{"id":47746,"date":"2023-05-26T16:48:14","date_gmt":"2023-05-26T23:48:14","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=news&#038;p=47746"},"modified":"2025-08-23T17:56:02","modified_gmt":"2025-08-24T00:56:02","slug":"pender-growth-fund-provides-financial-highlights-and-company-updates-8","status":"publish","type":"news","link":"https:\/\/staging.penderfund.com\/fr\/news\/pender-growth-fund-provides-financial-highlights-and-company-updates-8\/","title":{"rendered":"Pender Growth Fund Provides Financial Highlights and Company Updates"},"content":{"rendered":"<p>Pender Growth Fund Inc. (the \u201cCompany\u201d) today announced its financial and operational results for the three months ended March 31, 2023.<\/p>\n<h4><strong>Financial Highlights (Unaudited)<\/strong><\/h4>\n<ul>\n<li>Net loss was $3,293,058 for the three months ended March 31, 2023 (March 31, 2022 \u2013 Net loss $51,821,705) primarily the result of negative investment performance in the quarter.<\/li>\n<li>Net loss per Share for the three months ended March 31, 2023 was $0.44 (March 31, 2022 \u2013 Net loss $6.81).<\/li>\n<li>Shareholders\u2019 equity per Class C common share (\u201cShare\u201d) was $8.85 as at March 31, 2023 (December 31, 2022 \u2013 $9.28).<\/li>\n<li>The Company\u2019s total shareholders\u2019 equity was $66.8 million as at March 31, 2023, a decrease from December 31, 2022 ($70.2 million) resulting primarily from negative investment performance during the period.<\/li>\n<li>Shares outstanding were 7,553,629 as at March 31, 2023, a decrease from December 31, 2022 (7,569,929) as a result of share repurchases under the Company\u2019s Normal Course Issuer Bid (\u201cNCIB\u201d), which was renewed on February 14, 2023.<\/li>\n<li>At March 31, 2023, 84.6% of the investment portfolio was made up of private companies and 15.4% of public companies. However, taken together with the Company\u2019s indirect exposure to public companies through its investment in Pender Private Investments Inc. (\u201cPPI\u201d) and Pender Technology Inflection Fund II Limited Partnership (\u201cPTIF II\u201d) , public companies make up 74.1% of the Company\u2019s holdings.<\/li>\n<li>Management Expense Ratio (\u201cMER\u201d) excluding performance fees was 2.44% for the quarter ended March 31, 2023, up 0.49% compared to 1.95% in the first quarter of 2022.<\/li>\n<\/ul>\n<p><strong>RENDEMENT<\/strong><\/p>\n<table width=\"543\">\n<tbody>\n<tr style=\"border-style: solid;\">\n<td style=\"border-style: solid;\" width=\"163\"><strong>(bas\u00e9 sur les capitaux propres)<\/strong><\/td>\n<td style=\"border-style: solid;\" width=\"76\"><strong>3 mois<\/strong><\/td>\n<td style=\"border-style: solid;\" width=\"76\"><strong>1 an<\/strong><\/td>\n<td style=\"border-style: solid;\" width=\"76\"><strong>3 ans<\/strong><\/td>\n<td style=\"border-style: solid;\" width=\"76\"><strong>5 Year<\/strong><\/td>\n<td style=\"border-style: solid;\" width=\"76\"><strong>Depuis la cr\u00e9ation<\/strong><\/td>\n<\/tr>\n<tr style=\"border-style: solid;\">\n<td style=\"border-style: solid;\" width=\"163\">Cat\u00e9gorie C<\/td>\n<td style=\"border-style: solid;\" width=\"76\">-4.7%<\/td>\n<td style=\"border-style: solid;\" width=\"76\">-54.1%<\/td>\n<td style=\"border-style: solid;\" width=\"76\">29.4%<\/td>\n<td style=\"border-style: solid;\" width=\"76\">14.8%<\/td>\n<td style=\"border-style: solid;\" width=\"76\">18.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>The Company\u2019s portfolio is materially concentrated in the shares of one publicly listed Portfolio Company, Copperleaf Technologies Inc. (\u201cCopperleaf\u201d). At March 31, 2023, considering both its direct investment and its indirect investment through its holding of shares of PPI, the Company held 6,762,065 shares of Copperleaf with a value of $\u00ad\u00ad\u00ad37.2 million, which was 55.7% of the Company\u2019s total shareholders\u2019 equity of $66.8 million (December 31, 2022 \u2013 6,762,065 Shares with a value of $38.8 million which was 55.3% of the Company\u2019s total shareholders\u2019 equity of $70.2 million).<\/p>\n<p>As at March 31, 2023, Copperleaf\u2019s trading price was at $5.50 per share, down $0.24 per share from its December 31, 2022 closing price of $5.74 per share. \u00a0This decrease resulted in the unrealized loss that was one of main factors in the decrease of the Company\u2019s total shareholders\u2019 equity to $66.8 million ($8.85 per share) at March 31, 2023. There can be no assurance that the Company will be able to realize the value of this investment.