Wednesday, June 29 2022

VANCOUVER, British Columbia, Feb. 01. 11, 2022 (GLOBE NEWSWIRE) — Pender Growth Fund Inc. (the “” Company) announces that it has provided the TSX Venture Exchange (the “TSXV”) with its Notice of Intention to make an Issuer Bid in the Normal Course of Business (the “NCIB”) through the facilities of TSXV, subject to acceptance by TSXV.

The Company proposes to set up a new OPRC at the expiry of the OPRC launched last February because, in the opinion of its board of directors, the market price of its ordinary shares of class C (the “Shares ”), from time to time, may not fully reflect the underlying value of the Company and its prospects for future growth. The Company believes that in such circumstances, the outstanding Shares represent an attractive investment option as part of the Company’s cash balance can be invested for an attractive risk-adjusted return through the OPRCNA. The Company’s Board of Directors believes that the proposed purchase of shares under the Tender Offer will enhance shareholder value, is in the best interests of the Company and constitutes an appropriate use company funds.

As of January 31, 2022, the Company had 7,609,621 Shares outstanding, of which 6,788,397 Shares represent the free float of the Company. Under the policies of the TSX Venture Exchange, the Company has the right to purchase up to a maximum of 678,839 shares, representing 10% of the public float of the Company, during the 12 month period during which the takeover bid is in place.

Shares acquired by the company under the issuer bid will be purchased at market price at the time of purchase and will be purchased on behalf of the company by PI Financial Corp. (“PI”), the company’s broker in connection with the tender offer. All purchases will be made in accordance with the rules and policies of the TSXV.

The Company also announces that it has entered into an automatic share purchase plan (the “Plan”) with PI in order to facilitate purchases of its shares pursuant to the issuer bid. Under the terms of the plan, PI can purchase common shares under the issuer bid at times when the company would not normally be permitted to do so, due to regulatory restrictions or self-imposed blackout periods. . Purchases under the Plan will be made by PI within the parameters prescribed by the TSX Venture Exchange, applicable Canadian securities laws and the terms of the Plan.

Subject to acceptance by the TSXV of the issuer bid, it will commence on February 14, 2022 and will end on February 13, 2023, or such earlier date as the Company completes its maximum purchases under issuer bid, or otherwise in accordance with the terms of the plan. . All shares purchased by the Company will be purchased on the open market through the facilities of the TSXV by PI acting on behalf of the Company in accordance with the policies of the TSXV and will be delivered by the Company to its transfer agent for cancellation. The prices which the Company will pay for Shares purchased will be the market price of the Shares at the time of purchase. The Company reserves the right to terminate the NCIB earlier if it deems it appropriate to do so.

About Pender Growth Fund Inc.

The Company’s objective is to achieve long-term capital appreciation for its investors. The Company uses its small capital base and long-term horizon to invest in unique situations, primarily small caps, special situations and illiquid public and private companies. The Company trades on the TSX Venture Exchange under the symbol “PTF”. The Company publishes its reporting NAV on its website, usually within five business days of the end of each month.

Please visit www.pendergrowthfund.com.

For more information, please contact:

Tony Rautava

Corporate Secretary

Pender Growth Fund Inc.

(604) 653-9625

Toll Free: (866) 377-4743

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.

Forward-looking information

This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the Company’s business and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “plan”, “will”, “may”, “estimate”, and others similar expressions.These statements are based on the company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the reduction of the company’s portfolio risk and future investment opportunities. The forward-looking statements contained in this press release are based on certain assumptions, are not guarantees of future performance, and involve risks and uncertainties that are difficult to control or predict.A number of factors could cause actual results will differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under “Risk Factors&CloseCurl yDoubleQuote; in the Company’s Annual Information Form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results may differ materially from those expressed in such forward-looking statements. Accordingly, readers should not place undue reliance on these forward-looking statements. Further, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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