Pender Growth Fund Portfolio Company Announces Proposed Transaction

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- (TSXV: PTF) Pender Growth Fund Inc. (the “Company” or “PTF”) today announces that one of its significant investees, Copperleaf Technologies Inc. (TSX:CPLF) (“Copperleaf”), has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Industrial and Financial Systems, IFS AB (“IFS”), pursuant to which IFS has agreed to indirectly acquire all of the issued and outstanding common shares of Copperleaf (the “Copperleaf Shares”) for $12.00 in cash per Copperleaf Share (the “Copperleaf Transaction”). The Company owns 6,739,883 Copperleaf Shares and its NAV as at May 31, 2024 was $11.9164 per common share based on a price per Copperleaf Share of $8.30 and based on its 7,286,129 shares outstanding. The Company is subject to a 15% performance fee on gains from its Copperleaf holdings.

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