial government. The Fund was established in 2003 and currently has approximately $12 million of assets. Visit www.pendergrowthfund.com for additional information.
SOURCE Pender Growth Fund (VCC) Inc.For further information:
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