Pender Growth Fund Provides Financial Highlights and Company Updates

VANCOUVER, British Columbia, Nov. 23, 2023 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and nine months ended September 30, 2023.

Financial Highlights (Unaudited)

• Net loss was $97,003 for the three months ended September 30, 2023 (September 30, 2022 – Net loss $8,520,121) primarily the result of negative investment performance in the quarter
• Net loss per Class C common share (“Share”) for the three months ended September 30, 2023 was $0.01 (September 30, 2022 – Net loss per share $1.12).

• The Company’s total shareholders’ equity decreased by $253,874 for the three months ended September 30, 2023, primarily due to share repurchases of $156,871 under the Company’s Normal Course Issuer Bid (“NCIB”) and a net loss of $97,003, primarily the result of negative investment performance during the quarter.
• Shareholders’ equity per Share was $8.85 as at September 30, 2023 (December 31, 2022 – $9.28).
• The Company’s total shareholders’ equity was $66.6 million as at September 30, 2023, a decrease from December 31, 2022 ($70.2 million) resulting primarily from negative investment performance for the nine months ended September 30, 2023.
• Shares outstanding were 7,524,629 as at September 30, 2023, a decrease from December 31, 2022 (7,569,929) as a result of share repurchases under the NCIB, which was renewed on February 14, 2023.
• At September 30, 2023, 85.9% of the investment portfolio was made up of private companies and 14.1% of public companies. However, taken together with the Company’s indirect exposure to public companies through its investment in Pender Private Investments Inc. (“PPI”) and Pender Technology Inflection Fund II Limited Partnership (“PTIF II”) , public companies make up 68.8% of the Company’s holdings.
• Management Expense Ratio (“MER”) before performance fees was 2.45% for the quarter ended September 30, 2023, up 0.10% compared to 2.35% in the third quarter of 2022.

PERFORMANCE (Based on Shareholders’ Equity)	3 Month	1 Year	3 Year	5 Year	Since Inception
Class C	0.1%	-15.4	20.7%	15.9%	17.5%

The Company’s portfolio is materially concentrated in the shares of one publicly listed Portfolio Company, Copperleaf Technologies Inc. (“Copperleaf”). At September 30, 2023, considering both its direct investment and its indirect investment through its holding of shares of PPI, the Company held 6,889,883 shares of Copperleaf with a value of $38.9 million, which was 58.5% of the Company’s total shareholders’ equity of $66.6 million (December 31, 2022 – 6,762,065 Shares with a value of $38.8 million which was 55.3% of the Company’s total shareholders’ equity of $70.2 million). As at September 30, 2023, Copperleaf’s trading price was at $5.65 per share, down $0.09 per share from its December 31, 2022 closing price of $5.74 per share. There can be no assurance that the Company will be able to realize the value of this investment.