/EIN News/ -- VANCOUVER, British Columbia, May 23, 2024 (GLOBE NEWSWIRE) -- 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 atwww.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 toinfo@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.com
Telephone: (604) 688-1511
Toll 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.
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