TORONTO, Sept. 23,
2022 /CNW/ - Stornoway Portfolio Management Inc.
("Stornoway"), the Investment Manager of the Ravensource Fund (the
"Fund" or "Ravensource") (TSX: RAV.UN), announced it has
recirculated 107,304 units of the Fund previously tendered for
redemption under the annual redemption right. Accordingly, 146,639
units of the Fund were redeemed, reducing the number of outstanding
units to 1,050,695.
"This year's recirculation was the largest since Stornoway assumed management of Ravensource in
2008," said Scott Reid, President of
Stornoway. "We greatly appreciate
the support of both new and existing Ravensource investors who have
entrusted us with their capital. We are committed to protecting and
growing their investment over the years to come."
"Our investors are our greatest asset. Their long-term
investment horizon enables us to invest in complex corporate
revitalizations, which can take 3-5 years to reap rewards. Their
patience and fortitude, combined with our expertise, are key
components to achieving our objective of generating superior
long-term returns unlinked to the performance of broader
markets."
Stornoway team members
individually subscribed for additional units through the
recirculation. Independently, Stornoway employees directly and indirectly
own 17.3% of the total outstanding Fund units, up from 14.3% prior
to the recirculation.
"Our conviction in the opportunities present in today's
Ravensource's investment portfolio is best demonstrated by the
significant investment of each member of the Stornoway Team in
Ravensource units alongside that of our investors," said
Scott Reid. "This deep alignment we
have with our investors is a core tenet of the Stornoway Way."
"I would also like to acknowledge the hard work of our partners
at BMO Nesbitt Burns, Canadian Depository for Securities Limited,
TMX Group Inc., and Computershare Trust Company of Canada in completing the recirculation
successfully."
Since Stornoway assumed
management of Ravensource in July
2008, a $100,000 investment in
Ravensource has grown to $247,695 as
of September 15, 2022. Ravensource's
outperformance has generated 38% / $40,919 more wealth creation than a $100,000 investment in the S&P / TSX over the
same period, including reinvested dividends and distributions.
Ravensource seeks to achieve superior absolute, long-term
returns by investing in distressed and deep-value North American
securities. The Fund implements this philosophy across 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.
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