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VANCOUVER, British Columbia, Might 27, 2022 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Development Fund Inc. (the “Firm”) at the moment introduced its monetary and operational outcomes for the three months ended March 31, 2022.
Monetary Highlights (Unaudited)
- Internet loss was $51,821,705 for the three months ended March 31, 2022 (March 31, 2021 – Internet revenue $137,400) primarily the results of detrimental funding efficiency within the quarter.
- Internet loss per Share for the three months ended March 31, 2022 was $6.81 (March 31, 2021 – Internet revenue per share $0.02).
- Shareholders’ fairness per Class C widespread share (“Share”) was $19.29 as at March 31, 2022 (December 31, 2021 – $26.08).
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- The Firm’s whole shareholders’ fairness was $146.5 million as at March 31, 2022, a lower from December 31, 2021 ($198.6 million) primarily ensuing from a decline in market costs of public firm shares throughout the quarter.
- Shares excellent have been 7,595,229, a lower from December 31, 2021 (7,616,529) on account of share repurchases underneath the Firm’s Regular Course Issuer Bid (“NCIB”), which was renewed on February 14, 2022.
- At March 31, 2022, 75.8% of the funding portfolio is made up of personal firms and 24.2% of public firms. Nonetheless, taken along with the Firm’s oblique publicity to public firms by its funding in Pender Personal Investments Inc. (“PPI”), and Pender Personal Debt Alternatives Fund I Restricted partnership (“PPDF”), public firms make up 90.5% of the Firm’s holdings.
- Administration Expense Ratio (“MER”) excluding efficiency charges was 1.95% for the quarter ended March 31, 2022, down from 3.16% over the identical interval within the prior interval.
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PERFORMANCE (Primarily based on Shareholders’ Fairness) |
3 Month | 1 Yr | 3 Yr | 5 Yr | Since Inception |
|||||
Class C | -25.6% | 214.2% | 65.7% | 34.9% | 28.3% |
The Firm’s portfolio is materially concentrated within the shares of 1 publicly listed Portfolio Firm, Copperleaf Applied sciences Inc. (“Copperleaf”), contemplating each its direct funding and its oblique funding by its holding of shares of PPI. At December 31, 2021, the closing worth of Copperleaf was $23.85 per share. At March 31, 2022, the closing worth of Copperleaf was $16.18 per share, which diminished the Firm’s unrealized achieve on the holding, and the Firm’s shareholders’ fairness decreased by $6.79 per share within the first quarter of 2022, to $19.29 per share. The worth of the Firm’s direct and oblique holdings of Copperleaf was $120,632,216 at March 31, 2022, which is 82.4% of the Firm’s whole shareholders’ fairness. At Might 27, 2022, the closing worth of Copperleaf was $8.16 per share. There may be no assurance that the Firm will have the ability to notice the worth of this funding.
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Portfolio Highlights
The battle between Russia and Ukraine, the COVID-19 international well being pandemic and the transfer by central banks to taper financial and financial stimulus and lift rates of interest to manage inflation led to considerations concerning the outlook for financial development and created volatility in equities as these developments have been digested and added uncertainty. We consider that the Firm continues to be well-positioned at the moment to pursue its funding targets regardless of present market volatility and valuations in micro and small cap shares in North America.
As at all times, this quarter we labored intently with our non-public portfolio firms and sure of our public portfolio firms.
Important Fairness Investments & Current Developments
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Pender Personal Investments Inc.
At March 31, 2022, the Firm held roughly 97% of the Legacy Shares of PPI, previously the Working Alternative Fund (EVCC) Ltd. (“WOF”). These shares have been acquired in Might 2021 from shareholders of WOF (“Exiting Shareholders”) underneath the beforehand introduced transaction (the “WOF” Transaction”).
The Exiting Shareholders had a restricted and conditional proper to an extra money cost from the Firm based mostly on a share share of the web features over carrying values on the efficient date of the WOF Transaction from divestment exercise within the Enterprise Sequence portfolio earlier than Might 18, 2022. As a result of there was no letter of intent, time period sheet or binding settlement for a divestment entered into after November 18, 2021 and earlier than February 18, 2022, the ultimate interval throughout which an extra exit cost might have been triggered, the appropriate to any more money cost has ceased and the exit enterprise shares have been redeemed mechanically in Might 2022.
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Copperleaf Applied sciences Inc.
At March 31, 2022, the Firm held 10.9% of Copperleaf’s issued and excellent shares, each instantly and thru its funding in PPI. The worth of the Firm’s direct and oblique holdings of Copperleaf was $120,632,216 at March 31, 2022, which is 82.4% of the Firm’s whole shareholders’ fairness.
Different Highlights
We continued to accumulate shares of the Firm out there underneath our NCIB as a result of we consider the shares are buying and selling at a reduction to their intrinsic worth. On February 14, 2022, the Firm launched a brand new NCIB, underneath which the Firm might buy a most of 678,839 shares, or 10% of the Firm’s public float on launch date, throughout the one yr interval ending February 13, 2023.
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We encourage you to check with the Firm’s MD&A and quarterly unaudited monetary statements for March 31, 2022, the annual audited monetary statements for the year-ended December 31, 2021, in addition to different disclosures out there underneath the Firm’s profile at www.sedar.com for added data.
Concerning the Firm
Pender Development Fund Inc is an funding agency. Its funding goal is to attain long-term capital development. The Firm makes use of its small capital base and long-term horizon to put money into distinctive conditions, primarily small cap, particular conditions, and illiquid private and non-private firms. The agency invests in private and non-private firms based mostly primarily in Canada and the U.S., principally within the expertise sector. It trades on the TSX Enterprise Change underneath the image “PTF” and posts its Reporting NAV on its web site, usually inside 5 enterprise days of every month finish.
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Please go to www.pendergrowthfund.com.
For additional data, please contact:
Tony Rautava
Company Secretary
Pender Development Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743
Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
Ahead-Trying Info
This information launch might include forward-looking statements (throughout the that means of relevant securities legal guidelines) referring to the enterprise of the Firm and the atmosphere through which it operates. Ahead-looking statements are recognized by phrases akin to “consider”, “anticipate”, “mission”, “anticipate”, “intend”, “plan”, “will”, “might”, “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 concerning the Firm’s decreased portfolio threat 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 are troublesome to manage or predict. Numerous elements might trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements, together with, however not restricted to, the elements mentioned underneath the heading “Threat Components” within the Firm’s annual data type out there at www.sedar.com. There may be no assurance that forward-looking statements will show to be correct as precise outcomes and outcomes might differ materially from these expressed in these forward-looking statements. Readers, subsequently, mustn’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 data, future occasions or in any other case.
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