News Release: PenderFund Capital Management Ltd Responds to Proposed Acquisition of The Leaf Group

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VANCOUVER, B.C. PenderFund Capital Management Ltd. (“Pender”), is a shareholder of The Leaf Group (“Leaf” or the “Company”). Pender’s response to Leaf’s announcement that Graham Holdings is going to buy it for $8.50 per share, is that, while Pender generally supports a sale of Leaf, it believes that the offer of $8.50 materially undervalues the Company.

Pender strongly urges the Company’s Board to reassess its decision on Graham Holdings’ offer and to continue to work to achieve a price that better reflects Leaf’s full and fair value.   

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About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage our suite of niche investment funds, exploiting inefficient parts of the investing universe to achieve our goal. Please visit

For further information, please contact:

Melanie Moore
Vice President, Marketing, PenderFund Capital Management Ltd.
(604) 688-1511
Toll Free: (866) 377-4743