Business News • MarketWire • GrowthWorks Commercialization Fund Reports on Ontario Ministry of Finance Preliminary Audit Findings and Dividend Payments |
GrowthWorks Commercialization Fund Reports on Ontario Ministry of Finance Preliminary Audit Findings and Dividend Payments |
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GrowthWorks Commercialization Fund Reports on Ontario Ministry of Finance Preliminary Audit Findings and Dividend Payments
TORONTO, ONTARIO--(Marketwired - Nov. 29, 2013) - GrowthWorks Commercialization Fund Ltd. ("Fund") announced an update with respect to the previously announced preliminary findings from the audit by the Ontario Ministry of Finance ("Ministry") of the Fund's compliance with the investment requirements under the Community Small Business Investment Funds Act (Ontario) (the "Ontario Act") for 2005 through 2009. The Fund also announced that Board of Directors of the Fund intends to monitor the Fund's cash available for dividends on its outstanding Class A Shares based on the levels of exit activity within the Fund's investment portfolio and the levels of redemption requests in respect of the Fund's outstanding Class A Shares. As a result, if cash inflows from divestment activity within the Fund's venture portfolio are lower than estimated or if levels of Class A Share redemption requests are higher than estimated and/or if the Fund incurs significant penalties as a result of the audit by the Ministry, the Fund may not have sufficient cash available to pay dividends in accordance with the Fund's dividend policies for previously offered Series of Class A Shares of the Fund.
View More : http://www.marketwired.com/mw/release.do?id=1857709&sourceType=3
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