Covington News



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.

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 Portfolio Holding Acquired

December 15, 2008

Covington Group of Funds (“Covington”) is pleased to announce that Davis + Henderson Income Fund’s (TSX: DHF.UN) Filogix Segment. (“Filogix”) has entered into a definitive agreement to acquire Covington portfolio holding Cyence International Inc. (“Cyence”/ the “Company”). The acquisition is expected to close at the end of December 2008; subject to the satisfaction of closing conditions. This acquisition also represents the second successful Covington portfolio exit in 2008.

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”).  

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.