VANCOUVER, British Columbia, April  05, 2024  (GLOBE NEWSWIRE) -- (TSXV: PTF) Pender Growth Fund Inc. (the "Company") today announced its financial and operational results for the year ended December 31, 2023.

Financial Highlights

• Net income was $1,029,528 for the year ended December 31, 2023 (December 31, 2022 – Net loss $127,838,962) primarily the result of positive investment performance during the year.

• Net income per Class C common share ("Share") for the year ended December 31, 2023 was $0.14 (December 31, 2022 – Net loss per share $16.85).

• The Company's total shareholders' equity decreased by $353,077 from December 31, 2022 ($70.2 million) to $69.9 million as at December 31, 2023, primarily due to share repurchases of $1,382,605 under the Company's Normal Course Issuer Bid ("NCIB"), offset by positive investment performance of $1,029,528 during the year.

• Shareholders' equity per Share was $9.48 as at December 31, 2023 (December 31, 2022 – $9.28).

• Shares outstanding were 7,368,229 as at December 31, 2023, a decrease from December 31, 2022 (7,569,929) as a result of share repurchases under the NCIB, which was renewed on February 15, 2024.

• At December 31, 2023, 77.1% of the investment portfolio was made up of public companies and 22.9% of private companies.

• Management Expense Ratio ("MER") before performance fees was 2.31% for the year ended December 31, 2023, up 0.41% compared to 1.90% in 2022.

The Company's portfolio is materially concentrated in the shares of one publicly listed Portfolio Company, Copperleaf Technologies Inc. ("Copperleaf"). As at December 31, 2023, the Company held 6,889,883 shares of Copperleaf with a value of $41,614,893, which was 59.5% of the Company's total shareholders' equity of $69,886,178 (December 31, 2022 – 6,762,065 shares with a value of $38,814,252 which was 55.3% of the Company's total shareholders' equity). There can be no assurance that the Company will be able to realize the value of this investment. As at December 31, 2023 the shares of Copperleaf are all held directly by the Company, following the amalgamation with Pender Private Investments Inc. ("PPI") discussed in "Pender Private Investments Inc".

Portfolio Highlights

With the rate of inflation continuing to slow, central banks led by the US Federal Reserve are taking the opportunity to signal a pivot in interest rate policy with the next rate move likely to be lower. There is still potential for volatility as the market was quick to adjust to these revised expectations, potentially setting the stage for disappointment if inflation remains sticky and rate cuts don't materialize to the degree expected. We think these macro variables will likely remain in focus. We will continue to monitor these macro events and assess their impacts on the Company and our Portfolio Companies with the goal to help the businesses we own have the durability and balance sheet strength to weather a variety of economic environments.

We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year.

Investment results may be affected by future developments and new information that may emerge about inflation and the impact of central bank measures on the economy, the state of M&A markets, geopolitical and other global events, factors that are beyond the Company's control.

While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios.  We believe that this environment provides compelling opportunities for long term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.

In 2023, as always, we worked closely with our private portfolio companies and certain of our public portfolio companies.

Significant Equity Investments & Recent Developments

Pender Private Investments Inc.

On December 31, 2023, the Company completed an amalgamation of Pender Private Investments Inc. ("PPI"), formerly the Working Opportunity Fund (EVCC) Ltd. ("WOF"), which was acquired by the Company in May 2021.

Copperleaf Technologies Inc.

At December 31, 2023, the Company held 9.3% of Copperleaf's issued and outstanding shares. The value of the Company's holdings of Copperleaf was $41.6 million at December 31, 2023, which was 59.5% of the Company's total shareholders' equity.

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 February 15, 2024, the Company launched a new NCIB, under which the Company may purchase a maximum of 630,188 shares, or 10% of the Company's public float on launch date, during the one-year period ending February 14, 2025.

We encourage you to refer to the Company's MD&A and annual audited financial statements for the year-ended December 31, 2023, and other disclosures available under the Company's profile at  for additional information.