TORONTO, Sept. 7,
2021 /CNW/ - Stornoway Portfolio Management Inc.
("Stornoway"), the Investment Manager of Ravensource Fund (TSX:
RAV.UN), is pleased to announce that Computershare Trust Company of
Canada, as trustee of Ravensource,
has entered into an agreement with BMO Nesbitt Burns Inc. to
recirculate 250,264 units tendered for redemption (the
"Recirculation") to interested investors at a price of $17.3311 per unit.
"The Recirculation is a once-a-year opportunity to buy more
units of Ravensource than are usually available in the market,"
said Scott Reid, Stornoway's President. "Ravensource's value
proposition is to enable retail investors to participate in the
revitalization of distressed companies and other special situation
opportunities typically unavailable in public mutual funds.
Further, our contrarian investment philosophy has produced results
uncorrelated to most asset classes that can provide a powerful
diversifying impact to an investor's portfolio."
Investors who participated in the 2020 Recirculation have earned
a 12.4% return to date, including distributions.
Over the longer term, since Stornoway assumed management in July 2008, a $100,000 investment in Ravensource has grown to
$274,149. Ravensource's
outperformance has generated 54% / $60,796 greater wealth creation than a
$100,000 investment in the S&P /
TSX over the same period, including reinvested dividends and
distributions.
"We believe that our hands-on and active approach to investing
is our 'Edge', a key driver for generating superior and
differentiated long-term returns for our fellow Ravensource
unitholders," Scott Reid said. "As
one of the few investment vehicles with a track record of
successfully investing in Canadian distressed and special situation
opportunities, we believe Ravensource is uniquely positioned to
capitalize on today's environment."
Investors interested in purchasing units under the Recirculation
must place their order by 2pm Eastern
Time on September 22, 2021.
The settlement date for units purchased as part of the
recirculation, will be September 24,
2021. Ravensource units are 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.
Additional information relating to Ravensource and the
Recirculation is available on the "Recirculation Opportunity" link
at www.ravensource.ca.
Please note that this release has been prepared by Stornoway
Portfolio Management for information purposes only and is not, and
under no circumstances should be construed as, an advertisement for
a public offering for the securities referred to herein. Please
consult your broker or investment advisor when determining the
suitability of an investment for you.
SOURCE Ravensource Fund