VANCOUVER, British Columbia, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (“PGF”; TSXV: PTF) and Pender Private Investments Inc. (“PPI”) today announce that, further to their press release dated June 23, 2023, the statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement") involving PGF, PPI and holders of PPI's Legacy Shares, other than PGF (the "Minority Shareholders") has received approval by the Minority Shareholders and the British Columbia Supreme Court.
It is anticipated that the date of completion (the "Effective Date") for the Plan of Arrangement will be August 17, 2023. In accordance with the terms of the Plan of Arrangement, the Net Asset Value of PPI’s portfolio was recalculated on August 10, 2023 (being five business days prior to the Effective Date) and the purchase price has been determined to be $6.9418 per Legacy Share for an aggregate purchase price of approximately $855,490, all of which will be paid in cash.
About PGF
PGF’s objective is to achieve long-term capital appreciation for its investors. PGF utilizes its small capital base and long-term horizon to invest in unique situations; primarily small cap, special situations, and illiquid public and private companies. PGF trades on the TSX Venture Exchange under the symbol “PTF”.
Please visit www.pendergrowthfund.com.
For further information, please contact:
Tony Rautava
PenderFund Capital Management Ltd.
(604) 653-9625
Toll Free: (866) 377-4743
About PPI
Pender Private Investments Inc. is an investment entity with a portfolio of technology companies that was acquired by PGF through the acquisition of another venture capital fund.
Please visit www.pendergrowthfund.com.
For further information, please contact:
Tony Rautava
PenderFund Capital Management Ltd.
(604) 653-9625
Toll Free: (866) 377-4743
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws (together, “forward-looking statements”). Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposed” “potential” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements and information related to the timing of completion of the Plan of Arrangement. In making the forward-looking statements in this news release, PGF and PPI have applied several material assumptions, including, without limitation, that all remaining conditions precedent to the Plan of Arrangement will be satisfied in a timely manner. Forward-looking statements and information are not historical facts and are made as of the date of this news release. These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include, without limitation, risks related to the timing of satisfaction of all conditions precedent. The actual results or performance by PGF and PPI could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Except as required by law, neither PGF nor PPI is under any obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
