IBV Capital Announces Successful Portfolio Company Exit

Generates 49.1% Internal Rate of Return from Sale of Equity Investments in Ascendant Group

TORONTO, Nov. 24, 2020 /CNW/ - IBV Capital Ltd. ("IBV Capital") is pleased to announce that it recently fully realized its equity investment in Ascendant Group Limited ("Ascendant") (BSX: AGL.BH), after the successful sale of Ascendant to Algonquin Power & Utilities Corp. (TSX/NYSE: AQN)

IBV Capital realized a gross internal rate of return of 49.1% on the exit of its equity position in Ascendant since IBV Capital's initial purchase in June 2015.

"As Ascendant's largest independent shareholder, we are extremely proud of the collaborative effort from all stakeholders that unlocked tremendous value for investors, Ascendant employees, and the people of Bermuda" said Talbot Babineau, President and Chief Executive Officer at of IBV Capital. "This transaction highlights our capabilities in delivering on our commitment to identifying and executing on unique opportunities for our investment partners", added Mr. Babineau.

IBV Capital's stake in Ascendant represented the largest individual position within the firm's flagship offering, the IBV Capital Global Value Fund (the "Fund"). The objective of the Fund is to generate consistent and attractive absolute returns while minimizing the risk of permanent loss of capital throughout all market environments.

About IBV Capital Ltd.

Established in 2014, IBV Capital is an independent Canadian asset management firm that seeks to create long-term value for investors. Through a flexible approach and investing across asset classes, industries, and geographies, IBV Capital delivers distinctive capabilities in identifying and executing on unique investment opportunities globally. IBV Capital is the manager of the IBV Global Value Fund LP. For more information, please visit www.ibvcapital.com

DISCLOSURES:

IBV Global Value Fund returns: the returns provided for IBV Global Value Fund are the returns of IBV Capital Global Value Fund LP Class A Master Series Units ("IBV Global Value Fund"), gross of management fees, performance allocations and other expenses. These returns are in $USD. The inception date of this series was September 1, 2014.

IBV Capital Ltd. is not soliciting any investments based upon this material, and this material is not meant to nor shall it be construed as, an offer or solicitation of an offer for the purchase or sale of any security or advisory service. If in the future any security or service is offered or sold, such offer or sale shall occur only pursuant to, and a decision to invest therein should be made solely on the basis of, a definitive disclosure document, and shall be made exclusively to qualified investors in a private offering. Any such disclosure document shall contain material information not contained herein, and shall supplement, amend and/or supersede in its entirety the informa­tion referred herein. This material is not meant to be, nor shall in be construed as, a representation as to past performance, and no assurance, promise, or representation can be made as to actual returns. Past performance is not indicative of future results. Certain assumptions, data and projections have been made in the analyses that resulted in return scenarios and forward-looking statements included herein. No representation is made that all such assumptions, data, or projections have been considered or stated or that any of them will materialize. Changes to the assumptions, data, or projections may have a material impact on the returns shown by way of example.

Contacts

Talbot Babineau, CFA
President and Chief Executive Officer, IBV Capital Ltd.,
T: 647-493-9100, [email protected];

Daniel Han
Vice President, Business Development, IBV Capital Ltd.,
T: 647-409-6159, [email protected];

SOURCE IBV Capital