TORONTO, Sept. 24, 2021 /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 23,600 units of the Fund
previously tendered for redemption under the annual redemption
right. Accordingly, 226,664 units of the Fund were redeemed,
reducing the number of outstanding units to 1,197,334.
"We greatly appreciate the response from both new and existing
investors who participated in this year's recirculation. We are
proud to have earned the trust and partnership of our fellow
investors and are dedicated to protecting and growing their capital
for years to come," said Scott Reid,
President of Stornoway. "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."
"We believe now is a highly opportune time to be a Ravensource
unitholder. Over the past 18-24 months, our hands-on and active
approach — our 'Edge' — has created significant value in our
investees we believe we will capture upon successful exits. In
addition, we believe we are well positioned to capitalize on new
opportunities given our ample cash balance and companies'
increasing need for liquidity post-COVID as government programs are
weaned."
Since Stornoway assumed
management in July 2008, a
$100,000 investment in Ravensource
has grown to $271,735. Ravensource's
outperformance has generated 54% / $60,132 greater wealth creation than a
$100,000 investment in the S&P /
TSX over the same period, including reinvested dividends and
distributions.
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.
Additional information relating to Ravensource and the
Recirculation is available at www.ravensource.ca.
SOURCE Ravensource Fund