Pender completes merger of PSMD into PSCF, with PSMD unitholders now part of the continuing fund
PenderFund Capital Management Ltd. (Pender) has announced that Pender Small/Mid Cap Dividend Fund (PSMD) merged into Pender Small Cap Opportunities Fund (PSCF) on June 28.
Unitholders approved the Merger on May 23.
With the Merger's completion, PSMD will terminate, and PSCF will continue. Pender has applied to the securities regulatory authorities for an order to declare PSMD has ceased to be a reporting issuer in its jurisdictions.
As of June 28, all assets and investments of PSMD were transferred to PSCF, and PSMD unitholders became PSCF unitholders.
- Risk Rating Change: The Continuing Fund's risk rating is medium to high, while the Terminating Fund's risk rating was medium. Pender reviews fund risk ratings annually or when there is a material change.
- Distribution Policy: After the Merger, the Continuing Fund will distribute its net investment income and net realized capital gains annually in December.
- NAV Calculation: The Continuing Fund calculates its net asset value (NAV) weekly, while the Terminating Fund calculated its NAV daily.
- Wind-Up: Following the Merger, Pender will wind up the Terminating Fund as soon as reasonably possible.
