{"id":38049,"date":"2022-04-07T17:51:44","date_gmt":"2022-04-08T00:51:44","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=news&#038;p=38049"},"modified":"2025-07-24T15:42:34","modified_gmt":"2025-07-24T22:42:34","slug":"pender-growth-fund-announces-annual-results-and-provides-company-updates-2","status":"publish","type":"news","link":"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/","title":{"rendered":"Mise \u00e0 jour et r\u00e9sultats annuels de Pender Growth Fund"},"content":{"rendered":"<p><strong>Vancouver, C.-B. (TSXV : PTF) <\/strong>Pender Growth Fund Inc. (the \u201cCompany\u201d) today announced its financial and operational results for the year ended December 31, 2021.<\/p>\n<p><strong>Faits saillants financiers <\/strong><\/p>\n<ul>\n<li>Net income was $152,096,772 for the year ended December 31, 2021 (December 31, 2020 \u2013 $14,475,473) primarily the result of positive investment performance during the year.<\/li>\n<li>Shareholders\u2019 equity per Class C common share (\u201cShare\u201d) was $26.08 as at December 31, 2021 (December 31, 2020 \u2013 $6.11).<\/li>\n<li>Net income per Share for the year ended December 31, 2021 was $19.90 (December 31, 2020 \u2013 $1.84).<\/li>\n<li>The Company\u2019s total shareholders\u2019 equity was $198.6 million as at December 31, 2021, an increase from December 31, 2020 ($47.3 million) primarily as a result of positive investment performance.<\/li>\n<li>Shares outstanding were 7,616,529, a decrease from December 31, 2020 (7,740,129) as a result of share repurchases under the Company\u2019s Normal Course Issuer Bid (\u201cNCIB\u201d), which was renewed on February 14, 2022.<\/li>\n<li>At December 31, 2021, 73.3% of the investment portfolio is made up of private companies and 26.7% of public companies. However, taken together with the Company\u2019s indirect exposure to public companies through its investment in Pender Private Investments Inc. (\u201cPPI\u201d), public companies make up 95.6% of the Company\u2019s holdings.<\/li>\n<li>Management Expense Ratio (\u201cMER\u201d) excluding performance fees was 2.29% for the year ended December 31, 2021, down from 3.20% in 2020.<\/li>\n<\/ul>\n<table style=\"width: 543px;\" border=\"2\" width=\"543\">\n<tbody>\n<tr>\n<td width=\"163\">\n<p><strong>RENDEMENT <\/strong><\/p>\n<p><strong>(bas\u00e9 sur les capitaux propres)<\/strong><\/p>\n<\/td>\n<td width=\"76\">\n<p><strong>3 mois<\/strong><\/p>\n<\/td>\n<td width=\"76\">\n<p><strong>1 an<\/strong><\/p>\n<\/td>\n<td width=\"76\">\n<p><strong>3 ans<\/strong><\/p>\n<\/td>\n<td width=\"76\">\n<p><strong>5 Year<\/strong><\/p>\n<\/td>\n<td width=\"76\">\n<p style=\"text-align: center;\"><strong>Depuis la cr\u00e9ation<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"163\">\n<p>Cat\u00e9gorie C<\/p>\n<\/td>\n<td width=\"76\">\n<p>183.4%<\/p>\n<\/td>\n<td width=\"76\">\n<p>326.4%<\/p>\n<\/td>\n<td width=\"76\">\n<p>84.1%<\/p>\n<\/td>\n<td width=\"76\">\n<p>42.9%<\/p>\n<\/td>\n<td width=\"76\">\n<p>32.3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The Company\u2019s portfolio is highly concentrated in the shares of one publicly listed Portfolio Company, Copperleaf Technologies Inc. (\u201cCopperleaf\u201d), considering both its direct investment and its indirect investment through its holding of shares of PPI. At December 31, 2021, the closing price of Copperleaf was $23.85 per share, the financial statements included a significant unrealized gain relating to that holding and the Company\u2019s total shareholders\u2019 equity was $26.08. This unrealized gain is the largest contributor to the increase in the Company\u2019s total shareholders\u2019 equity in the year ended December 31, 2021. There can be no assurance that the Company will be able to complete divestments of Copperleaf or any other individual Portfolio Company generally and\/or complete an orderly realization of value (at current values or otherwise).\u00a0 For example, at March 31, 2021, the closing price of the shares of Copperleaf was $16.18, the unrealized gain on the holding was reduced, and the Company\u2019s shareholders\u2019 equity decreased by $6.81 per share to $19.27 per share.<\/p>\n<p><strong>Faits saillants du portefeuille<br \/>\n<\/strong>We believe that the Company is well-positioned today to pursue its investment objectives in the context of current market volatility and valuations in micro and small cap stocks in North America.<\/p>\n<p>During the year, we continued to be active in public markets where we saw what we believed to be strong opportunities both in longer-term compounders and potentially shorter-term close the discount situations.