<\/p>\n<p><strong>Faits saillants du portefeuille <\/strong><br \/>\nThe first quarter of 2023 saw a continuation of the market challenges that started in early 2022. Geopolitical uncertainty, elevated inflation and rising interest rates have all contributed to a slower economic growth outlook as we entered the year. With the peak in inflation likely behind us and central banks slowing and in some cases pausing their interest rate raising campaigns, the focus has turned to growth and the lag effect of tighter financial conditions. We believe that the Company continues to be well-positioned today to pursue its investment objectives despite current market volatility and valuations in micro and small cap stocks in North America.<\/p>\n<p>The economic uncertainties around persistent inflation pressure, bank failures, geopolitical events and the lingering COVID-19 pandemic continue to impact the global economy.\u00a0 While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios.\u00a0 We believe that this environment provides compelling opportunities for long term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.<\/p>\n<p>As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies.<\/p>\n<p><em>Importantes participations au capital et \u00e9v\u00e9nements r\u00e9cents <\/em><br \/>\n<u>Pender Private Investments Inc.<\/u><br \/>\nAt March 31, 2023, the Company held approximately 98% of the Legacy Shares of PPI, formerly the Working Opportunity Fund (EVCC) Ltd. (\u201cWOF\u201d). These shares were acquired in May 2021 from shareholders of WOF (\u201cExiting Shareholders\u201d) under the previously announced transaction (the \u201cWOF\u201d Transaction) and in transactions subsequent to May 2021.<\/p>\n<p>On May 23, 2023, PTF and PPI signed a non-binding letter of intent for PTF to purchase all of PPI\u2019s Legacy Shares that are held by the 2% minority shareholders (the \u201cMinority Shareholders\u201d). It is proposed that PTF acquires the shares held by the Minority Shareholders under a plan of arrangement, at a price equal to 100% of the NAV in effect five business days before the execution of the definitive agreement (the \u201cPurchase Price\u201d). The Purchase Price will be recalculated five business days prior to the closing of the proposed transaction and will be adjusted up or down to a maximum of five percent based on the updated calculation. Completion of the proposed transaction remains subject to, among other things, the negotiation of a definitive agreement, approval of the PPI shareholders (including majority of the minority approval), receipt of a satisfactory Fairness Opinion and court approval. The proposed transaction is anticipated to close in Q3 of 2023.<\/p>\n<p><u>Copperleaf Technologies Inc. <\/u><br \/>\nAt March 31, 2023, the Company held 9.5% of Copperleaf\u2019s issued and outstanding shares, both directly and through its investment in PPI.\u00a0 The value of the Company\u2019s direct and indirect holdings of Copperleaf was $37.2 million at March 31, 2023, which was 55.7% of the Company\u2019s total shareholders\u2019 equity.<\/p>\n<p><em>Autres faits saillants<\/em><br \/>\nNous avons continu\u00e9 \u00e0 acqu\u00e9rir des parts de la soci\u00e9t\u00e9 sur le march\u00e9 dans le cadre de notre OPRA, car nous estimons que les actions se n\u00e9gocient actuellement \u00e0 un prix inf\u00e9rieur \u00e0 leur valeur intrins\u00e8que. Le 14\u202ff\u00e9vrier 2023, la soci\u00e9t\u00e9 a lanc\u00e9 une nouvelle OPRA nous donnant droit d\u2019acheter, au cours de la p\u00e9riode d\u2019un an se terminant le 13\u202ff\u00e9vrier 2024, un maximum de 663\u2009045\u202factions, soit 10\u202f% de notre capital flottant \u00e0 la date de lancement.\u202f<\/p>\n<p>We encourage you to refer to the Company\u2019s MD&amp;A and quarterly unaudited financial statements for March 31, 2023, the annual audited financial statements for the year-ended December 31, 2022, and other disclosures available under the Company\u2019s profile at <a href=\"http:\/\/www.sedar.com\">www.sedar.com<\/a> .<\/p>\n<p><strong>\u00c0 propos de la soci\u00e9t\u00e9<\/strong><br \/>\nPender Growth Fund Inc. est une soci\u00e9t\u00e9 d\u2019investissement. Son objectif consiste \u00e0 r\u00e9aliser une croissance du capital \u00e0 long terme. La soci\u00e9t\u00e9 se sert de son modeste capital de base et de sa vision \u00e0 long terme pour investir dans des situations uniques, principalement des entreprises \u00e0 petite capitalisation, des situations sp\u00e9ciales et des entreprises publiques et priv\u00e9es non liquides. La soci\u00e9t\u00e9 investit dans des entreprises publiques et priv\u00e9es, principalement situ\u00e9es au Canada et aux \u00c9tats-Unis et issues, dans une large mesure, du secteur de la technologie. Elle se n\u00e9gocie sur la Bourse de croissance TSX sous le symbole \u00ab\u2009PTF\u2009\u00bb et affiche la valeur de son actif net sur son site Web, g\u00e9n\u00e9ralement dans les cinq jours suivant la fin de chaque mois.