Toronto, Ontario--(Newsfile Corp. - November 22, 2024) - B.E.S.T. Venture Opportunities Fund Inc. (CSE: BVOF.A) (CSE: BVOF.B) (the "Fund") announced today that the Fund's board of directors (the "Board of Directors") has approved the extension of the suspension of redemption rights of the Fund's Class A shares until at least December 31, 2025. The Board of Directors has determined that reinstating the processing of redemption requests of the Fund's Class A shares would not be in the best interests of the Fund at this time.
John Richardson, Chief Executive Officer of the Fund commented, "The Board of Directors has determined that it continues to be in the best interests of the Fund's shareholders to preserve the Fund's current cash position and to provide the Fund with additional time and financial flexibility to pursue an exit from the Fund's remaining private investments." The Board of Directors has concluded that more time is needed for the Fund to realize the value of its holdings.
The Fund's Class A shares, Series I and Class A shares, Series II continue to be listed for trading on the Canadian Securities Exchange under the symbol "BVOF.A" in respect of the Class A shares, Series I and "BVOF.B" in respect of the Class A shares, Series II.
The extension of the redemption suspension period will be evaluated by the Board of Directors on a regular basis and will be extended until at least December 31, 2025, unless the Board of Directors determines it may be terminated before this date.
About B.E.S.T. Venture Opportunities Fund Inc.
B.E.S.T. Venture Opportunities Fund Inc., established in 1993, is registered as a labour sponsored investment fund corporation under the Community Small Business Investment Funds Act (Ontario) and as a labour-sponsored venture capital corporation under the Income Tax Act (Canada). The Fund makes investments in eligible Canadian businesses with the objective of achieving long-term capital appreciation.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Fund's current expectations regarding future events. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" and other similar expressions or negative versions thereof. In particular, forward-looking statements in this news release include, but are not limited to, statements regarding future redemptions and their impact on liquidity, future exits from the Fund's private investments and the daily determination of NAV. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Fund's control, that could cause actual results and events to differ materially from those that are disclosed in, or implied by, such forward-looking information. The forward-looking information contained herein is made as of the date of this news release and, except as expressly required by applicable law, the Fund assumes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
For more information, please contact:
John Richardson, Chief Executive Officer or Tom Lunan, Chief Financial Officer, by telephone at 647-403-5072 or 416-203-7331 (ext. 230), respectively, or by email at info@bestfunds.ca.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231034
SOURCE: B.E.S.T. Venture Opportunities Fund Inc.