\u00a0With the continued strength in small cap markets, we have been decreasing some positions and continue to work on new opportunities to deploy capital at attractive rates of return.\u00a0<\/p>\n<p>As always, this year we worked closely with our private portfolio companies and certain of our public portfolio companies. We are pleased to see private technology companies from within our portfolio flourish and build value, including having the opportunity to go public.<\/p>\n<p>In particular, Copperleaf Technologies Inc., a portfolio company we own both directly and indirectly through our investment in PPI, listed on the TSX at $15.00 per share under the symbol \u201cCPLF\u201d in early October.<\/p>\n<p><em>Importantes participations au capital et \u00e9v\u00e9nements r\u00e9cents <\/em><\/p>\n<p><u>Pender Private Investments Inc.<br \/>\n<\/u>At December 31, 2021, the Company held approximately 97% of the Legacy Shares of PPI, formerly the Working Opportunity Fund (EVCC) Ltd. (\u201cWOF\u201d).\u00a0 These shares were acquired in May 2021 from shareholders of WOF (\u201cExiting Shareholders\u201d) under the previously announced transaction (the \u201cWOF\u201d Transaction\u201d).<\/p>\n<p>PPI is required to redeem Legacy Shares, on a pro rata basis at NAV, upon its receipt of cash proceeds from the sale of any of its portfolio investments. During the year PPI received cash proceeds for its divestment of Redlen Technologies Inc. and Teradici Corporation and redeemed approximately 58.49% of Legacy Shares on a pro rata basis. In October, the Company received a total of $63,197,947 on redemption of 9.8 million of the Legacy Shares it held. This redemption triggered a requirement for the Company to pay an additional cash payment of $21,136,513, or $1.2661 per share, to the Exiting Shareholders and the Company made that payment effective October 13, 2021.<\/p>\n<p><u>Copperleaf Technologies Inc. <br \/>\n<\/u>At December 31, 2021, the Company held 10.9% of Copperleaf\u2019s issued and outstanding shares, both directly and through its investment in PPI. On October 7, 2021, Copperleaf\u2019s common shares began trading on the TSX under the symbol \u201cCPLF\u201d. The company raised $161.1 million at $15.00 per common share. The Copperleaf shares held by the Company are subject to a 180 day lock up period. There is no guarantee that the value of the Copperleaf shares will be realized after the expiration of the lock up period.<\/p>\n<p><em>Autres faits saillants<br \/>\n<\/em>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 14, 2022, the Company launched a new NCIB, under which the Company may purchase a maximum of 678,839 shares, or 10% of the Company\u2019s public float on launch date, during the period ending February 13, 2023.\u00a0\u00a0<\/p>\n<p>We encourage you to refer to the Company\u2019s MD&amp;A and annual audited financial statements for the year-ended December 31, 2021, and other disclosures available under the Company\u2019s profile at <a href=\"http:\/\/www.sedar.com\">www.sedar.com<\/a> .<\/p>\n<p><strong>\u00c0 propos de la soci\u00e9t\u00e9<br \/>\n<\/strong>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 \u201cPTF\u201d and posts its Reporting NAV on its website, generally within five business days of each month end.<\/p>\n<p>Veuillez visiter <a href=\"http:\/\/www.pendergrowthfund.com\">www.pendergrowthfund.com<\/a>.<\/p>\n<p>Pour plus de renseignements, veuillez communiquer avec :<\/p>\n<p><strong>Tony Rautava<br \/>\n<\/strong>Secr\u00e9taire g\u00e9n\u00e9ral<br \/>\nPender Growth Fund Inc.<br \/>\n(604) 653-9625<br \/>\nSans frais : (866) 377-4743<\/p>\n<p><em>Ni la Bourse de croissance TSX ni son fournisseur de services de r\u00e9glementation (tel que ce terme est d\u00e9fini dans les politiques de la Bourse de croissance TSX) n\u2019acceptent de responsabilit\u00e9 quant \u00e0 la pertinence ou \u00e0 l\u2019exactitude du pr\u00e9sent communiqu\u00e9 de presse.