PenderFund Capital Management Proposes Fund Class Closure and Fee Alignment for Investors

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VANCOUVER, British Columbia, Sept. 15, 2025 (GLOBE NEWSWIRE) — PenderFund Capital Management Ltd. (“Pender”) is announcing a proposal to simplify its mutual fund classes, offering all investors the lowest cost purchase option available within each fund. As part of this initiative, the firm has reviewed its fee structure and aims to better align with industry standards. If implemented, the process of closing fund classes and aligning how Pender applies fees across classes will result in lower or equivalent Management Expense Ratios (MERs) for our investors.

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The proposed changes simplify purchase options available to clients. Previously, Pender offered fee discounts at higher subscription thresholds. As part of this larger simplification process, all investors will benefit from access to the lowest cost purchase option available.

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In addition, Pender’s proposal includes a reduction in administration fees across many funds, with offsetting increases in management fees in certain classes. Administration fees cover operating costs as detailed in Pender’s Simplified Prospectus. Under Pender’s original fixed-cost model, these fees were set at 50bps to support a small asset base, often offset by lower management fees to maintain competitive MERs. As the firm has grown, it now proposes reducing administration fees and aligning management fees to match industry norms—while ensuring overall costs remain at or below current levels.

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If approved, these adjustments will result in lower or equivalent MERs for our investors. A special meeting to vote on the management fee changes is scheduled on or around October 31, 2025, in Vancouver.

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“These class closures and fee alignment deliver cost savings to our investors and better align Pender with the industry,” said Geoff Scott, Executive Vice President of Sales and Marketing. “The initiative simplifies the experience for advisors who work with Pender and ensures all of their clients are in the lowest fee class.”

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The proposed management fee changes require the approval of unitholders in the affected classes under applicable securities laws. Investors of the affected classes will receive an information circular in early October 2025 detailing the proposed changes. If the proposals are approved, the fee changes will become effective on or about November 7, 2025.

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If the proposals are not approved, the Manager intends to continue with the proposed class closures. Notice to the affected unitholders of the class closures will be provided in compliance with the funds’ trust agreement and applicable securities laws. Unitholders of the closing classes will be offered the option to either redeem out of the relevant fund during the notice period or convert their units to units of a continuing class of the fund.