Pender Growth Fund Releases Financial Highlights and Updates on Company Status

Pender Growth Fund Inc. (TSXV: PTF) has reported impressive financial and operational results for the year ended December 31, 2023. The company announced a net income of $1,029,528 for the year, a significant improvement from the net loss of $127,838,962 in the previous year. This positive result was primarily attributed to the company’s strong investment performance throughout the year.

Additionally, the net income per Class C common share for the year ended December 31, 2023, was reported at $0.14, compared to a net loss per share of $16.85 in the previous year. The company’s total shareholders’ equity decreased slightly by $353,077, primarily due to share repurchases under the Normal Course Issuer Bid (NCIB), offset by positive investment performance.

The company’s investment portfolio is notably concentrated in one publicly listed Portfolio Company, Copperleaf Technologies Inc., with 77.1% of the portfolio consisting of public companies and 22.9% of private companies. As of December 31, 2023, the company held 6,889,883 shares of Copperleaf with a value of $41,614,893, representing 59.5% of the company’s total shareholders’ equity.

Looking ahead, the company remains focused on pursuing its investment objectives and identifying attractive investment opportunities in the market. With a renewed NCIB launched in February 2024, the company aims to purchase a maximum of 630,188 shares during the one-year period ending February 14, 2025.

Overall, Pender Growth Fund Inc. continues to demonstrate its commitment to achieving long-term capital growth and navigating the ever-changing investment landscape with a strategic and focused approach.