Pender Growth Fund Announces Share Buyback
Pender Growth Fund Inc. announced it has notified the TSX Venture Exchange of its intention to make a Normal Course Issuer Bid. The bid, subject to exchange acceptance, would allow the company to buy back its own shares on the open market.
- The company is entitled to repurchase up to 585,681 of its Class C common shares, which represents 10% of the company's public float. - This buyback program is set to commence on February 20, 2026, and will end on February 19, 2027, unless completed earlier. - Pender's board of directors stated the reason for the buyback is their belief that the market price of its shares may not fully reflect the company's underlying value and growth prospects. - This is a renewal of a previous share buyback program; for the year ending December 31, 2024, the company repurchased 235,000 shares for $2,278,263. - As of January 30, 2026, Pender Growth Fund had 6,881,121 shares outstanding. - The share repurchases will be handled by Ventum Financial Corp. on the open market through the facilities of the TSX Venture Exchange. - The CEO of Pender Growth Fund is David Barr, who also serves as the portfolio manager for several of Pender's funds. - The fund's investment strategy focuses on long-term capital growth from investments in small-cap companies, special situations, and illiquid public and private companies.
