VANCOUVER, Aug. 2, 2016 /CNW/ - (TSXV: PTF)
Pender Growth Fund (VCC) Inc., (the "Fund") announces the
adjustment to the value of one of its significant private
investments and the consequent material increase in the net asset
value of the Fund.
As a result of recent business and financial success at the
private company, overall market conditions and after receiving
professional advice to do so, the Fund is increasing the value of
its investment in that company by $4.7
million (to a total carrying value of $7.7 million) to better reflect the company's
valuation in the calculation of the Fund's net asset value
(NAV).
As of the close of business last Friday, the total NAV of the
Fund was approximately $22.0 million
or $3.92 per Class C common share.
The Fund's NAV is published on its website www.pendergrowthfund.com
on a weekly basis. Other financial reports such as the Fund's
investment portfolio and financial statements can also be found
there.
Also at the recent Annual General Meeting, the Shareholders
approved a resolution to de-register as a Venture Capital
Corporation under the Small Business Venture Capital Act because
the Fund will not be issuing any additional shares with tax credits
attached. Management intends to operate the Fund indefinitely in a
manner that is analogous to a closed end fund.
About Pender Growth Fund (VCC) Inc.
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 its net asset value is approximately
$22.0 million.
SOURCE Pender Growth Fund (VCC) Inc.