Initial Business Response / [redacted] (1000, 5, 2015/08/27) */ [redacted] Thank you for your recent inquiry with the Revdex.com (Revdex.com Case #***) regarding your investment in the GrowthWorks Atlantic Venture Fund Ltd(Atlantic Fund) and for allowing me as President & CEO of the Atlantic Fund to provide an explanation I appreciate your desire to move your funds to a more secure place, such as your financial institutionInvesting in the venture capital asset class does carry increased risks as compared to holding your funds at the bank At this time the Atlantic Fund is closed for both redemption and saleEnclosed with this letter is a copy of a press release issued by Atlantic Fund on [redacted] **, [redacted] and posted at [redacted] The press release provides a summary of the redemption closure affecting your investmentI encourage you to discuss this situation with your investment advisor As outlined in the press release at the time, the Atlantic Fund's Board of Directors considered several factors in determining to suspend redemptions and sales of Class A Shares, including forecasted exit opportunities, redemption demand and the need to preserve investment and operating capital, and the long term impact of the federal government's announcement in [redacted] to phase out the 15% federal labour-sponsored venture capital corporation tax credit on future capital raisingThe Board of Directors determined that, at this time, it is in the best interests of its shareholders to preserve capital therefore decided to close redemptionsThe redemption closure continues to be in effectI appreciate that the the Atlantic Fund's shareholders may not be pleased with the current situationI can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to generate the requisite liquidity (i.e., cash) for shareholders while maximizing the value of the venture portfolio which is in the best interest of all shareholders A Strategic Review Committee established by the Atlantic Fund's board of directors along with its independent counsel continues to review alternatives for providing liquidity for the Atlantic Fund's shareholdersGrowthWorks anticipates that the committee will be in a position to present a recommendation to the Board of Directors in the fall of ***While the Atlantic Fund is encouraged by the exit opportunities with several portfolio companies, discussions and negotiations remain at an early stage and there can be no certainty as to if or when such transactions will be completedAt this point the Atlantic Fund believes the best course for shareholders is to continue to work with investee companies to try and derive maximum value for Atlantic Fund shareholders While the Atlantic Fund cannot process share redemption requests at this time, shareholders may continues to submit requests for the redemptions of their sharesYou may complete and sign our redemption request form, which is available at [redacted] Also enclosed with this letter is a copy of the Atlantic Fund's Management Report of Fund Performance for the six month period ended [redacted] **, *** I regret if GrowthWorks` has not been successful in clearly communicating to you the rationale why you cannot redeem your shares for cash at this timeI appreciate your continued patience as we work to maximize the value of your holdings while identifying attractive exit opportunities for the venture portfolio companiesShould you have any questions, please feel free to contact me at [redacted] or [redacted] I appreciate that this is a frustrating situation and you may not be satisfied with our responseGrowthWorks is a member of the [redacted] You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the *** Sincerely, [redacted] Growth Works Capital Ltd [redacted] Initial Consumer Rebuttal / [redacted] (3000, 8, 2015/09/01) */ (The consumer indicated he/she DID NOT accept the response from the business.) I believe that I should still be able to transfer my funds in my Bankplease keep pushing for more answersthis is money I had deposited into and had invested for future useThis is not acceptable[redacted] Final Business Response / [redacted] (4000, 14, 2015/09/17) */ ***Document Attached [redacted] **, [redacted] RE: GrowthWorks Atlantic Venture Fund Ltd(account # [redacted] ) Dear Ms [redacted] , Thank you for allowing me to respond to your inquiry with the Revdex.com (Revdex.com Case #***) regarding your investment in the GrowthWorks Atlantic Venture Fund Ltd(Atlantic Fund)We received by mail a letter from the Revdex.com dated [redacted] *, [redacted] containing your comments to our response dated [redacted] **, *** In your follletter you state that it is not acceptable that you are not able to transfer your funds to your bank I encourage you to discuss this situation with your investment advisor The context for the redemption closure affecting your investment is set out in our letter dated [redacted] **, [redacted] letter, I appreciate your desire to move your funds to your bank but at this time this is not possibleInvesting in the venture capital asset class carries increased risks, such as a lack of liquidity causing a fund to not be able to redeem sharesI can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to be able to return cash to shareholders while maximizing the value of the venture portfolio for the benefit of all shareholdersShould you have any questions, please feel free to contact me at [redacted] or [redacted] I appreciate that this is a frustrating situation and you may not be satisfied with our responseGrowthWorks is a member of the [redacted] You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the *** Sincerely, [redacted] Vice President, Investments [redacted] Enclosures: Brochure - What do if you have a complaint
Initial Business Response /* (1000, 8, 2016/05/06) */
Contact Name and Title: [redacted]
Contact Phone: [redacted]
Contact Email: [redacted]
Dear [redacted],
Thank you for your recent inquiry with the Revdex.com ([redacted]) regarding your...
investment in the GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") and for allowing me [redacted] to provide an explanation.
