HALIFAX, Nova Scotia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- GrowthWorks Atlantic Venture Fund Ltd. (the “Atlantic Fund”) announced today a $500,000 distribution to shareholders under the Pro Rata Redemption Plan (“PRRP”). In accordance with the terms of the previously approved PRRP, the distribution amount will be allocated to each Atlantic Fund shareholder on a proportionate basis. The applicable number of Atlantic Fund shares eligible for redemption for each shareholder will be processed on December 16, 2019 at a Net Asset Value per share price of $1.66.
Atlantic Fund adopted the Pro Rata Redemption Plan to distribute available cash generated from an orderly realization of value from dispositions in Atlantic Fund’s venture portfolio while maintaining funds for projected liabilities and anticipated operating expenses, and, if necessary, potential defensive follow-on investments (to preserve Atlantic Fund’s rights and preferences). In determining the distribution amount for redemption, Atlantic Fund’s board of directors assessed the amount of funds received from recent divestments in the venture portfolio and the amount of projected liabilities and forecasted operating expenses for the medium term.
The adoption of the PRRP followed a full review by Atlantic Fund’s board of directors of strategic options directed towards realizing on the potential value of the venture portfolio, providing liquidity to shareholders and ensuring fairness among all shareholders. Atlantic Fund received shareholder ratification of the PRRP on February 16, 2016.
For more information about the PRRP, we encourage you to review Atlantic Fund’s most recent Annual Financial Statements and Annual Information Form as well as a set of frequently asked questions (FAQ’s) available on the Fund’s website at www.growthworks.ca.
Forward Looking Statements: This press release contains forward looking statements about Atlantic Fund’s ability to assess projected liabilities, anticipated operating expenses and potential follow-on investments realizing on the potential value of the venture portfolio, providing liquidity to shareholders and ensuring fairness among shareholders. These statements are based on beliefs and assumptions of management of Atlantic Fund at the time the statements are made, including beliefs and assumptions about future market conditions, projections on operating expenses and future cost savings, the ability to complete divestments in the venture portfolio and other risks and uncertainties disclosed in Atlantic Fund’s most recent filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless required by law, neither Atlantic Fund nor its manager assumes any obligation to update any forward-looking statements or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or other factors. No assurance can be given as to the timing or any amount of funds that will available for future distribution to shareholders under the PRRP or that Atlantic Fund will be able to complete an orderly realization of value (at current values or otherwise).