TORONTO, Sept. 8, 2020 /CNW/ - Stornoway Portfolio
Management Inc. ("Stornoway"), the Investment Manager of the
Ravensource Fund ("Ravensource" or the "Fund") (TSX: RAV.UN),
announced today that, as provided for in the declaration of trust
governing the Fund, the Fund has entered into an agreement with BMO
Nesbitt Burns Inc. dated as of September 8,
2020, to recirculate the 319,508 units of the Fund tendered
for redemption (the "Recirculation").
"The Recirculation is a once-a-year opportunity for investors to
buy more units of Ravensource than are usually available in the
market," said Scott Reid,
Stornoway's President. "We believe
the Recirculation is especially compelling now given the favourable
backdrop for distressed and special situations investing.
Ravensource is unique in that it enables retail investors to profit
from these opportunities generally not available through public
mutual funds and ETFs. Further, by investing alongside the
Stornoway Team, investors can benefit from our hands-on approach to
creating value on our investments."
Since Stornoway assumed
management in July 2008, a
$1,000,000 investment in Ravensource
has grown to $2,470,458, 51% greater
than a $1,000,000 investment in the
S&P / TSX over the same period, including reinvested dividends
and distributions.
"Our active approach and 'Edge' have generated superior and
differentiated long-term returns for our fellow Ravensource
unitholders," Scott Reid said. "As
one of the few investors with a track record of successfully
investing in Canadian distressed opportunities, we believe we are
uniquely positioned to capitalize on today's environment."
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.
Additional information relating to the Fund and the
Recirculation will be available shortly by clicking the
"Recirculation Opportunity" link on the homepage of the Fund's
website at www.ravensource.ca. A copy of the recirculation
agreement can be retrieved through SEDAR at www.sedar.com.
Orders to purchase units under the Recirculation must be placed
at no less than the redemption price of $15.69 per unit no later than 2pm Eastern Time on September 23, 2020. The redemption payment date,
and settlement date for units purchased as part of the
recirculation, will be September 25,
2020.
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
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