VANCOUVER, British Columbia, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (“PGF”; TSXV: PTF) and Pender Private Investments Inc. (“PPI”) announce that, further to their press release dated August 15, 2023, PGF has today acquired all of the outstanding Legacy Shares not previously owned by it pursuant to statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement"). As a result of the Plan of Arrangement, PPI is now a wholly owned subsidiary of PGF.
Under the terms of the Plan of Arrangement, holders of Legacy Shares other than PGF (the "Minority Shareholders") will receive $6.9418 per Legacy Share for an aggregate purchase price of approximately $855,490, all of which will be paid in cash. Minority Shareholders are expected to receive payment on or about August 22, 2023.
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 payment of the purchase price under 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 there no unforeseen circumstances arise that would delay payment. 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 PGF's ability to pay the purchase price under the Plan of Arrangement in accordance with the anticipated timeline. 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.
