VANCOUVER,
Dec. 16, 2013 /CNW/ - (TSXV:
PTF) Pender Growth Fund (VCC) Inc., (the "Fund") received
eligible redemption requests aggregating $3.4 million as of the annual redemption deadline
of November 30, 2013.
The Fund recently honoured redemption requests
aggregating $3.7 million, thereby
honouring all requests made in 2011 and 50% of requests made in
2012. Pender has now honoured a total of $15
million of redemptions since inception. Therefore adding the
50% of 2012 redemption requests that have not yet been honoured,
being $1.1 million, to the
$3.4 million of redemption requests
that were received this year, there is a total of $4.5 million of outstanding redemptions.
After taking into account the Fund's investment
pacing requirements and working capital needs, the Fund's Board of
Directors has determined that the Fund is unable to process the
requested 2013 redemptions at this time. However, PenderFund
Capital Management ("Pender"), the Manager of the Fund, anticipates
that transactions may occur within the next year that will allow
the Fund to meet the requested redemptions on a full or partial
basis. The Fund will update its shareholders on the status of
redemptions as further determinations are made. Pender continues to
work diligently to achieve liquidity and profitable
realizations.
Submitted redemption requests will be considered
"Unredeemed Redemption Shares" and shall have priority to any
subsequent redemption requests received after November 30, 2013. The $1.1 million of redemptions, submitted last year,
will be the first to be redeemed and the $3.4 million of redemptions submitted this year
will be next.
Shareholders of the Fund are referred to the
Annual Information Form dated March 26,
2013 for additional information.
The sources of funds available to the Fund to
meet redemption requests are investment income and proceeds from
dispositions of "mature investments" in accordance with the rules
of the Small Business Venture Capital Act.
About Pender Growth Fund
The Fund is a later-stage, diversified, venture capital
corporation, focused on undervalued public companies. The Fund's
investors in British Columbia
received a cash-back tax credit of 30% from the provincial
government. The Fund was established in 2003 and currently has
approximately $12 million of assets.
Visit www.pendergrowthfund.com for additional
information.
SOURCE Pender Growth Fund (VCC) Inc.