Pender Growth Fund Provides Financial Highlights and Company Updates

VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) -- (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months ended March 31, 2020.

Financial Highlights (Unaudited)

• Net assets per Class C common share (“Share”) as at March 31, 2020 were $4.08 (December 31, 2019 - $4.19).
• Management Expense Ratio (“MER”) was 3.55% for the quarter ended March 31, 2020, down from 5.22% over same period in the prior year, primarily due to the reduction in management fee rates announced in June 2019.
• The Company’s net assets as at March 31, 2020 were $32.6 million (December 31, 2019 - $33.8 million) and Shares outstanding were 7,990,229 (December 31, 2019 – 8,083,329), both decreased as a result of the decrease from investment performance and share repurchase in Q1 of this year.
• At March 31, 2020, the Company had 46% weighting in private companies and an 40% weighting in public companies, with 14% cash on hand. The cash will allow us to act quickly when entry points are favorable in the opportunities we are actively tracking. 
• Net loss per Share for the three months ended March 31, 2020 was ($0.12) (March 31, 2019 – $0.10), with moderate unrealized loss on publicly-listed portfolio companies during the period and fees and expenses.

PERFORMANCE (based on Net assets per Share)	3 Month		YTD		1 Year		3 Year		5 Year	Since Inception
Class C	-12.6%		-12.6%		-3.7%		-1.8%		24.9%	15.0%

Source: PenderFund

Portfolio Highlights

During the first quarter of 2020 we continued to aggressively deploy capital in both public and private markets where the significant uncertainty and severe market conditions created what we believe to be strong buying opportunities.  We also worked closely with our private portfolio companies to support them during these times of challenge and opportunity.

In Q2 2020 we continued to deploy capital and are now almost fully invested.  We believe that we are particularly well-positioned today to pursue our investment objectives in the context of current market volatility and valuations in micro and small cap stocks in North America.

We encourage you to refer to the Company’s MD&A and quarterly unaudited financial statements for March 31, 2020 and the annual audited financial statements for the year-ended December 31, 2019 for additional information and disclosures available under the Company’s profile at www.sedar.com.