Financial Highlights (Unaudited)
- Net loss was
$8,520,121 for the three months endedSeptember 30, 2022 (September 30, 2021 – Net income$75,339,050 ) primarily the result of negative investment performance in the quarter. - Net loss per Share for the three months ended
September 30, 2022 , was$1.12 (September 30, 2021 – Net income per Share$9.89 ). - Shareholders’ equity per Class C common share (“Share”) was
$10.46 as atSeptember 30, 2022 (December 31, 2021 –$26.08 ). - The Company’s total shareholders’ equity was
$79.3 million as atSeptember 30, 2022 , a decrease fromDecember 31, 2021 ($198.6 million ) resulting primarily from a decline in market prices of public company shares during the period. - Shares outstanding were 7,582,329 as at
September 30, 2022 , a decrease fromDecember 31, 2021 (7,616,529) as a result of share repurchases under the Company’s Normal Course Issuer Bid (“NCIB”), which was renewed onFebruary 14, 2022 . - At
September 30, 2022 , 81.1% of the investment portfolio was made up of private companies and 18.9% of public companies. However, taken together with the Company’s indirect exposure to public companies through its investment inPender Private Investments Inc. (“PPI”) andPender Private Debt Opportunities Fund I Limited Partnership (“PPDF”) , public companies make up 86.2% of the Company’s holdings. - Management Expense Ratio (“MER”) excluding performance fees was 2.35% for the three months ended
September 30, 2022 , an improvement by 1.95% compared to the third quarter of 2021.
PERFORMANCE (Based on Shareholders’ Equity) | 3 Month | 1 Year | 3 Year | 5 Year | Since Inception |
Class C | -9.7% | 14.5% | 38.5% | 18.3% | 20.8% |
The Company’s portfolio is materially concentrated in the shares of one publicly listed
During 2021, Copperleaf became publicly listed and its closing price at
As at
During the nine months ended
Portfolio Highlights
The move by central banks to taper monetary and fiscal stimulus and raise interest rates to control inflation, the conflict between
As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies.
Significant Equity Investments & Recent Developments
At
Copperleaf Technologies Inc.
At
D-Wave Quantum Inc.
On
Other Highlights
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
We encourage you to refer to the Company’s MD&A and quarterly unaudited financial statements for
About the Company
Please visit www.pendergrowthfund.com.
For further information, please contact:
Corporate Secretary
(604) 653-9625
Toll Free: (866) 377-4743
Neither the
Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
1 The lock up period is the lesser of (A) six months following the closing and (B) the date on which the last reported sale price of the QBTS equals or exceeds U$12.00 per share for any twenty trading days within any thirty consecutive trading day period commencing after the ninetieth day following the closing
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