Pender Growth Fund Provides Financial Highlights and Company Updates

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VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the year ended December 31, 2023.

Financial Highlights

  • Net income was $1,029,528 for the year ended December 31, 2023 (December 31, 2022 – Net loss $127,838,962) primarily the result of positive investment performance during the year.
  • Net income per Class C common share (“Share”) for the year ended December 31, 2023 was $0.14 (December 31, 2022 – Net loss per share $16.85).
  • The Company’s total shareholders’ equity decreased by $353,077 from December 31, 2022 ($70.2 million) to $69.9 million as at December 31, 2023, primarily due to share repurchases of $1,382,605 under the Company’s Normal Course Issuer Bid (“NCIB”), offset by positive investment performance of $1,029,528 during the year.
  • Shareholders’ equity per Share was $9.48 as at December 31, 2023 (December 31, 2022 – $9.28).
  • Shares outstanding were 7,368,229 as at December 31, 2023, a decrease from December 31, 2022 (7,569,929) as a result of share repurchases under the NCIB, which was renewed on February 15, 2024.
  • At December 31, 2023, 77.1% of the investment portfolio was made up of public companies and 22.9% of private companies.
  • Management Expense Ratio (“MER”) before performance fees was 2.31% for the year ended December 31, 2023, up 0.41% compared to 1.90% in 2022.

(Based on Shareholders’ Equity)

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The Company’s portfolio is materially concentrated in the shares of one publicly listed Portfolio Company, Copperleaf Technologies Inc. (“Copperleaf”). As at December 31, 2023, the Company held 6,889,883 shares of Copperleaf with a value of $­­­41,614,893, which was of the Company’s total shareholders’ equity of $69,886,178 (December 31, 2022 – 6,762,065 shares with a value of $38,814,252 which was 55.3% of the Company’s total shareholders’ equity). There can be no assurance that the Company will be able to realize the value of this investment.

Portfolio Highlights  

With the rate of inflation continuing to slow, central banks led by the US Federal Reserve are taking the opportunity to signal a pivot in interest rate policy with the next rate move likely to be lower. There is still potential for volatility as the market was quick to adjust to these revised expectations, potentially setting the stage for disappointment if inflation remains sticky and rate cuts don’t materialize to the degree expected.  We think these macro variables will likely remain in focus. We will continue to monitor these macro events and assess their impacts on the Company and our Portfolio Companies with the goal to help the businesses we own have the durability and balance sheet strength to weather a variety of economic environments.

We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year.

Investment results may be affected by future developments and new information that may emerge about inflation and the impact of central bank measures on the economy, the state of M&A markets, geopolitical and other global events, factors that are beyond the Company’s control.

While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios.  We believe that this environment provides compelling opportunities for long term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.

In 2023, as always, we worked closely with our private portfolio companies and certain of our public portfolio companies.

Significant Equity Investments & Recent Developments

Pender Private Investments Inc.

On  December 31, 2023, the Company completed an amalgamation of Pender Private Investments Inc. (“PPI”), formerly the Working Opportunity Fund (EVCC) Ltd. (“WOF”), which was acquired by the Company in May 2021.

Copperleaf Technologies Inc.

At December 31, 2023, the Company held 9.3% of Copperleaf’s issued and outstanding shares. The value of the Company’s holdings of Copperleaf was $41.6 million at December 31, 2023, which was 59.5% of the Company’s total shareholders’ equity.

Other Highlights

We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 15, 2024, the Company launched a new NCIB, under which the Company may purchase a maximum of 630,188 shares, or 10% of the Company’s public float on launch date, during the one-year period ending February 14, 2025.

We encourage you to refer to the Company’s MD&A and annual audited financial statements for the year-ended December 31, 2023, and other disclosures available under the Company’s profile at for additional information.

About the Company                               

Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies based primarily in Canada and the U.S., principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.

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For further information, please contact:

Tony Rautava

Corporate Secretary

Pender Growth Fund Inc.

(604) 653-9625

Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.