Redemptions
In order to treat all shareholders as fairly as possible, Pender, as of January 8th, 2010, has adopted a revised procedure for processing redemptions of shares.
On or before January 29, 2010
If you hold shares that are redeemable at any time on or before March 1, 2010 (i.e. you purchased shares prior to March 1, 2005), you may submit a request for redemption at any time up to 1.00pm (PST) on January 29, 2010.
The fund will treat these requests as having been received concurrently and will honor these redemption requests on February 3 , 2010. If there are not sufficient funds to honor all redemptions, each shareholder will be paid a pro rata share of the funds available.
If redeeming all requests would put the fund in a working capital deficiency, the fund will suspend further redemptions.
After January 29, 2010
The source of funds to meet redemption requests derives from investment income, portfolio gains and “mature investments.” If you hold shares that are eligible for redemption after March 1, 2010 then redemptions will only be available once the Fund has been able to precipitate a liquidity event within its portfolio of investments.
Since a primary goal has always been to provide liquidity to our shareholders, Pender is currently reviewing other ways of generating liquidity for shareholders. These include the possibility of listing the funds shares on an exchange.
We will be communicating more information to your financial advisor as details become available.