VANCOUVER, Aug. 22, 2016 /CNW/ - (TSXV: PTF) Pender
Growth Fund (VCC) Inc., (the "Fund") announces that the Company
representing its largest investment, QHR Corporation (TSXV: QHR)
has entered into a definitive arrangement agreement with Loblaw
Companies Limited (TSX: L), under which Loblaw will purchase all of
the shares of QHR for cash at a price of $3.10 per share or approximately $170 million in the aggregate. Completion of the
arrangement is subject to receipt of QHR shareholder and Court
approval as well as other customary closing conditions.
The Fund, which owns 2,624,000 shares of QHR has entered into a
Voting Support Agreement with Loblaw to support the
arrangement. The closing of the transaction is expected take
place in October. If the transaction does close, the Fund
will net approximately $8.1 million.
In such event, the Fund anticipates that it will be in a position
to redeem all outstanding Class B and R shares that have been
previously submitted for redemption.
About Pender Growth Fund
The Fund is a later-stage, diversified, venture capital
corporation, focused on undervalued public and private companies.
The Fund's investors in British
Columbia received a tax credit of 30% from the provincial
government at the time of purchase. The Fund was established in
2003 and has a net asset value of approximately $23 million.
SOURCE Pender Growth Fund (VCC) Inc.