Pender Growth Fund Provides Financial Highlights and Company Updates

VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and nine months ended September 30, 2020.

Financial Highlights (Unaudited)

• Net assets per Class C common share (“Share”) were $5.03 as at September 30, 2020 (December 31, 2019 - $4.19).
• Management Expense Ratio (“MER”) was 2.96% for the quarter ended September 30, 2020, an improvement compared to the 3.44% MER during the same period in the prior year, primarily due to the the increase in the average value of Net Assets.
• The Company’s net assets were $39.1 million as at September 30, 2020 (December 31, 2019 - $33.8 million) reflecting positive investment performance.
• Shares outstanding were 7,770,129 (December 31, 2019 – 8,083,329), a decrease from December 31, 2019 that was the result of share repurchases under the Company’s Normal Course Issuer Bid (“NCIB”) that was launched in Q1 2020.
• At September 30, 2020, the Company had a 38.7% weighting in private companies and a 50.0% weighting in publicly-listed companies, with 10.0% cash on hand and 1.3% other assets less liabilities.

• Net income per Share for the three months ended September 30, 2020 was $0.35 (September 30, 2019 – a loss of $0.01), primarily due to realized gains from divestments on publicly-listed portfolio companies during the period, net of fees and expenses.

PERFORMANCE (based on Net assets per Share*)	3 Month	YTD		1 Year		3 Year		5 Year		Since Inception
Class C	8.0%	7.8%		28.0%		3.7%		23.5%		16.6%

*	It should be noted that total shareholders’ equity per share which is calculated using IFRS for financial reporting purposes may be different from the monthly reported net asset value per share.

Portfolio Highlights

During the third quarter of 2020 we continued to be active in public markets where we saw what we believed to be strong opportunities both in longer-term compounders and potentially shorter-term close the discount situations. We are generally operating at close to fully invested, with enough liquidity to take advantage of situations as they arise. As always, we are working closely with our private portfolio companies, especially during these times of challenge and opportunity.