<\/p>\n<p>Veuillez visiter <a href=\"http:\/\/www.pendergrowthfund.com\">www.pendergrowthfund.com<\/a>.<\/p>\n<p>Pour plus de renseignements, veuillez communiquer avec :<\/p>\n<p><strong>Tony Rautava<br \/>\n<\/strong>Secr\u00e9taire g\u00e9n\u00e9ral<br \/>\nPender Growth Fund Inc.<br \/>\n(604) 653-9625<br \/>\nSans frais : (866) 377-4743<\/p>\n<p><em>Ni la Bourse de croissance TSX ni son fournisseur de services de r\u00e9glementation (tel que ce terme est d\u00e9fini dans les politiques de la Bourse de croissance TSX) n\u2019acceptent de responsabilit\u00e9 quant \u00e0 la pertinence ou \u00e0 l\u2019exactitude du pr\u00e9sent communiqu\u00e9 de presse.<\/em><\/p>\n<p><strong>Renseignements sur les \u00e9nonc\u00e9s prospectifs <\/strong><br \/>\nCe communiqu\u00e9 de presse peut contenir des \u00e9nonc\u00e9s prospectifs (avec le sens qu\u2019on leur accorde dans les lois sur les valeurs mobili\u00e8res en vigueur) relatifs \u00e0 la soci\u00e9t\u00e9 et au contexte dans lequel elle exploite. Les \u00e9nonc\u00e9s prospectifs se reconnaissent habituellement \u00e0 l\u2019emploi de termes et expressions comme \u00ab\u2009croire\u2009\u00bb, \u00ab\u2009pr\u00e9voir\u2009\u00bb, \u00ab\u2009anticiper\u2009\u00bb, \u00ab\u2009avoir l\u2019intention de\u2009\u00bb, \u00ab\u2009estimer\u2009\u00bb, \u00ab\u2009planifier\u2009\u00bb et \u00ab\u2009pouvoir\u2009\u00bb, \u00ab\u2009\u00e9valuer\u2009\u00bb et de verbes au futur ou au conditionnel, et autres expressions comparables. Ces \u00e9nonc\u00e9s s\u2019appuient sur les attentes, estimations, pr\u00e9visions et projections de la soci\u00e9t\u00e9 et comprennent, sans toutefois s\u2019y limiter, les \u00e9nonc\u00e9s portant sur la diminution des risques des portefeuilles de la soci\u00e9t\u00e9, ainsi que leurs occasions de placement futures. Les \u00e9nonc\u00e9s prospectifs dans le pr\u00e9sent communiqu\u00e9 de presse sont \u00e9mis sur la base de certaines hypoth\u00e8ses\u202f: le rendement futur n\u2019est pas garanti et suppose des risques et des incertitudes qui sont difficiles \u00e0 contr\u00f4ler ou pr\u00e9voir. Un certain nombre de facteurs pourraient faire en sorte que les r\u00e9sultats r\u00e9els diff\u00e8rent consid\u00e9rablement des r\u00e9sultats discut\u00e9s dans les \u00e9nonc\u00e9s prospectifs, y compris, sans toutefois s\u2019y limiter, les facteurs mentionn\u00e9s dans la section \u00ab\u2009Facteurs de risque\u2009\u00bb de la notice annuelle de la soci\u00e9t\u00e9, offerte sur le site <a href=\"http:\/\/www.sedar.com\">www.sedar.com<\/a>. Rien ne garantit que ces \u00e9nonc\u00e9s prospectifs seront justes, car les r\u00e9sultats r\u00e9els peuvent nettement diff\u00e9rer de ceux pr\u00e9vus dans de tels \u00e9nonc\u00e9s. \u00c0 cet \u00e9gard, le lecteur ne doit pas se fier ind\u00fbment \u00e0 tout \u00e9nonc\u00e9 prospectif. Qui plus est, ces \u00e9nonc\u00e9s prospectifs sont \u00e9mis en date de ce communiqu\u00e9 de presse et, sauf lorsque la loi en vigueur l\u2019exige express\u00e9ment, la soci\u00e9t\u00e9 n\u2019est pas tenue de faire une mise \u00e0 jour publique ou de r\u00e9viser tout \u00e9nonc\u00e9 prospectif, que ce soit \u00e0 la suite d\u2019une nouvelle information, d\u2019\u00e9v\u00e9nements futurs ou de toute autre raison.<\/p>","protected":false},"featured_media":69333,"template":"","meta":{"_acf_changed":false},"fund-type":[],"news-type":[],"class_list":["post-47746","news","type-news","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pender Growth Fund Provides Financial Highlights and Company Updates - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Growth Fund Provides Financial Highlights and Company Updates - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Pender Growth Fund Inc. (the \u201cCompany\u201d) today announced its financial and operational results for the three months ended March 31, 2023. Financial Highlights (Unaudited) Net loss was $3,293,058 for the three months ended March 31, 2023 (March 31, 2022 \u2013 Net loss $51,821,705) primarily the result of negative investment performance in the quarter. 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