VANCOUVER, Dec. 11, 2014 /CNW/ - (TSXV: PTF) Pender
Growth Fund (VCC) Inc. (the "Fund") received eligible redemption
requests aggregating $1.4 million as
of the annual redemption deadline of November 30, 2014.
Submitted redemption requests will have priority to any
subsequent redemption requests received after November 30, 2014. The $1.1 million of outstanding redemptions submitted
in 2012 will be the first to be redeemed, followed by the
$3.4 million of redemption requests
received in 2013. The $1.4 million of
redemptions submitted this year will be met after that.
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 redemptions at this time. However, the Fund anticipates
that transactions may occur within the next year that will allow it
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. In the meantime the Fund continues
to work diligently to achieve liquidity and profitable realizations
while reducing operating costs.
Pender has honoured a total of $15
million of redemptions since inception and there is a total
of $5.9 million of outstanding
redemptions. Shareholders of the Fund are referred to the Annual
Information Form dated March 26, 2014
for additional information.
About the 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 tax credit of 30% from the provincial government at the
time of purchase. The Fund was established in 2003 and currently
has approximately $13 million of
assets. For further information please visit
www.pendergrowthfund.com or contact:
SOURCE Pender Growth Fund (VCC) Inc.