What is the new policy?
Shareholders of the VenGrowth Advanced Life Sciences Fund (‘the Fund’) no longer have the option to redeem their investments. Instead, they will receive their investment returns in the form of annual dividend distribution payments of surplus cash from the Fund.
When will the distribution be paid?
The Board of Directors for the Fund will determine the surplus cash available to be distributed to shareholders at the end of each fiscal year after the annual audit is completed, starting November 2011; and any distributions will be paid on a pro-rata basis shortly thereafter. This means that the total amount received is related to the number of shares owned, regardless of the purchase date. This distribution will be overseen by independent members of the Board of Directors for the Fund, and could occur more than once a year if warranted.
There are no forms to complete to participate in the distribution. All shareholders will receive the distribution effective the same date. Should you choose to transfer the cash out at a later date, there will be no transfer out fees.
Is VenGrowth exploring alternative liquidity options?
Yes, VenGrowth continues to research ways in which to provide investors with liquidity for their shares. We are determined to leave no stone unturned in our effort to provide investors with alternative liquidity options.
How long will it take to wind down the VenGrowth Advanced Life Sciences Fund?
We expect to continue to make distributions each year until the Fund is eventually wound down and all the proceeds from exits are returned to shareholders. Our best estimate in terms of the time required to see this process through to completion is 3 to 6 years.
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