I understand that you would like to redeem the shares you hold in the Atlantic Fund and have tried to do so on several occasions in the past year. I certainly appreciate your frustration in not being permitted to redeem your Atlantic Fund shares.
However, at this time the Atlantic Fund is closed for both redemption and sale. Enclosed with this letter is a copy of a press release issued by Atlantic Fund on November 20, 2014 announcing the suspension of redemptions and a copy of a press release issued by Atlantic Fund on November 20, 2015 announcing that Atlantic Fund's Board of Directors approved a Pro Rata Redemption Plan for future redemptions, which was subsequently ratified by Atlantic Fund shareholders at the Atlantic Fund's Annual General Meeting in February 2016. Both releases were posted at[redacted]
As outlined in the Pro Rata Redemption Plan press release (and further detailed in the Frequently Asked Questions document enclosed with this letter), Atlantic Fund established a [redacted] ("[redacted]") comprised of independent directors and its own independent counsel. The [redacted]'s review was commenced in light of a range of factors, including Atlantic Fund's cash position, actual and projected levels and timing of divestment activity, the prospects for generating exit values in excess of carrying values and the prospects for Atlantic Fund resuming weekly redemption processing and future capital raising.
The [redacted] recommended the Pro Rata Redemption Plan to the Board of Atlantic Fund with an overarching focus on maximizing potential returns to shareholders and ensuring fairness among all shareholders. In accepting the recommendation of the [redacted], the Board of Atlantic Fund determined that the manner in which Atlantic Fund distributes available cash to shareholders should be changed from distributions by way of redemptions on a "first redemption request in, first paid out" basis to distributions by way of redemptions to all shareholders on a pro rata (or proportional) basis. In the Board's view, a distribution method of providing cash by way of redemptions on a "first redemption request in, first paid out" basis has significant risk of having some shareholders receive liquidity to the exclusion of others.
The Board will review regularly the potential for making payments to shareholders when Atlantic Fund has available funds for distribution under the Pro Rata Redemption Plan. The amount and timing of available funds for redemptions under the Pro Rata Redemption Plan will depend on the timing and amount of exit proceeds generated in Atlantic Fund's portfolio. Atlantic Fund's Board believes the overall potential of Atlantic Fund's venture portfolio to provide value and meaningful cash through exit transactions remains strong and believes many of the portfolio companies are continuing to grow and mature, improving the prospects for cash-generating exits. Unfortunately, the timing of exit transactions is largely beyond the control of Atlantic Fund because it depends heavily on the merger and acquisition, initial public offerings, and secondary investment markets and Atlantic Fund has minority positions in its investee companies.
As such, I cannot give you assurance as to the timing or amount of funds that will available for distribution to shareholders under the Pro Rata Redemption Plan or that Atlantic Fund will be able to complete an orderly sale of its portfolio companies. Further, while circumstances may change, given the stage of development of Atlantic Fund's portfolio companies and potential exit opportunities, Atlantic Fund does not anticipate that funds will be available for distribution under the Pro Rata Redemption Plan for the next several quarters.
I appreciate that you and other Atlantic Fund shareholders are not be pleased with the current situation. I can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund's venture portfolio to generate the requisite liquidity (i.e., cash) for shareholders while maximizing the value of the venture portfolio which is in the best interest of all shareholders. Should you have any questions, please feel free to contact me at [redacted] or [redacted].
I understand that this is a frustrating situation and you may not be satisfied with my response. GrowthWorks is a member of the [redacted]). You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the [redacted].
Sincerely,
Initial Business Response /* (1000, 5, 2015/08/27) */
[redacted]
Thank you for your recent inquiry with the Revdex.com (Revdex.com Case #[redacted]) regarding your investment in the...
GrowthWorks Atlantic Venture Fund Ltd. (Atlantic Fund) and for allowing me as President & CEO of the Atlantic Fund to provide an explanation.
