VenGrowth Asset Management Inc.

VenGrowth Asset Management Inc.

August 25, 2011 13:41 ET

Covington Offer Receives Overwhelming Support from VenGrowth Shareholders

More than 90% of voting shareholders endorse Covington Offer

More than one-third of VenGrowth shares were voted

Covington Offer accepted by all five VenGrowth Funds

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2011) - VenGrowth shareholders have overwhelmingly endorsed the Covington Offer to acquire the VenGrowth Funds.

More than 90 per cent of votes were cast in favour of the Covington Offer, according to preliminary results presented at today's meeting.

The Covington Offer received the support of more than the requisite two-thirds of shares voted in all five retail VenGrowth Funds:

  • VenGrowth I - 92.4%
  • VenGrowth II - 92.3%
  • VenGrowth III - 88.5%
  • VenGrowth Advanced Life Sciences - 93.3%
  • VenGrowth Traditional Industries - 93.6%

"Shareholders have delivered a clear and resounding message that they want the benefits and certainty provided by the Covington Offer," said John Kingston, Member of the Board of the VenGrowth Funds and Co-Chair of the Special Committee of the VenGrowth Funds.

More than one-third of all shares were voted at today's meeting, which is unprecedented in the mutual fund industry and demonstrates the level of our shareholders' engagement and their desire for a resolution.

"It is very gratifying to receive this unprecedented level of support from the VenGrowth shareholders. We will now proceed toward a closing on or about August 31," said Mr. Kingston.

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