TORONTO, Sept. 26, 2019 /CNW/ - Stornoway Portfolio
Management Inc. ("Stornoway"), the Investment Manager of the
Ravensource Fund (the "Fund" or "Ravensource") (TSX: RAV.UN), is
pleased to announce all 60,542 units of the Fund previously
tendered for redemption under the annual redemption right have been
successfully recirculated. Accordingly, no units of the Fund were
redeemed, and the number of outstanding units will remain at
1,672,870.
"We greatly appreciate the enthusiastic support we received from
both new and existing investors who participated in the
recirculation," said Scott Reid,
President of Stornoway. "All six
times we have undertaken a recirculation they have been fully
subscribed, demonstrating the strong demand that exists for
Ravensource units. We are proud to have earned the trust and
partnership of our fellow Ravensource investors and are dedicated
to protecting and growing their capital for years to come."
"I would also like to acknowledge the hard work of our partners
at BMO Nesbitt Burns, The Canadian Depository for Securities
Limited and Computershare Trust Company of Canada in completing the recirculation
successfully."
The Ravensource Fund is a closed-end mutual fund trust eligible
for registered accounts including RRSPs, RESPs, TFSAs and RRIFs.
Ravensource seeks to achieve absolute, long-term returns by
investing in out-of-favour and deep-value North American
securities. The Fund has three investment strategies: distressed
securities, alternative credit and special situations equities.
Since Stornoway assumed management
in July 2008, a $1,000 investment in Ravensource has grown to
$2,770 versus $1,629 for the S&P / TSX Composite Total
Return Index, including reinvested dividends and distributions.
Additional information relating to Stornoway is available on its website at
www.stornowayportfolio.com and additional information relating to
the Fund is available on its website at www.ravensource.ca.
For more information, please contact:
Stornoway Portfolio Management Inc.
30 St. Clair Avenue West, Suite 901
Toronto, Ontario M4V 3A1
Attention: Scott Reid
Telephone: (416) 250-2845
Email: sreid@stornowayportfolio.com
SOURCE Ravensource Fund