Working Opportunity Fund Announces Closing of Transaction

VANCOUVER, British Columbia, Might 31, 2021 (GLOBE NEWSWIRE) — Working Alternative Fund (EVCC) Ltd. (“the “Fund”) is happy to announce that the transaction (the “Transaction”) with Pender Development Fund Inc. (“PTF”) by the use of a plan of association pursuant to the definitive settlement introduced on April 7, 2021, has closed efficient Might 28, 2021 (the “Efficient Date”).

Cindy Oliver, the Fund’s former Board Chair commented, “We’re very pleased with the legacy of WOF for its position within the growth of the BC Know-how business over the previous 30 years, offering over $600 million of affected person, long run, dedicated capital to BC tech entrepreneurs. The Board was happy to have efficiently negotiated and closed this transaction on behalf of shareholders. It has been our objective to offer liquidity to shareholders for a while and this Transaction has offered vital liquidity for our shareholders. A singular function of this transaction enabled Enterprise Collection shareholders to decide on to stay invested within the portfolio in the event that they elected to take action. We had been pleased to see considerably greater voter turnout at our shareholder assembly than in earlier years and overwhelming shareholder approval for the Transaction. The Transaction additionally permits the Fund’s investee corporations to proceed to execute on their strategic plans with out the disruption of a change in direct possession”.

As a part of the Transaction and as beforehand disclosed, the Fund’s identify has been modified to Pender Personal Investments Inc. and it has made an election to a public company below the Earnings Tax Act, and likewise has transitioned from the Canadian securities regulatory regime for funding funds to the Canadian securities regulatory regime for reporting issuers who are usually not funding funds. Accordingly, the Fund’s monetary statements might be reported in accordance with Nationwide Instrument 51-102 Steady Disclosure Obligations.

Updates and developments are accessible on the Fund’s website, each referring to administrative questions for exiting shareholders and go-forward developments for persevering with shareholders: https://www.penderfund.com/working-opportunity-fund/

To assist determine the shares of the Fund that you simply maintain, the relevant fund codes are offered within the desk beneath.

Enterprise Collection

Below the Transaction, WOF Enterprise Collection shares could be acquired for money consideration until Enterprise Collection shareholders elected to proceed to carry their shares and take part within the efficiency of the underlying portfolio. PTF has acquired roughly 97% of the WOF Enterprise Collection shares as of the Efficient Date.

Exiting WOF Enterprise Collection shareholders obtained a purchase order value per share primarily based on 43.5% of the NAV per WOF Enterprise Share as at April 5, 2021 topic to a +/– 5% adjustment primarily based upon the per share NAV as on the Efficient Date.

For Balanced Shares (collection 1) 43.5% of NAV per share on April 5, 2021 was $1.8306 and the adjusted value was $1.7977 per share. For Balanced Shares (collection 2) 43.5% of NAV per share on April 5, 2021 was $1.5525 and the adjusted ensuing buy value was $1.5157 per share. The adjustment was primarily the results of a change within the trade charge of these investments carried in US {Dollars}. As a part of the Transaction, previous to the cost of buy value, every WOF Balanced Share (Collection 1) was exchanged for a WOF Balanced Share (Collection 2) relative to their respective adjusted value. Accordingly, for each Balanced Shares (collection 1) held, it was exchanged for 1.186073 Balanced Shares (collection 2). For readability to Balanced Shares (collection 1) shareholders, this trade didn’t impression the combination buy value obtained on your shares of the Fund.

As a part of the money consideration for exiting Enterprise Collection shareholders, the Fund negotiated the potential for extra money funds if there’s divestment exercise for as much as one yr following the Might 18, 2021 WOF shareholder assembly at which the Transaction was authorised. The potential more money funds give exiting WOF Enterprise Collection shareholders “credit score” for any potential exercise within the portfolio occurring now and if a divestment happens, would successfully cut back the low cost to NAV of the adjusted buy value. This restricted and conditional proper to a further money cost from PTF relies on a proportion share of the online beneficial properties on carrying values on the Efficient Date and arises if there’s divestment exercise within the Enterprise Collection portfolio earlier than Might 18, 2022, particularly, (a) if a divestment completes on or earlier than November 18, 2021, exiting shareholders will obtain their professional rata portion of 60% of the online acquire; (b) if a divestment completes on or earlier than February 18, 2022, exiting shareholders will obtain their professional rata portion of 45% of the online acquire; and (c) if a letter of intent, phrases sheet or binding settlement for a divestment is entered into on or earlier than February 18, 2022 and such divestment is subsequently accomplished by Might 18, 2022, exiting shareholders will obtain their professional rata entitlement of 20% of the online acquire. With a view to facilitate a possible more money cost, exiting Enterprise Collection shareholders had been issued one exit share for every beforehand held Enterprise Collection share.

