Canada NewsWire
VANCOUVER, Aug. 22, 2016
VANCOUVER, Aug. 22, 2016 /CNW/ - (TSXV: PTF) Pender Growth
Fund (VCC) Inc., (the "Fund") announces that the Company representing its largest investment, QHR Corporation (TSXV: QHR) has
entered into a definitive arrangement agreement with Loblaw Companies Limited (TSX: L), under which Loblaw will purchase all of the
shares of QHR for cash at a price of $3.10 per share or approximately $170
million in the aggregate. Completion of the arrangement is subject to receipt of QHR shareholder and Court approval as well
as other customary closing conditions.
The Fund, which owns 2,624,000 shares of QHR has entered into a Voting Support Agreement with Loblaw to support the
arrangement. The closing of the transaction is expected take place in October. If the transaction does close, the Fund
will net approximately $8.1 million. In such event, the Fund anticipates that it will be in a
position to redeem all outstanding Class B and R shares that have been previously submitted for redemption.
About Pender Growth Fund
The Fund is a later-stage, diversified, venture capital corporation, focused on undervalued public and private companies. The
Fund's investors in British Columbia received a tax credit of 30% from the provincial government
at the time of purchase. The Fund was established in 2003 and has a net asset value of approximately $23
million.
SOURCE Pender Growth Fund (VCC) Inc.