<\/em><\/p>\n<p><strong>Renseignements sur les \u00e9nonc\u00e9s prospectifs <br \/>\n<\/strong>Ce communiqu\u00e9 de presse peut contenir des \u00e9nonc\u00e9s prospectifs (avec le sens qu\u2019on leur accorde dans les lois sur les valeurs mobili\u00e8res en vigueur) relatifs \u00e0 la soci\u00e9t\u00e9 et au contexte dans lequel elle exploite. Les \u00e9nonc\u00e9s prospectifs se reconnaissent habituellement \u00e0 l\u2019emploi de termes et expressions comme \u00ab\u2009croire\u2009\u00bb, \u00ab\u2009pr\u00e9voir\u2009\u00bb, \u00ab\u2009anticiper\u2009\u00bb, \u00ab\u2009avoir l\u2019intention de\u2009\u00bb, \u00ab\u2009estimer\u2009\u00bb, \u00ab\u2009planifier\u2009\u00bb et \u00ab\u2009pouvoir\u2009\u00bb, \u00ab\u2009\u00e9valuer\u2009\u00bb et de verbes au futur ou au conditionnel, et autres expressions comparables. Ces \u00e9nonc\u00e9s s\u2019appuient sur les attentes, estimations, pr\u00e9visions et projections de la soci\u00e9t\u00e9 et comprennent, sans toutefois s\u2019y limiter, les \u00e9nonc\u00e9s portant sur la diminution des risques des portefeuilles de la soci\u00e9t\u00e9, ainsi que leurs occasions de placement futures. Les \u00e9nonc\u00e9s prospectifs dans le pr\u00e9sent communiqu\u00e9 de presse sont \u00e9mis sur la base de certaines hypoth\u00e8ses\u202f: le rendement futur n\u2019est pas garanti et suppose des risques et des incertitudes qui sont difficiles \u00e0 contr\u00f4ler ou pr\u00e9voir. Un certain nombre de facteurs pourraient faire en sorte que les r\u00e9sultats r\u00e9els diff\u00e8rent consid\u00e9rablement des r\u00e9sultats discut\u00e9s dans les \u00e9nonc\u00e9s prospectifs, y compris, sans toutefois s\u2019y limiter, les facteurs mentionn\u00e9s dans la section \u00ab\u2009Facteurs de risque\u2009\u00bb de la notice annuelle de la soci\u00e9t\u00e9, offerte sur le site <a href=\"http:\/\/www.sedar.com\">www.sedar.com<\/a>. Rien ne garantit que ces \u00e9nonc\u00e9s prospectifs seront justes, car les r\u00e9sultats r\u00e9els peuvent nettement diff\u00e9rer de ceux pr\u00e9vus dans de tels \u00e9nonc\u00e9s. \u00c0 cet \u00e9gard, le lecteur ne doit pas se fier ind\u00fbment \u00e0 tout \u00e9nonc\u00e9 prospectif. Qui plus est, ces \u00e9nonc\u00e9s prospectifs sont \u00e9mis en date de ce communiqu\u00e9 de presse et, sauf lorsque la loi en vigueur l\u2019exige express\u00e9ment, la soci\u00e9t\u00e9 n\u2019est pas tenue de faire une mise \u00e0 jour publique ou de r\u00e9viser tout \u00e9nonc\u00e9 prospectif, que ce soit \u00e0 la suite d\u2019une nouvelle information, d\u2019\u00e9v\u00e9nements futurs ou de toute autre raison.<\/p>\n<p>&nbsp;<\/p>","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false},"fund-type":[],"news-type":[],"class_list":["post-38049","news","type-news","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pender Growth Fund Announces Annual Results and Provides Company Updates - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Growth Fund Announces Annual Results and Provides Company Updates\" \/>\n<meta property=\"og:description\" content=\"VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the \u201cCompany\u201d) today announced its financial and operational results for the year ended December 31, 2021. Financial Highlights Net income was $152,096,772 for the year ended December 31, 2021 (December 31, 2020 \u2013 $14,475,473) primarily the result of positive investment performance during the year. Shareholders\u2019 equity per [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/\" \/>\n<meta property=\"og:site_name\" content=\"PenderFund Capital Management\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/penderfund\/\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-24T22:42:34+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/\",\"url\":\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/\",\"name\":\"Pender Growth Fund Announces Annual Results and Provides Company Updates - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/penderfund.com\/#website\"},\"datePublished\":\"2022-04-08T00:51:44+00:00\",\"dateModified\":\"2025-07-24T22:42:34+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-announces-annual-results-and-provides-company-updates-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/penderfund.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/penderfund.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Pender Growth Fund Announces Annual Results and Provides Company Updates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/penderfund.com\/#website\",\"url\":\"https:\/\/penderfund.com\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. 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(TSXV: PTF) Pender Growth Fund Inc. (the \u201cCompany\u201d) today announced its financial and operational results for the year ended December 31, 2021. Financial Highlights Net income was $152,096,772 for the year ended December 31, 2021 (December 31, 2020 \u2013 $14,475,473) primarily the result of positive investment performance during the year. 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