TORONTO, June 30,
2023 /CNW/ - Stornoway Portfolio Management Inc.
("Stornoway"), the Investment Manager of Ravensource Fund (the
"Fund") today announces the Fund will not make a distribution to
unitholders for the semi-annual period ending June 30, 2023. Stornoway believes that retaining capital to
deploy in the attractive investment opportunities currently
available to the Fund will create more value for unitholders than
making a cash distribution. Going forward, on a semi-annual basis,
Ravensource intends to distribute the amount, if any, required for
Ravensource to remain a tax-efficient vehicle as well as any excess
liquidity should there be a lack of compelling investment
opportunities.
"The decision not to make a distribution for the period ending
June 30, 2023 was highly influenced
by the fact Ravensouce is currently fully invested, and by the
consistent feedback from unitholders that redeploying the Fund's
capital in our differentiated investment strategy is more valuable
to them than receiving a cash distribution. Accordingly, we are
currently prioritizing Ravensource's cash to capitalize on the
attractive opportunities in front of us," said Scott Reid, President of Stornoway.
"We are pleased with the milestones achieved by our current
investments over the first half of the year. Looking ahead, we are
excited about their future potential as well as the growing
opportunity set for new investments. Ravensource's capital is
positioned to sweat its hardest on opportunities that we believe
will create meaningful value for our investors. Owning more than
13% of the total Ravensource units outstanding, the Stornoway Team
is highly aligned with our fellow investors and laser focused on
bringing our investments to a successful outcome."
About Ravensource
Ravensource Fund (TSX: RAV.UN) is a closed-end trust eligible
for registered accounts including RRSPs, RESPs, TFSAs and RRIFs.
Ravensource's objective is to 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 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