VANCOUVER, April 3, 2018 /CNW/ - (TSXV: PTF)
Pender Growth Fund Inc. (the "Fund") announces today that it
intends to seek the approval of its shareholders at its upcoming
annual general and special meeting (the "Shareholders
Meeting") authorizing the Fund to cease to be classified as a
non-redeemable investment fund under securities law (the
"Proposed Reclassification").
As a non-redeemable investment fund, the Fund is, among other
things, subject to certain restrictions under applicable securities
laws on (a) owning securities which represent more than 10% of the
outstanding equity securities of an issuer or more than 10% of the
votes attaching to the outstanding voting securities of an issuer,
(b) purchasing a security for the purpose of exercising control
over the issuer of the security, (c) purchasing or holding the
securities of an investment fund except an investment fund that is
governed by National Instrument 81-102 - Investment Funds,
or (d) purchasing real property. If the Proposed Reclassification
occurs, the Fund will cease to be subject to these investment
restrictions.
The Proposed Reclassification requires the approval of at least
50% of the votes cast by shareholders at the upcoming Shareholders
Meeting, which is scheduled for 10:00 a.m.
(PST) on May 23, 2017 at the
Fund's offices, located at Suite 1640-1066 West Hastings Street,
Vancouver, B.C., V6E 3X1.
Full details on the Proposed Reclassification and its impact on
the Fund, including the Fund's continuous disclosure obligations
and investment restrictions, will be contained in the Information
Circular mailed to shareholders of the Fund in connection with the
Shareholders Meeting. Shareholders are advised to read the
Information Circular carefully and in its entirety.
About the Fund
Pender Growth Fund is a closed-end investment fund with a goal of
growing the NAV of the Fund on a per share basis over the
long-term. The Fund will utilize its small capital base and
long-term horizon to invest in unique situations; primarily small
cap, special situations, and illiquid public and private
companies.
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.
Cautionary Statements Regarding Forward Looking
Information
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, included herein, without
limitation, statements relating the future operating or financial
performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results
"will", "may", "could", or "should" occur or be achieved.
Forward-looking statements in this press release relate to, among
other things, the completion of the Proposed Reclassification.
Actual future results may differ materially. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by the Fund, are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation, management's
discretion to not proceed with the Proposed Reclassification and
the Fund's shareholders failing to approve the Proposed
Reclassification. Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these times. Except as required by law, Bearing
does not assume any obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
SOURCE PenderFund Capital Management Ltd.