PenderFund Capital Management Ltd. Announces Fund Merger
02 July 2024 - 7:32PM
PenderFund Capital Management Ltd. (“
Pender”)
announces, effective as of close of business on June 28, 2024,
Pender Small/Mid Cap Dividend Fund (the “
PSMD” or
“
Terminating Fund”) merged into Pender Small Cap
Opportunities Fund (the “
PSCF” or
“
Continuing Fund”) (the
“
Merger”). The Merger received the requisite
unitholder approval on May 23, 2024.
On completion of the Merger, PSMD is terminating and PSCF is
continuing. Pender, as manager of the Terminating Fund, has filed
an application with the applicable securities regulatory
authorities for an order that PSMD has ceased to be a reporting
issuer in each jurisdiction in which it is currently reporting.
Additional information regarding the Merger is contained in the
Terminating Fund’s management information circular dated April 24,
2024, copies of which were mailed to applicable securityholders and
the simplified prospectus of the Continuing Fund dated June 28,
2024, each of which is or will be available on the SEDAR+ profile
of the Terminating Fund or the Continuing Fund, as applicable, at
www.sedarplus.ca.
Effective as of close of business on June 28, 2024, all of the
assets and investments of PSMD were transferred to PSCF and
unitholders of PSMD became unitholders of PSCF.
- Risk Rating Change:
The risk rating of the Continuing Fund is medium to high risk,
whereas the Terminating Fund was medium. The risk rating for a fund
is reviewed at a minimum on an annual basis, as well as when a fund
undergoes a material change. A summary of the methodology used by
Pender to identify the risk rating of the Continuing Fund can be
found in its simplified prospectus available on SEDAR+ at
www.sedarplus.ca. This methodology is also available by calling
toll-free 1-866-377-4743 or sending an email to
info@penderfund.com.
- Distribution
Policy: Post Merger, it is intended that the Continuing
Fund will distribute its net investment income and its net realized
capital gains annually in December of each year.
- NAV: The
calculation of the net asset value of the Continuing Fund is
conducted on a weekly basis, whereas the calculation of the net
asset value for the Terminating Fund was conducted on a daily
basis.
- Wind-Up: As soon as
reasonably possible following the Merger, the Terminating Fund will
be wound-up.
About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned
investment firm located in Vancouver, British Columbia. Our goal is
to protect and grow wealth for our investors over time. We have a
talented investment team of expert analysts, security selectors and
independent thinkers who actively manage our suite of
differentiated investment funds, exploiting inefficient parts of
the investing universe to achieve our goal.
For more information on Pender, visit www.penderfund.com and
www.fondspender.com.
Please read important disclosures at
www.penderfund.com/disclaimer.
For further information, please contact:
Melanie Moore Vice President of Marketing, PenderFund Capital
Management Ltd.mmoore@penderfund.com(604) 688-1511Toll Free: (866)
377-4743
Forward-Looking Information
This news release contains certain “forward-looking statements”
within the meaning of such statements under applicable securities
law. Forward-looking statements are frequently characterized by
words such as “expect” or “proposed” and other similar words, or
statements that certain events or conditions “may” or “will” occur.
These statements are only predictions. Forward-looking statements
are based on the opinions and estimates of the manager at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements.