Pender Growth Fund
Pender Growth Fund (VCC) Inc. (the Fund), operating under the B.C. Small Business Venture Capital Act (SBVCA), invests in Eligible Small Businesses (ESB) with the objective of long term capital appreciation. Generally speaking, ESBs are technology companies based in British Columbia with fewer than 100 employees. Shareholders received a 30% British Columbia tax credit at the time of subscription. Since its inception in 2003, the Fund has invested in a diversified portfolio of investments principally in the information technology and communications sectors.
The company was reorganized in 2010 so that existing shareholders now hold one Class R Redeemable share and one Class C common share listed on the TSX-Venture exchange. Investors who hold their shares through MFDA dealers hold Class B convertible shares that are convertible at any time into one Class R and one Class C share.
All shares of the fund have matured as of 2014 and Shareholders are entitled to submit redemption requests. The company will redeem these shares as soon as proceeds are available from the proceeds of the sale of investments. Pender Growth Fund has, to date, honoured over $17.8 Million of redemption requests.
Click here for a Letter to Shareholders, dated November 12th, 2014.