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
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
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:
Toll Free: 1 866 377-4743