VANCOUVER, Nov. 4, 2016 /CNW/ - (TSXV: PTF) Pender
Growth Fund Inc., (the "Fund") announces that, at its
request, its registration as a "Venture Capital Corporation" (or
"VCC") under the Small Business Venture Capital Act
(the "SBVCA") has been cancelled.
The Fund was originally registered as a VCC under the SBVCA in
1994. The VCC program offered the original investors in the Fund
certain provincial tax credits at the time the Fund's shares were
issued from treasury. However, the SBVCA also restricted the
Fund's ability to raise capital and restricted its investment
objectives and strategies. The lifting of these investment
restrictions allows the Fund to employ various investing strategies
that were previously not available to it, including, without
limitation, investments in the public equity market and investments
in larger and more established businesses or businesses based
outside of British Columbia. Accordingly, at its shareholders'
meeting held on July 12, 2016 (the
"Meeting"), the Fund's shareholders approved a special
resolution authorizing the cancellation of the Fund's VCC
status.
As a result of the cancellation of its registration under the
SBVCA, the Fund has now removed the "VCC" designation from its name
and is known as Pender Growth Fund Inc. In addition, the Company
has made certain amendments to its Articles to remove the
references to the SBVCA and clarify certain provisions. Both
of these changes were approved by the Fund's shareholders at the
Meeting.
SOURCE Pender Growth Fund