VentureLink Innovation Fund Inc.

VentureLink Innovation Fund Inc. Honours 20% of NAV Shareholder Redemptions for Fiscal Year 2017 and Announces ClosinAgain

VL Advisors Inc. ("VL Advisors" or the Manager") has recently announced that VentureLink Innovation Fund Inc. (the "Fund") will be re-opening to hour redemptions beginning on January 8, 2018 for trades to be priced and trade dated January 12, 2018.

VentureLink Innovation Fund Inc. Honours 20% of NAV Shareholder Redemptions for Fiscal Year 2018 and Announces Closing Again

VentureLink Innovation Fund Inc. (the Fund”) announced on January 19, 2018 that year to date it has honoured in excess of $11.3 million in shareholder redemption requests.  Having honoured those redemption requests, the Fund has processed shareholder redemptions during its fiscal year 2018 in excess of 20% of its net asset value as of December 31, 2017, is suspending further redemptions and will not be accepting further redemption requests at this time.

All orders placed during the week ending 4:00 pm January 12, 2018 were honoured for 100% of the redemption amount. All orders placed during this current week, orders placed between 4:01 pm on January 12th and prior to 4pm January 19, 2018 will be honoured for 10% of the order.  All trades placed during that week ending January 19, 2018 will settle over the next five business days.  All trades placed after 4pm on January 19, 2018 will be rejected until the Fund reopens for redemptions.

Under the terms of the Fund’s prospectus, the Fund is allowed to halt redemptions once that 20% of prior year ending NAV threshold has been met. The Board has taken this decision to ensure the Fund continues to operate in an efficient manner. The Board concluded that this suspension is required to maximize returns for all shareholders and is in the best interests of the Fund.

The decision follows careful consideration by the Board of the various alternatives available to the Fund and is expected to allow the Fund to reopen for redemptions on or about January 7, 2019 at which time the Fund anticipates that it will resume honouring redemptions of at least 20% of NAV of the Fund as at December 31, 2018, as laid out in the Fund’s prospectus disclosure. Specific details on such future redemption opportunities will be released at a later date and will be posted to the Fund’s website at www.venturelinkfunds.com

The Fund has previously disclosed its plans to divest of all of its holdings prior to December 31, 2018 and to wind up thereafter. The Fund continues to implement this plan. In its disclosure over the past few years the Fund has anticipated certain circumstances where the time to complete divestment of the portfolio may be extended by twelve to eighteen months. At the time of this press release that further extension is looking more likely. However, if the divestures happen more quickly than anticipated, there is a chance the Fund may open sooner or open in 2019 and honour more than 20% of NAV. The Fund is planning to honour annual redemptions of at least 20% of opening Net Asset Value in each calendar year until such time as the Fund has divested of all of its holdings and it can wind up.

For Further Information:

Geoff Horton, Managing Partner
VL Advisors Inc.
416-681-6372
ghorton@venturelinkfunds.com

 

 

Customer Service:
1-800-792-9355

VL Advisors Inc.

3 Church Street, Suite 602
Toronto, Ontario M5E 1M2

Toll Free:     800-253-1043
Phone:         416-681-6676
Fax:             416-681-6661
Email:           info@venturelinkfunds.com

 

Our Fund

VentureLink Innovation Fund’s objective is to realize long-term capital appreciation by making debt and equity investments in a diversified portfolio of securities in eligible Canadian businesses and by investing in reserves.

The Fund reduces risk through diversification in various investments, including debt-related securities (such as debentures and promissory notes), as well as equity holdings.

VentureLink Innovation Fund

(Note - The Prospectus for VentureLink Innovation Fund Inc. was not renewed and the Fund has ceased taking purchase orders as of October 17th, 2012.)