I appreciate your desire to move your funds to a more secure place, such as your financial institution. Investing in the venture capital asset class does carry increased risks as compared to holding your funds at the bank.
At this time the Atlantic Fund is closed for both redemption and sale. Enclosed with this letter is a copy of a press release issued by Atlantic Fund on [redacted], [redacted] and posted at [redacted]. The press release provides a summary of the redemption closure affecting your investment. I encourage you to discuss this situation with your investment advisor.
As outlined in the press release at the time, the Atlantic Fund's Board of Directors considered several factors in determining to suspend redemptions and sales of Class A Shares, including forecasted exit opportunities, redemption demand and the need to preserve investment and operating capital, and the long term impact of the federal government's announcement in [redacted] to phase out the 15% federal labour-sponsored venture capital corporation tax credit on future capital raising. The Board of Directors determined that, at this time, it is in the best interests of its shareholders to preserve capital therefore decided to close redemptions. The redemption closure continues to be in effect. I appreciate that the the Atlantic Fund's shareholders may not be pleased with the current situation. I can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to generate the requisite liquidity (i.e., cash) for shareholders while maximizing the value of the venture portfolio which is in the best interest of all shareholders.
A Strategic Review Committee established by the Atlantic Fund's board of directors along with its independent counsel continues to review alternatives for providing liquidity for the Atlantic Fund's shareholders. GrowthWorks anticipates that the committee will be in a position to present a recommendation to the Board of Directors in the fall of [redacted]. While the Atlantic Fund is encouraged by the exit opportunities with several portfolio companies, discussions and negotiations remain at an early stage and there can be no certainty as to if or when such transactions will be completed. At this point the Atlantic Fund believes the best course for shareholders is to continue to work with investee companies to try and derive maximum value for Atlantic Fund shareholders.
While the Atlantic Fund cannot process share redemption requests at this time, shareholders may continues to submit requests for the redemptions of their shares. You may complete and sign our redemption request form, which is available at [redacted].
Also enclosed with this letter is a copy of the Atlantic Fund's Management Report of Fund Performance for the six month period ended [redacted], [redacted].
I regret if GrowthWorks` has not been successful in clearly communicating to you the rationale why you cannot redeem your shares for cash at this time. I appreciate your continued patience as we work to maximize the value of your holdings while identifying attractive exit opportunities for the venture portfolio companies. Should you have any questions, please feel free to contact me at [redacted] or [redacted].
I appreciate that this is a frustrating situation and you may not be satisfied with our response. GrowthWorks is a member of the [redacted]. You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the [redacted].
Sincerely,
[redacted]
[redacted]
Growth Works Capital Ltd.
[redacted]
Initial Consumer Rebuttal /* (3000, 8, 2015/09/01) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I believe that I should still be able to transfer my funds in my Bank... please keep pushing for more answers. this is money I had deposited into and had invested for future use. This is not acceptable...[redacted]
Final Business Response /* (4000, 14, 2015/09/17) */
[redacted]Document Attached[redacted]
[redacted], [redacted]
[redacted]
[redacted]
RE: GrowthWorks Atlantic Venture Fund Ltd. (account #[redacted])
Dear Ms. [redacted],
Thank you for allowing me to respond to your inquiry with the Revdex.com (Revdex.com Case #[redacted]) regarding your investment in the GrowthWorks Atlantic Venture Fund Ltd. (Atlantic Fund). We received by mail a letter from the Revdex.com dated [redacted], [redacted] containing your comments to our response dated [redacted], [redacted].
In your follow-up letter you state that it is not acceptable that you are not able to transfer your funds to your bank.
I encourage you to discuss this situation with your investment advisor.
The context for the redemption closure affecting your investment is set out in our letter dated [redacted], [redacted] letter, I appreciate your desire to move your funds to your bank but at this time this is not possible. Investing in the venture capital asset class carries increased risks, such as a lack of liquidity causing a fund to not be able to redeem shares. I can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to be able to return cash to shareholders while maximizing the value of the venture portfolio for the benefit of all shareholders. Should you have any questions, please feel free to contact me at [redacted] or [redacted].
I appreciate that this is a frustrating situation and you may not be satisfied with our response. GrowthWorks is a member of the [redacted]. You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the [redacted].
