TORONTO, Jan. 11, 2019 (GLOBE NEWSWIRE) —
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
LDIC Inc. (the “Manager”), the manager of the LDIC North American Small Business Fund (the “Fund”), announces that it has discovered a discrepancy which has affected the net asset value per unit (“NAVPU”) of the Fund. The Manager has determined that an administrative error in calculating year end performance fee expense resulted in a misstatement of the NAVPU of the Series A, Series F and Series F1 of the Fund on January 2, 2019.
The NAVPUs were subsequently recalculated and were lower than the reported NAVPU with the difference being $0.22 or 1.9% on Series A and $0.25 or 2.1% on Series F and $0.23 or 2.0% on Series F1. There were no purchases or redemptions at the originally published NAVPU during the period therefore there was no impact to unitholders. The NAVPU for each of Series A, Series F and Series F1 that was calculated and published for January 4, 2019 reflected the correction for each class respectively and re-established the correct NAVPU values.
The Manager has reviewed and updated its procedures and is working with its valuation agent to ensure that this administrative error will not be repeated. It should be noted that the Manager has reimbursed the Fund from the overpayment of management fees.
For further information please contact:
Chief Compliance Officer
Tel: (416) 362-4141
Email: [email protected]
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