TORONTO, May 31, 2011 /CNW/ - Stornoway Portfolio Management Inc.
("Stornoway"), the manager of Ravensource Fund (the "Fund") (TSX:
RAV.UN), is pleased to announce the completion of a fully subscribed
rights offering, announced on April 21, 2011, to holders of units of
the Fund ("Units").
The Fund issued to eligible holders of its outstanding Units of record
as at the close of business on April 29, 2011, rights (each, a "Right")
to subscribe for a maximum of 356,004 Units on the terms set forth in a
rights offering circular dated April 21, 2011 (the "Circular"). The
Circular is available under the Fund's profile on SEDAR at www.sedar.com. Four Rights entitled the holder to purchase one Unit at a price of
Pursuant to the fully subscribed rights offering the Fund will issue
356,004 Units for total gross proceeds of $3,677,521. Such Units have
been approved for listing on the TSX. Net proceeds after expenses will
be released to the Fund to acquire, in the open market and through
private placements, securities in accordance with the Fund's investment
objectives, policies and restrictions. Based on the preliminary
tabulation provided by the rights agent, following closing of the
rights offering, the Fund will have 1,780,020 Units issued and
About Ravensource Fund
The Fund is a closed-end trust that specializes in North American high
yield debt, distressed debt and equity securities. Annualized total
returns for the one, three and five year periods ended December 31,
2010 were 32.78%, 4.85% and 6.42% respectively, as disclosed in the
December 31, 2010 Management Report of Fund Performance. Additional
information relating to the Fund is available on its website at www.ravensource.ca and at www.sedar.com.
Investments in the Fund are subject to management fees and expenses. The
indicated rates of return are the historical annual compounded total
returns including changes in Unit net asset value and distributions and
do not take into account sales, redemption, distribution or optional
charges or income taxes payable by any holder of Units that would have
reduced returns. The value of Units of the Fund and returns thereon are
not guaranteed, values and returns change frequently and past
performance may not be repeated.
About Stornoway Portfolio Management Inc.
Stornoway Portfolio Management Inc. is a specialized investment
management firm whose key areas of focus are distressed debt and
special situation equity investments. Stornoway was founded in 2004 and
is registered with the Ontario Securities Commission as a Portfolio
Manager and Exempt Market Dealer. Stornoway became the investment
manager to the Fund as of July 1, 2008.
In addition to the Ravensource Fund, Stornoway manages the Stornoway
Recovery Fund LP. Additional information relating to Stornoway is
available on its website at www.stornowayportfolio.com.
SOURCE Ravensource Fund
For further information:
Stornoway Portfolio Management Inc.
30 St. Clair Avenue West, Suite 901
Toronto, Ontario M4V 3A1
Attention: Scott Reid
Telephone: (416) 250-2845