Sincerely,
[redacted]
Vice President, Investments
[redacted]
Enclosures:
Brochure - What do if you have a complaint
Initial Business Response / [redacted] (1000, 5, 2015/08/27) */ [redacted] Thank you for your recent inquiry with the Revdex.com (Revdex.com Case #***) regarding your investment in the GrowthWorks Atlantic Venture Fund Ltd(Atlantic Fund) and for allowing me as President & CEO of the Atlantic Fund to provide an explanation I appreciate your desire to move your funds to a more secure place, such as your financial institutionInvesting in the venture capital asset class does carry increased risks as compared to holding your funds at the bank At this time the Atlantic Fund is closed for both redemption and saleEnclosed with this letter is a copy of a press release issued by Atlantic Fund on [redacted] **, [redacted] and posted at [redacted] The press release provides a summary of the redemption closure affecting your investmentI encourage you to discuss this situation with your investment advisor As outlined in the press release at the time, the Atlantic Fund's Board of Directors considered several factors in determining to suspend redemptions and sales of Class A Shares, including forecasted exit opportunities, redemption demand and the need to preserve investment and operating capital, and the long term impact of the federal government's announcement in [redacted] to phase out the 15% federal labour-sponsored venture capital corporation tax credit on future capital raisingThe Board of Directors determined that, at this time, it is in the best interests of its shareholders to preserve capital therefore decided to close redemptionsThe redemption closure continues to be in effectI appreciate that the the Atlantic Fund's shareholders may not be pleased with the current situationI can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to generate the requisite liquidity (i.e., cash) for shareholders while maximizing the value of the venture portfolio which is in the best interest of all shareholders A Strategic Review Committee established by the Atlantic Fund's board of directors along with its independent counsel continues to review alternatives for providing liquidity for the Atlantic Fund's shareholdersGrowthWorks anticipates that the committee will be in a position to present a recommendation to the Board of Directors in the fall of ***While the Atlantic Fund is encouraged by the exit opportunities with several portfolio companies, discussions and negotiations remain at an early stage and there can be no certainty as to if or when such transactions will be completedAt this point the Atlantic Fund believes the best course for shareholders is to continue to work with investee companies to try and derive maximum value for Atlantic Fund shareholders While the Atlantic Fund cannot process share redemption requests at this time, shareholders may continues to submit requests for the redemptions of their sharesYou may complete and sign our redemption request form, which is available at [redacted] Also enclosed with this letter is a copy of the Atlantic Fund's Management Report of Fund Performance for the six month period ended [redacted] **, *** I regret if GrowthWorks` has not been successful in clearly communicating to you the rationale why you cannot redeem your shares for cash at this timeI appreciate your continued patience as we work to maximize the value of your holdings while identifying attractive exit opportunities for the venture portfolio companiesShould you have any questions, please feel free to contact me at [redacted] or [redacted] I appreciate that this is a frustrating situation and you may not be satisfied with our responseGrowthWorks is a member of the [redacted] You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the *** Sincerely, [redacted] Growth Works Capital Ltd [redacted] Initial Consumer Rebuttal / [redacted] (3000, 8, 2015/09/01) */ (The consumer indicated he/she DID NOT accept the response from the business.) I believe that I should still be able to transfer my funds in my Bankplease keep pushing for more answersthis is money I had deposited into and had invested for future useThis is not acceptable[redacted] Final Business Response / [redacted] (4000, 14, 2015/09/17) */ ***Document Attached [redacted] **, [redacted] RE: GrowthWorks Atlantic Venture Fund Ltd(account # [redacted] ) Dear Ms [redacted] , Thank you for allowing me to respond to your inquiry with the Revdex.com (Revdex.com Case #***) regarding your investment in the GrowthWorks Atlantic Venture Fund Ltd(Atlantic Fund)We received by mail a letter from the Revdex.com dated [redacted] *, [redacted] containing your comments to our response dated [redacted] **, *** In your follletter you state that it is not acceptable that you are not able to transfer your funds to your bank I encourage you to discuss this situation with your investment advisor The context for the redemption closure affecting your investment is set out in our letter dated [redacted] **, [redacted] letter, I appreciate your desire to move your funds to your bank but at this time this is not possibleInvesting in the venture capital asset class carries increased risks, such as a lack of liquidity causing a fund to not be able to redeem sharesI can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to be able to return cash to shareholders while maximizing the value of the venture portfolio for the benefit of all shareholdersShould you have any questions, please feel free to contact me at [redacted] or [redacted] I appreciate that this is a frustrating situation and you may not be satisfied with our responseGrowthWorks is a member of the [redacted] You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the *** Sincerely, [redacted] Vice President, Investments [redacted] Enclosures: Brochure - What do if you have a complaint
Initial Business Response /* (1000, 8, 2016/05/06) */
Contact Name and Title: [redacted]
Contact Phone: [redacted]
Contact Email: [redacted]
Dear [redacted],
Thank you for your recent inquiry with the Revdex.com ([redacted]) regarding your...
investment in the GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") and for allowing me [redacted] to provide an explanation.
