BC Advantage Funds Announces Special Dividend for Life Science Venture Fund
Vancouver, December 6, 2006 - BC Advantage Funds (VCC) Ltd. announced today that at a meeting held December 5, 2006 the shareholders of the Advantage Life Science Venture Fund approved the distribution of a special dividend of $10.00 per share on all shares of the fund.
Frank Holler, CEO of Advantage, said: "The Advantage Life Science Venture Fund has performed very strongly over the past five years since its inception and is now the top performing retail venture fund in Canada based on 1 year, 3 year and 5 year returns. The fund has realized on a number of its investments and has a significant cash surplus. We felt it was appropriate to give shareholders the opportunity for a special cash distribution in advance of the redemption dates for the fund which are coming up in late 2007 and early 2008."
BC Advantage Funds received the 2006 "Deal of the Year" award from the Canadian Venture Capital & Private Equity Association for its investment in Aspreva Pharmaceuticals. The award is given each year for the Canadian venture capital deal that achieves the highest realized return over the last 12 months. The Aspreva investment was made in the Advantage Life Science Venture Fund and yielded to the fund an investment return (IRR) of 272% per annum and a return multiple of 23.4 times capital invested.
Approval for the special dividend has been granted by the Investment Capital Branch of British Columbia and the distribution is expected to occur in early January 2007.
Jim Heppell, BC Advantage Funds' President and Fund Manager for the Advantage Life Science Venture Fund said, "We are gratified with the returns we have been able to provide our investors in the life science fund and are pleased to be able to provide them with this special cash dividend of $10.00 per share. We also hope to see further appreciation of the fund's investment portfolio over the coming year, which will add to the overall returns realized by its investors on redemption".
Advantage offers everyone in BC the opportunity to invest in some of the Province's most promising life science, technology and clean-technology companies. Advantage investors receive a 30% refundable tax credit from the BC government on investments of up to $200,000 per year.
For more information about Advantage, please review our prospectus, visit our website at www.bcadvantagefunds.com or contact our Vice President, Sales and Marketing, Ray Matthews at firstname.lastname@example.org or 604.818.7778.
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