Pender Growth Fund Inc. and Pender Private Investments Inc. Announce Effective Date for Plan of Arrangement
15 Août 2023 - 7:31PM
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 PGFPGF’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 RautavaPenderFund Capital Management
Ltd.(604) 653-9625Toll Free: (866) 377-4743
About PPIPender 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 RautavaPenderFund Capital Management
Ltd.(604) 653-9625Toll 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.
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