TORONTO, Sept. 20, 2017 /CNW/ - Stornoway Portfolio
Management Inc. ("Stornoway"), the manager of the Ravensource Fund
(the "Fund") (TSX: RAV.UN), would like to announce that due to
strong initial interest from investors, BMO Nesbitt Burns,
Ravensource's recirculation agent, will now be accepting orders to
purchase Fund units under the recirculation beginning at
8am EST on September 21, 2017. The deadline for orders has
also been extended to 2pm on
September 27, 2017, to allow
potential investors ample time to participate.
The recirculation presents an opportunity for interested
investors to purchase Ravensource units at a price of $13.8144, a 2.5% discount to the September 14, 2017, net asset value of
$14.17 and a 3.1% discount to the
September 20, 2017, offering price on
the Toronto Stock Exchange.
"We have already received strong indications of interest from
both existing and new investors, reflecting Ravensource's excellent
track record and scarcity value," said Scott Reid, President of Stornoway. "The Fund has a truly
differentiated mandate which allows retail investors to invest
alongside experts in alternative, private equity and hedge
fund-like strategies."
The Ravensource Fund a closed-end mutual fund trust focused on
distressed securities, special situations equities and high-yield
bonds. It is listed on the TSX and eligible for registered accounts
(i.e. RRSP, RRIF, RESP, TFSA). Since Stornoway assumed management of Ravensource on
July 1, 2008, an investment in
Ravensource has grown by 8.5% annually vs. 3.5% for the S&P/TSX
over the same period, assuming reinvestment of distributions.
"Previous recirculations have been fully subscribed, and orders
will be confirmed on a first-come, first-served basis, so we urge
interested investors to have their brokers contact BMO sooner
rather than later," said Scott
Reid.
BMO will only be accepting orders from retail brokers.
Interested investors should provide their broker with a copy of the
following recirculation "FAQ," which contains details on who to
contact and how to participate in the recirculation
opportunity.
A copy of the recirculation agreement, together with additional
information relating to the Fund and the recirculation opportunity,
is available by clicking the "Recirculation Opportunity" link on
the homepage of the Fund's website at www.ravensource.ca. A copy of
the recirculation agreement can also be retrieved through SEDAR at
www.sedar.com.
RAVENSOURCE FUND
RECIRCULATION
FAQ
Q. How do I participate in the recirculation?
A. To place an order in the recirculation, you must have your
broker contact Gio Poggenpoel at BMO
Nesbitt Burns, at 416-359-8664 / giovanni.poggenpoel@bmo.com.
Q. What information does my broker need to provide BMO?
A. Your broker should provide BMO with the following
information:
i.
|
Retail broker name,
email and phone number
|
ii.
|
Retail broker
CUID
|
iii.
|
Client account number
at the retail broker
|
iv.
|
Units to be purchased
for each client
|
Q. When is BMO Nesbitt Burns accepting orders?
A. Orders will be accepted between 8am
EST on September 21, 2017, and
2pm EST on September 27, 2017.
Q. How many units are being recirculated?
A. There are a total of 103,698 Ravensource units being
recirculated.
Q. What priority will my order have in the order book?
A. Orders will be accepted on a first-come, first-served basis.
Q. At what price must my broker place my order?
A. Orders must be placed at a price of $13.8144 per unit. BMO will not accept orders
below this price.
Q. When will my trade settle?
A. Trades will settle on September 28,
2017. To settle the trade, your account must have the
necessary funds in it on this day.
SOURCE Ravensource Fund