I understand that you would like to redeem the shares you hold in the Atlantic Fund and have tried to do so on several occasions in the past year. I certainly appreciate your frustration in not being permitted to redeem your Atlantic Fund shares.
However, at this time the Atlantic Fund is closed for both redemption and sale. Enclosed with this letter is a copy of a press release issued by Atlantic Fund on November 20, 2014 announcing the suspension of redemptions and a copy of a press release issued by Atlantic Fund on November 20, 2015 announcing that Atlantic Fund's Board of Directors approved a Pro Rata Redemption Plan for future redemptions, which was subsequently ratified by Atlantic Fund shareholders at the Atlantic Fund's Annual General Meeting in February 2016. Both releases were posted at[redacted]
As outlined in the Pro Rata Redemption Plan press release (and further detailed in the Frequently Asked Questions document enclosed with this letter), Atlantic Fund established a [redacted] ("[redacted]") comprised of independent directors and its own independent counsel. The [redacted]'s review was commenced in light of a range of factors, including Atlantic Fund's cash position, actual and projected levels and timing of divestment activity, the prospects for generating exit values in excess of carrying values and the prospects for Atlantic Fund resuming weekly redemption processing and future capital raising.
The [redacted] recommended the Pro Rata Redemption Plan to the Board of Atlantic Fund with an overarching focus on maximizing potential returns to shareholders and ensuring fairness among all shareholders. In accepting the recommendation of the [redacted], the Board of Atlantic Fund determined that the manner in which Atlantic Fund distributes available cash to shareholders should be changed from distributions by way of redemptions on a "first redemption request in, first paid out" basis to distributions by way of redemptions to all shareholders on a pro rata (or proportional) basis. In the Board's view, a distribution method of providing cash by way of redemptions on a "first redemption request in, first paid out" basis has significant risk of having some shareholders receive liquidity to the exclusion of others.
The Board will review regularly the potential for making payments to shareholders when Atlantic Fund has available funds for distribution under the Pro Rata Redemption Plan. The amount and timing of available funds for redemptions under the Pro Rata Redemption Plan will depend on the timing and amount of exit proceeds generated in Atlantic Fund's portfolio. Atlantic Fund's Board believes the overall potential of Atlantic Fund's venture portfolio to provide value and meaningful cash through exit transactions remains strong and believes many of the portfolio companies are continuing to grow and mature, improving the prospects for cash-generating exits. Unfortunately, the timing of exit transactions is largely beyond the control of Atlantic Fund because it depends heavily on the merger and acquisition, initial public offerings, and secondary investment markets and Atlantic Fund has minority positions in its investee companies.
As such, I cannot give you assurance as to the timing or amount of funds that will available for distribution to shareholders under the Pro Rata Redemption Plan or that Atlantic Fund will be able to complete an orderly sale of its portfolio companies. Further, while circumstances may change, given the stage of development of Atlantic Fund's portfolio companies and potential exit opportunities, Atlantic Fund does not anticipate that funds will be available for distribution under the Pro Rata Redemption Plan for the next several quarters.
I appreciate that you and other Atlantic Fund shareholders are not be pleased with the current situation. I can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund's venture portfolio to generate the requisite liquidity (i.e., cash) for shareholders while maximizing the value of the venture portfolio which is in the best interest of all shareholders. Should you have any questions, please feel free to contact me at [redacted] or [redacted].
I understand that this is a frustrating situation and you may not be satisfied with my response. GrowthWorks is a member of the [redacted]). You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the [redacted].
Sincerely,
[redacted]
Initial Business Response /* (1000, 5, 2015/08/27) */
[redacted]
Thank you for your recent inquiry with the Revdex.com (Revdex.com Case #[redacted]) regarding your investment in the...
GrowthWorks Atlantic Venture Fund Ltd. (Atlantic Fund) and for allowing me as President & CEO of the Atlantic Fund to provide an explanation.
I appreciate your desire to move your funds to a more secure place, such as your financial institution. Investing in the venture capital asset class does carry increased risks as compared to holding your funds at the bank.
