PenderFund Capital Management Ltd. Announces Securityholder Approval for Fund Merger
May 23 2024 - 2:15PM
PenderFund Capital Management Ltd. (“
Pender”), the
Manager of Pender Small/Mid Cap Dividend Fund (the
“
Fund”), announces that it has received
securityholder approval at the special meeting of the
securityholders of the Pender Small/Mid Cap Dividend Fund
(“
Terminating Fund”) held on May 23, 2024 for the
Terminating Fund to be merged into the Pender Small Cap
Opportunities Fund (“
PSCF” or “
Continuing
Fund” and together with the Fund, the
“
Funds”, and such merger, the
“
Merger”). Pender is also the Manager of PSCF.
The Merger is expected to take effect on or
about June 28, 2024. In connection with and upon implementation of
the Merger, if completed, unitholders of the Fund are advised
that:
- Classes of Units:
The Merger, if completed, will result in unitholders of the
Terminating Fund holding classes of units of the Continuing Fund
(certain of which are currently closed to additional
purchases);
- Risk Rating
Changes: The risk rating of the Terminating Fund is medium
versus the risk rating of the Continuing Fund is medium to high
risk.
- Distribution Policy
Changes: The distribution policy of the Continuing Fund
will remain the same as the current distribution policy of PSCF,
which involves an annual net investment income distribution;
and
- NAV: The
calculation of the net asset value for the Terminating Fund is
currently conducted on a daily basis, whereas, if and when the
Merger is completed, the calculation of the net asset value of the
Continuing Fund will be conducted on a weekly basis, as currently
conducted by PSCF.
- Wind-Up: As soon
as reasonably possible following the Merger, if completed, the Fund
will be wound-up.
Additional information regarding the Merger is
contained in the Fund’s management information circular dated April
24, 2024, copies of which were mailed to applicable securityholders
and also made available on the SEDAR+ profile of the Fund
at www.sedarplus.ca.
The risk rating for each 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 each Fund can be found in the Funds’
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.
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.
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.comTelephone:
(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.