PenderFund Capital Management Ltd. announces securityholder approval for fund mergers

VANCOUVER, British Columbia, May 23, 2023 (GLOBE NEWSWIRE) -- PenderFund Capital Management Ltd. ("Pender"), the Manager of Pender Enhanced Income Fund, Pender Strategic Growth and Income Fund, Pender Value Fund, and Pender Global Focused Fund (collectively, the "Funds" and each a "Fund"), announces that it has received securityholder approval at the special meetings of the securityholders held on May 23, 2023, for the following mutual funds (each a "Terminating Fund") to be merged into the corresponding mutual fund (each a "Continuing Fund") (the "Mergers"), as follows:

The Mergers are expected to take effect on or about June 23, 2023. Following the Mergers, additional changes are proposed to take place, as follows:

• Name Change: The name of "Pender Enhanced Income Fund" will be changed to "Pender Strategic Growth and Income Fund".
• Change in Investment Strategies: The investment strategy of the Pender Value Fund will be amended to better align with its investment objectives.
• Risk Rating Changes: The following risk rating changes are proposed:
  

Additional information regarding the Mergers is contained in the applicable Fund's management information circular dated April 26, 2023, copies of which were mailed to applicable securityholders and also made available on the SEDAR profile of such Fund at www.sedar.com.

The risk rating for each Fund is reviewed at a minimum on an annual basis, as well as when a Fund undergoes a material change. A summary of the methodology used by Pender to identify the risk rating of each Fund can be found in the Funds' simplified prospectus available on SEDAR at www.sedar.com. This methodology is also available by calling toll-free 1-866-377-4743 or sending an email to [email protected].

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "expect" or "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements are based on the opinions and estimates of the manager at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage a suite of differentiated investment funds, exploiting inefficient parts of the investing universe to achieve our goal.

For more information on Pender and for standard performance information on our funds, please visit www.penderfund.com and www.fondspender.com.

Please read important disclosures at www.penderfund.com/disclaimer.

For further information, please contact:
Melanie Moore
Vice President of Marketing, PenderFund Capital Management Ltd.
[email protected]
(604) 688-1511
Toll Free: (866) 377-4743