TORONTO, Oct. 2, 2017 /CNW/ - Stornoway Portfolio Management Inc. ("Stornoway"), the manager of the Ravensource Fund (the "Fund") (TSX: RAV.UN), is pleased to announce that BMO Nesbitt Burns Inc. was successful in finding purchasers for all 103,698 Fund units tendered for redemption under the Annual Redemption Right. Accordingly, no units of the Fund were redeemed and the number of outstanding Ravensource units will remain at 1,672,870.
"On behalf of the team at Stornoway, I would like to thank our investors for their participation in this opportunity, as well as their continued support and partnership," said Scott Reid, President of Stornoway. "We received an enthusiastic response from both existing and new unitholders, with demand exceeding units available for recirculation."
The Ravensource Fund a closed-end mutual fund trust focused on distressed securities, special situations equities and high-yield bonds. It is listed on the TSX and eligible for registered accounts (i.e. RRSP, RRIF, RESP, TFSA). Since Stornoway assumed management of Ravensource on July 1, 2008, an investment in Ravensource has grown by 8.6% annually vs. 3.7% for the S&P/TSX over the same period, assuming reinvestment of distributions.
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, Email: email@example.com