Company News

Covington Strategic Capital Fund Completes Second Portfolio Exit of 2008

January 12, 2009

Covington Capital Corporation (“Covington”) is pleased to announce that its technology focused fund – Covington Strategic Capital Fund Inc. (the “Fund”) completed its second portfolio exit of calendar 2008. The Fund, launched in 2003, has provided investors with positive annual performance figures since inception and has become one of the most notable performers in the retail venture capital fund asset class as well as within the mutual fund domain.

Covington Group of Funds Successfully Exits PlateSpin Ltd. Investment

March 31, 2008

Covington Group of Funds (“Covington”) is pleased to announce that Novell, Inc. (“Novell”) has completed its acquisition of Covington investee PlateSpin Ltd. (the “Company”). The acquisition for USD$205 million (all cash transaction) will see PlateSpin’s customers benefit from the larger resources and global reach provided by the amalgamation of the two entities.

Covington Group of Funds Investee PlateSpin Ltd. To Be Acquired for USD$205 Million

February 26, 2008

Covington Group of Funds (“Covington”) is pleased to announce that Novell, Inc. has entered into a definitive agreement to acquire Covington investee PlateSpin Ltd. (the “Company”) for USD$205 million (all cash transaction). The acquisition was announced by Novell on Monday February 25, 2008 and is expected to close in Novell’s second fiscal quarter of 2008, subject to the satisfaction of closing conditions.

Covington Capital Corporation Winner Of The 2008 CVCA “Deal of the Year” Award

September 24, 2008

Covington Capital Corp. (“Covington”) is pleased to announce that the Canadian Venture Capital Association (“CVCA”) has selected Covington Capital Corp. (“Covington”) as the recipient of its 2008 “Deal of the Year” award for its investment in PlateSpin Ltd. (“PlateSpin”/the “Company”).

Five years after its inception, and Covington’s initial investment in the Company, PlateSpin was acquired by Novell, Inc. for USD $205 million. Over those five years, the Company quickly grew to become one of the leaders in workload lifecycle management solutions for the enterprise data center.

Covington Venture Fund Receives Shareholder Approval for Consolidation of Class A Shares Series I, II, III Assets with Class A Shares Series IV Assets and Class A Share Series V Assets

December 6, 2011

Covington Capital Corporation, the manager of Covington Venture Fund Inc. (the “Fund”) announced that at the annual and special meeting of shareholders of the Fund completed on December 16, 2011, shareholders passed a special resolution approving the consolidation of the pool of assets owned for holders of Class A Shares Series I, II, III (“Series I, II, III Assets”) with the pool of assets owned for holders of Class A Shares Series IV (the “Series IV Assets”) and the pool of assets owned for holders of Class A Shares Series V (“the “Series V Assets”).

Covington Capital Corp. Returns Over $1.2 million to Ontario Universities under the Community Small Business Investment Funds Program

June 19, 2008

Covington Capital Corp. (“Covington”) announced today that it would be returning over $1.2 million dollars to The University of Western Ontario and Queen’s University as a result of their involvement with the UWO Internet Ventures Fund and the PARTEQ Internet Ventures Fund (“PARTEQ”). This represents a substantial return for both Western and Queen’s, and two of the most significant returns achieved under the CSBIF program. Covington is proud to be able to give back to our community sponsors and to support the ongoing growth and development of these leaders in education.

Covington Group of Funds Announces Proposal to Consolidate Assets of Covington Venture Fund Series VII with Assets of Series VIII and IX.

October 7, 2008

Covington Group of Funds has announced that the Board of Directors of the Fund has approved a proposal to consolidate the pool of assets of Covington Venture Fund Inc. Class A Shares, Series VII (“Series VII Assets”) with the pool of assets of Covington Venture Fund Inc. Series VIII and Series IX (“the “Series VIII and Series IX Assets”).  

New Generation Biotech (Equity) Fund Inc. Shareholders Approve Sale of Assets to Covington Fund II Inc.

August 25, 2011

Covington Capital Corporation (“Covington”) announced today that as part of the New Generation Biotech (Equity) Fund Inc’s (“NGBE”) special meeting, shareholders of NGBE approved the sale of all of its assets to Covington Fund II Inc. (“Covington Fund II”) in exchange for Class A shares of Covington Fund II Also today, VenGrowth Asset Management Inc.

Covington Fund II Inc. Shareholders Approve Purchase of Assets of the VenGrowth Investment Funds and New Generation Biotech (Equity) Fund Inc.

August 25, 2011

Covington Capital Corporation (“Covington”) announced today that as part of the Covington Fund II Inc. (the “Fund”) special meeting, shareholders of the Fund approved the purchase of assets (the “Acquisition”) of The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc., and The VenGrowth Traditional Industries Fund Inc. (collectively the “VenGrowth Funds”) and New Generation Biotech (Equity) Fund Inc. (“NGBE”) in exchange for Class A shares of the Fund.

Covington Capital Corporation Announces Proposed Acquisition of New Generation Biotech (Equity) Fund Inc. by Covington Fund II Inc. & Suspension of Redemptions of New Generation Biotech (Equity) Fund Inc.

October 12, 2010

Covington Capital Corporation (“Covington”) announced today that Covington Fund II Inc. (“Covington Fund II”) has entered into a Definitive Purchase Agreement with the New Generation Biotech (Equity) Fund Inc. (“NGBE”), whereby Covington Fund II Inc. will acquire all of the assets of the NGBE Fund in exchange for Class A shares of Covington Fund II to be distributed to NGBE shareholders. Effective Tuesday October 12, 2010, NGBE will suspend redemptions on the Fund. Covington Fund II will offer its current NGBE shareholders restricted redemption rights following the transaction.

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