Commercialization Series

WOF announced that it has entered into a definitive agreement for a Transaction regarding the acquisition of the outstanding shares of the Fund.  As described in the April 7, 2021 news release by the Fund, the Transaction will be by way of a plan arrangement.

A virtual shareholder meeting is scheduled for May 18, 2021.

Updates and more detailed information will be made available on this website. You will also be sent a package of materials ahead of the meeting. Those materials will also be on our website and the Fund’s SEDAR profile.

The shareholder meeting materials will include a detailed information circular fully describing the Transaction and matters related to it. The Q&A on this website are summaries only and we encourage you to read the information circular in full that will be sent to you in detail and to consult your financial, legal, tax and other professional advisors.

There can be no assurance that the Transaction will be completed on the basis proposed or at all. Consult your financial, legal or other advisors so that you understand the Transaction and can make an informed decision.

  • A virtual shareholder meeting is scheduled for May 18, 2021.

    Updates and more detailed information will be made available on this website. You will also be sent a package of materials ahead of the meeting.

    WOF Commercialization Series WOF 104, 105

    What are the options for WOF Commercialization Shareholders?

    Under the terms of the Transaction, receiving cash is the only option for WOF Commercialization Shareholders.

    The cash amount you receive will be the greater of:

    • 50% of the NAV per Commercialization Series share as at the day prior to the date the Transaction completes and
    • 75% of the subscription receipt financing price for the BuildDirect transaction, which was the subject of a recent news release, if that financing is completed by the effective date of the Transaction 

    What are the benefits to WOF Commercialization Shareholders?

    • Certainty of liquidity and value
    • Elimination of concentration risk
    • Shareholder buyout protects against erosion of value with continued operations

    How do I cash out my WOF Commercialization Shares?

    Shareholders will receive cash at a discount to net asset value. The cash payments will be paid into the same account where you hold your shares.

    If you hold your WOF Venture Shares in a RRSP held with WOF, you must take steps to  transfer that cash out to another RRSP account or your account will ultimately be deregistered. If deregistered,  you cash will be subject to withholding tax and income tax.

    Is this deal fair from a financial point of view for WOF Commercialization Shareholders?

    Yes. The Special Committee of WOF’s Board engaged an independent qualified firm that concluded the Transaction is fair from a financial point of view to WOF Commercialization Shareholders.

    The Board believes the Transaction is the best option for shareholders at this time shareholders at this time having considered other options and the benefits of the Transaction and having weighed the risks associated with the Transactions and with not pursuing it.

    Who is the Acquiror?

    PenderGrowth Fund (“PTF”) is the acquirer.  PTF is  also managed by our manager. 

    Given this actual and perceived conflict, the Special Committee engaged an independent qualified firm that has provided the fairness opinion described above.

    Shareholder meeting information

    When and where is the WOF Shareholder Meeting being held?

    The WOF Shareholder Meeting is to be held on May 18, 2021 at 5:00 pm (Vancouver Time) virtually only. The Shareholder Circular you receive by mail will explain how to attend (will also be made available on WOF’s website).

    We will also update our website with all key information regarding the virtual AGM.

    How do I attend the WOF Shareholder Meeting?

    Information on how to attend the virtual meeting will be mailed to you.

    Can I ask questions during the WOF Shareholder Meeting?

    Yes. Shareholders accessing the meeting online will have an opportunity to ask questions in writing during the meeting.

    How do I vote?

    You can vote ahead of the meeting by following the instructions included on your proxy. You can also vote at the meeting.

  • The WOF Shareholder Meeting is to be held on May 18, 2021 at 5:00 pm (Vancouver Time) virtually only. The Shareholder Circular you receive by mail will explain how to attend (will also be made available on WOF’s website).

    We will also update our website with all key information regarding the virtual AGM.

     

     

  • If you have questions about your investment in WOF, please contact your investment advisor or please contact Prometa Fund Support Services by phone (888-787-9561), fax (888-747-0984) or email (workingopportunityfund@prometa.ca).