Efficient instantly previous to the Efficient Date, the Fund declared a divided to distribute all obtainable money to shareholders, much less a reserve to cowl remaining commitments attributable to that collection. This fashion, shareholders obtained full worth of the money property within the portfolio. These dividends had been along with the adjusted buy value per share below the Transaction and had been $0.0055 per Balanced Share (collection 1) and $0.0047 per Balanced Share (collection 2), respectively.

Shareholders will obtain the above famous dividend quantity and 50% of the adjusted value per share below the Transaction inside 7 enterprise days of the Efficient Date and the remaining 50% of the adjusted value per share six months later. All funds, together with more money funds, if any, will mechanically be paid into the account the place the shares are held. In the event you maintain your shares in a RRSP held with WOF (and never along with your supplier), you need to take steps to switch that money out to a different RRSP account or your account will in the end be deregistered. If deregistered, your money might be topic to withholding tax and earnings tax.

For the shareholders who elected to proceed to carry WOF Enterprise Collection shares, your holdings will proceed to take part within the efficiency of the underlying portfolio below the phrases of the beforehand disclosed amended and restated administration settlement. Additionally, your shares at the moment are thought of “firm” shares and as a way to maintain “firm” shares you want an eligible account. Please contact your advisor to make sure your account is eligible or to help you in altering your account.

Commercialization Collection

PTF has acquired all of the Commercialization Collection shares as of the Efficient Date. Below the phrases of the Transaction, the acquisition value for every Commercialization collection share was to be the higher of fifty% of the NAV per Commercialization Collection share as on the Efficient Date and 75% of the subscription receipt financing value for the BuildDirect transaction, which was the topic of a previous information launch, if that financing was accomplished by the efficient date of the Transaction. 50% of NAV per share of WOF Commercialization Collection shares on the Efficient Date of the Transaction was $0.2395 per share and 75% of the subscription receipt financing value for the BuildDirect Transaction represented $0.5068 per share. As such, the acquisition value for every Commercialization Collection share was $0.5068 per share.

Efficient instantly previous to the Efficient Date, the Fund declared a dividend to distribute all obtainable money of the Commercialization Collection to shareholders, much less a reserve to cowl remaining commitments attributable to that collection. This fashion, shareholders obtained full worth of the money property within the portfolio. This dividend of $0.6286 per Commercialization Collection share was along with the acquisition value per Commercialization Collection share below the Transaction. Shareholders will obtain the above famous dividend and the acquisition value per Commercialization Collection share below the Transaction inside 7 enterprise days of the Efficient Date. All funds will mechanically be paid into the account the place the shares are held. In the event you maintain your shares in a RRSP held with WOF (and never along with your supplier), you need to take steps to switch that money out to a different RRSP account or your account will in the end be deregistered. If deregistered, your money might be topic to withholding tax and earnings tax.

Ahead Wanting Statements
This information launch comprises ahead trying statements which primarily relate to the timing of funds, sort of accounts the place WOF shares are held, the power to the restricted situation proper to a further money cost and statements about taking part in future efficiency of Enterprise Collection’ portfolio and the timing, the power to finish, and the quantity of proceeds realized (at present values or in any other case) from potential divestments. All ahead trying statements are primarily based on the Board’s and/or the Supervisor’s present beliefs and assumptions on a variety of things together with in regards to the Fund and financial elements and assessments relating to the Transaction that are topic to quite a few recognized and unknown dangers, uncertainties and different elements which will trigger the precise outcomes, occasions or developments to be materially totally different from any future outcomes, occasions or developments expressed or implied by such forward-looking statements. Such elements embody latest developments within the Fund’s working local weather, and attainable future divestments from the portfolios (at present carrying values or in any other case), developments which will have an effect on the Fund, and the Enterprise Collection portfolio and efficiency. Given these uncertainties, readers are cautioned to not place undue reliance on such forward-looking statements. The Fund doesn’t assume any obligation to replace any forward-looking statements made on this launch.

For extra info please contact: Tony Rautava Funding Affiliate, Personal Fairness trautava@penderfund.com 1-866-377-4743 Melanie Moore Vice President of Advertising and marketing mmoore@penderfund.com 1-866-377-4743