TORONTO, Jan. 5, 2018 /CNW/ - The Fund is pleased to announce that it has met one of its investment objectives and will be in position to return investors' capital in an amount equal to or above the original subscription price paid for the above noted Class A Shares of the Fund as of February 2, 2018. The Fund has determined that the most efficient manner in which to affect this objective is through the Fund's normal redemption process.
The Fund has been able to achieve this investment objective by way of Covington Capital Corporation ("the Manager") waiving fees owed to it by the Fund and by injecting capital into the Fund. The Fund's Net Asset Value Per Share ("NAVPS") will be maintained at $9.57 from February 2, 2018 until May 4, 2018 for the Class A Series VIII and IX shares purchased on or after October 16, 2008.
Investors seeking to redeem at their original subscription amount may submit redemptions through the normal course during this period using the following fund codes:
465 – CVF Capital Protected Series Fd VIII – Year 2
466 – CVF Capital Protected Series Fd IX – Year 2
After May 4, 2018, the NAVPS will continue to float freely, as it has done in the recent past, without any additional financial support from the Manager. In the event that an investor chooses not to redeem, or to redeem a portion of their investment, the Fund will continue to invest the remainder of their investment in accordance with its investment strategy.
Shareholders in the Fund are not required to take any action based on this announcement.
About Covington Group of Funds
Founded in 1995, Covington Capital Corporation (www.covingtonfunds.com) is one of Canada's most experienced private equity and venture capital investors. Covington currently manages approximately $150 million in venture capital assets on behalf of institutional and retail investors, and invests in small-and-medium businesses throughout many industry sectors. Covington Capital Corporation is headquartered in Toronto, Ontario.
SOURCE Covington Capital Corp.
For further information: Scott Clark, Covington Group of Funds, 416.365.0060