Pender Growth Fund Announces Annual Results and Provides Company Updates

VANCOUVER, British Columbia, April 07, 2021 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Progress Fund Inc. (the “Firm”) right now introduced its monetary and operational outcomes for the 12 months ended December 31, 2020.

Monetary Highlights

• Internet earnings was $14,475,473 for the 12 months ended December 31, 2020 (December 31, 2019 – $2,062,881) on account of funding efficiency within the 12 months.

• Internet earnings per Share for the 12 months ended December 31, 2020 was $1.84 (December 31, 2019 – $0.31).

• Internet property per Class C frequent share (“Share”) had been $6.11 as at December 31, 2020 (December 31, 2019 – $4.19).

• The Firm’s internet property had been $47.Three million as at December 31, 2020 (December 31, 2019 – $33.Eight million) reflecting optimistic funding efficiency.

• Shares excellent had been 7,740,129 (December 31, 2019 – 8,083,329), a lower from December 31, 2019 which was the results of share repurchases below the Firm’s Regular Course Issuer Bid (“NCIB”) that was launched in Q1 2020.

• Administration Expense Ratio (“MER”) was 5.58% for the 12 months ended December 31, 2020, or 3.20% excluding the efficiency payment, as in contrast with the MER of three.94% in 2019.

• At December 31, 2020, the Firm had a 34.6% weighting in non-public firms and a 61.0% weighting in publicly listed firms, with 3.8% money readily available and 0.6% different property much less liabilities.

*It ought to be famous that complete shareholders’ fairness per share which is calculated utilizing IFRS for monetary reporting functions could also be completely different from the month-to-month reported internet asset worth per share.

Portfolio Highlights

In the course of the 12 months we continued to be lively in public markets the place we noticed what we believed to be robust alternatives each in longer-term compounders and doubtlessly shorter-term shut the low cost conditions. With the continued energy in small cap markets, we’ve got been lowering some positions and proceed to work on new alternatives to deploy capital at engaging charges of return.

Story continues

As all the time, we’re working carefully with our non-public portfolio firms and sure of our public portfolio firms, particularly throughout these occasions of problem and alternative.

We proceed to amass shares of the Firm out there below our NCIB as a result of we consider the shares are buying and selling at a big low cost to intrinsic worth. On February 11, 2021, the Firm launched a brand new NCIB, below which the Firm could buy a most of 700,866 shares, or 10% of the Firm’s public float on launch date, within the 12 months ended February 11, 2022.

We consider that the Firm is especially well-positioned right now to pursue its funding targets within the context of present market volatility and valuations in micro and small cap shares in North America.

We encourage you to confer with the Firm’s MD&A and annual audited monetary statements for the year-ended December 31, 2020 and different disclosures obtainable below the Firm’s profile at www.sedar.com for added info.

In regards to the Firm
The Firm’s goal is to attain long-term capital appreciation for its traders. The Firm makes use of its small capital base and long-term horizon to spend money on distinctive conditions; primarily small cap, particular conditions, and illiquid private and non-private firms. The Firm trades on the TSX Enterprise Change below the image “PTF”.

Please go to www.pendergrowthfund.com.

For additional info, please contact:

Tony Rautava
PenderFund Capital Administration Ltd.
(604) 653-9625
Toll Free: (866) 377-4743

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.

Ahead-Trying Data

This information launch could include forward-looking statements (throughout the that means of relevant securities legal guidelines) referring to the enterprise of the Firm and the setting during which it operates. Ahead-looking statements are recognized by phrases similar to “consider”, “anticipate”, “venture”, “count on”, “intend”, “plan”, “will”, “could”, “estimate” and different comparable expressions. These statements are based mostly on the Firm’s expectations, estimates, forecasts and projections and embody, with out limitation, statements relating to the Firm’s decreased portfolio danger and future funding alternatives. The forward-looking statements on this information launch are based mostly on sure assumptions; they don’t seem to be ensures of future efficiency and contain dangers and uncertainties which can be troublesome to regulate or predict. Quite a lot of components may trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements, together with, however not restricted to, the components mentioned below the heading “Danger Components” within the Firm’s annual info type obtainable at www.sedar.com. There will be no assurance that forward-looking statements will show to be correct as precise outcomes and outcomes could differ materially from these expressed in these forward-looking statements. Readers, subsequently, shouldn’t place undue reliance on any such forward-looking statements. Additional, these forward-looking statements are made as of the date of this information launch and, besides as expressly required by relevant legislation, the Firm assumes no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new info, future occasions or in any other case.