News Release: Working Opportunity Fund Provides Update on Commercialization Series

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Vancouver, B.C. July 3, 2020 – Working Opportunity Fund (EVCC) Ltd. (“WOF” or the “Fund”) declares a $3.8 million dividend for the Fund’s Commercialization Series and announces it is closing redemptions. The $3.8 million dividend represents over 60% of Commercialization Series’ pricing net asset value.

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The Fund’s Board undertakes periodic strategic reviews of the Fund and, as disclosed in its annual Management Report of Fund Performance for 2019, the Board has been considering a number of options with respect to Commercialization Series taking into account portfolio composition and liquidity options. The Board is of the view that treating all shareholders of Commercialization Series equally is paramount and to this end the Fund is providing liquidity through dividends and is closing redemptions. 

In determining the amount of the dividend that was approved, the Board worked with the Fund’s manager to determine an appropriate reserve of cash for anticipated operating expenses over the medium term as it seeks to maximize the value of the remaining portfolio.

The net asset value of Commercialization Series is $6.2 million. Following payment of the $3.8 million dividend, net asset value will be $2.4 million which is comprised of $1.4 million of private venture investments and approximately $1.0 million of working capital. The payment of the current $3.8 million dividend represents approximately $3.79 per share. Following payment of the dividend, the remaining value of Commercialization Series represents approximately $2.38 per share. The Manager continues to seek to monetize the remaining private venture investments.

In connection with the payment of the dividend, the Fund made the decision to close Commercialization Series redemptions in accordance with the provisions for ceasing redemptions set out in the Fund’s articles, its EVCC Plan and the Employee Investment Act. Closing Commercialization Series redemptions is based on a decision to return as much cash as possible equally to all shareholders. Redemption requests for Commercialization Series received by the Fund will continue to be placed in a queue for processing in the order they are received; however, the Board currently does not expect to open redemptions of Commercialization Series and instead will seek to distribute available cash from future divestments of portfolio companies equally by way of dividends.

The Fund also made the decision to cease payment of trailer commissions to dealers. The Fund has always reserved the right to not pay service fees/trailer commissions in specified circumstances. The Fund’s Board has specified the payment of the $3.8 million dividend and closure of redemptions as such a circumstance. Accordingly, the Fund will cease to pay service fees/trailer commissions with respect to Commercialization Series shares beginning July 1, 2020.

The above announcements apply to the Fund’s Commercialization Series. The following table lists the fund codes of Commercialization Series.

WOF – Commercialization Series

WOF 104, 105

Pender and the Board will continue to review options to further reduce the operating costs of the Fund, pursue maximizing value and generating liquidity from the remaining investments in the Fund and to consider further strategic options for Commercialization Series.

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.

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Tony Rautava
Investment Associate, Private Equity

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Director of Marketing