At this time the Atlantic Fund is closed for both redemption and sale. Enclosed with this letter is a copy of a press release issued by Atlantic Fund on [redacted], [redacted] and posted at [redacted]. The press release provides a summary of the redemption closure affecting your investment. I encourage you to discuss this situation with your investment advisor.
As outlined in the press release at the time, the Atlantic Fund's Board of Directors considered several factors in determining to suspend redemptions and sales of Class A Shares, including forecasted exit opportunities, redemption demand and the need to preserve investment and operating capital, and the long term impact of the federal government's announcement in [redacted] to phase out the 15% federal labour-sponsored venture capital corporation tax credit on future capital raising. The Board of Directors determined that, at this time, it is in the best interests of its shareholders to preserve capital therefore decided to close redemptions. The redemption closure continues to be in effect. I appreciate that the the Atlantic Fund's shareholders may not be pleased with the current situation. I can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to generate the requisite liquidity (i.e., cash) for shareholders while maximizing the value of the venture portfolio which is in the best interest of all shareholders.
A Strategic Review Committee established by the Atlantic Fund's board of directors along with its independent counsel continues to review alternatives for providing liquidity for the Atlantic Fund's shareholders. GrowthWorks anticipates that the committee will be in a position to present a recommendation to the Board of Directors in the fall of [redacted]. While the Atlantic Fund is encouraged by the exit opportunities with several portfolio companies, discussions and negotiations remain at an early stage and there can be no certainty as to if or when such transactions will be completed. At this point the Atlantic Fund believes the best course for shareholders is to continue to work with investee companies to try and derive maximum value for Atlantic Fund shareholders.
While the Atlantic Fund cannot process share redemption requests at this time, shareholders may continues to submit requests for the redemptions of their shares. You may complete and sign our redemption request form, which is available at [redacted].
Also enclosed with this letter is a copy of the Atlantic Fund's Management Report of Fund Performance for the six month period ended [redacted], [redacted].
I regret if GrowthWorks` has not been successful in clearly communicating to you the rationale why you cannot redeem your shares for cash at this time. I appreciate your continued patience as we work to maximize the value of your holdings while identifying attractive exit opportunities for the venture portfolio companies. Should you have any questions, please feel free to contact me at [redacted] or [redacted].
I appreciate that this is a frustrating situation and you may not be satisfied with our response. GrowthWorks is a member of the [redacted]. You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the [redacted].
Sincerely,
[redacted]
[redacted]
Growth Works Capital Ltd.
[redacted]
Initial Consumer Rebuttal /* (3000, 8, 2015/09/01) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I believe that I should still be able to transfer my funds in my Bank... please keep pushing for more answers. this is money I had deposited into and had invested for future use. This is not acceptable...[redacted]
Final Business Response /* (4000, 14, 2015/09/17) */
[redacted]Document Attached[redacted]
[redacted], [redacted]
[redacted]
[redacted]
RE: GrowthWorks Atlantic Venture Fund Ltd. (account #[redacted])
Dear Ms. [redacted],
Thank you for allowing me to respond to your inquiry with the Revdex.com (Revdex.com Case #[redacted]) regarding your investment in the GrowthWorks Atlantic Venture Fund Ltd. (Atlantic Fund). We received by mail a letter from the Revdex.com dated [redacted], [redacted] containing your comments to our response dated [redacted], [redacted].
In your follow-up letter you state that it is not acceptable that you are not able to transfer your funds to your bank.
I encourage you to discuss this situation with your investment advisor.
The context for the redemption closure affecting your investment is set out in our letter dated [redacted], [redacted] letter, I appreciate your desire to move your funds to your bank but at this time this is not possible. Investing in the venture capital asset class carries increased risks, such as a lack of liquidity causing a fund to not be able to redeem shares. I can assure you that GrowthWorks is focused on identifying exit opportunities for the Atlantic Fund`s venture portfolio to be able to return cash to shareholders while maximizing the value of the venture portfolio for the benefit of all shareholders. Should you have any questions, please feel free to contact me at [redacted] or [redacted].
I appreciate that this is a frustrating situation and you may not be satisfied with our response. GrowthWorks is a member of the [redacted]. You may be eligible for their dispute resolution service and enclosed is information on taking your complaint to the [redacted].
Sincerely,
[redacted]
Vice President, Investments
[redacted]
Enclosures:
Brochure - What do if you have a complaint