TORONTO, Sept. 25, 2020 /CNW/ - Stornoway Portfolio
Management Inc. ("Stornoway"), the Investment Manager of the
Ravensource Fund (the "Fund" or "Ravensource") (TSX: RAV.UN),
announced it has successfully recirculated 70,636 units of the Fund
previously tendered for redemption under the annual redemption
right. Accordingly, 248,872 units of the Fund were redeemed,
reducing the number of outstanding units to 1,423,998.
"We greatly appreciate the enthusiastic response we received
from investors who participated in this year's recirculation,
making it our second-largest recirculation since we assumed
management of Ravensource in 2008," said Scott Reid, President of Stornoway. "Ravensource is a unique vehicle
which enables retail investors to profit from distressed and
special situations opportunities generally not available through
public mutual funds and ETFs. Given the current favourable backdrop
for Ravensource's investment strategies, we believe now is a highly
opportune time to be a Ravensource investor. We are proud to have
earned the trust and partnership of our fellow unitholders and are
dedicated to protecting and growing their capital for years to
come."
"I would also like to acknowledge the hard work of our partners
at BMO Nesbitt Burns, The Canadian Depository for Securities
Limited and Computershare Trust Company of Canada in completing the recirculation
successfully."
Ravensource is a closed-end mutual fund trust eligible for
registered accounts including RRSPs, RESPs, TFSAs and RRIFs.
Ravensource seeks to achieve absolute, long-term returns by
investing in out-of-favour and deep-value North American
securities. The Fund has three investment strategies: distressed
securities, alternative credit and special situations
equities. Since Stornoway assumed management in July 2008, a $1,000,000 investment in Ravensource has grown to
$2,444,116, 51% more than a
$1,000,000 investment in the S&P
/ TSX over the same period, including reinvested dividends and
distributions.
Additional information relating to Stornoway is available on its website at
www.stornowayportfolio.com and additional information relating to
the Fund is available on its website at www.ravensource.ca.
For more information, please contact:
Stornoway Portfolio Management Inc.
30 St. Clair Avenue West, Suite 901,
Toronto, Ontario M4V 3A1
Attention: Scott Reid
Telephone: (416) 250-2845
Email: sreid@stornowayportfolio.com
SOURCE Ravensource Fund