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TORONTO, March 22, 2018 (GLOBE NEWSWIRE) -- (TSX:MDS.UN) – LDIC Inc. (the “Manager”), the manager of the Healthcare Special Opportunities Fund (the “Fund”), announces that it has discovered a discrepancy which has affected the net asset value per unit (“NAVPU”) of the Fund. The Manager has determined that an administrative error in calculating a potential performance fee resulted in a misstatement of the NAVPU of the Class A units of the Fund over the period from December 1, 2017 to March 7, 2018 and the NAVPU of the Class U units for the period from December 1, 2017 to March 7, 2018.
The NAVPUs were subsequently recalculated and were lower than the reported NAVPU during the period, with the maximum difference being $0.21 or 1.9% on Class A units and $0.27 or 1.9% on Class U units. There were no subscriptions or redemptions at the originally-published NAVPU during the period. The NAVPU for each of Class A and Class U that was calculated and published for March 8, 2018 reflected the correction for each class respectively and re-established the correct NAVPU values.
The Manager has reviewed and updated its procedures and is working with its valuation agent to ensure that this administrative error will not be repeated. It should be noted that the Manager has reimbursed the Fund from the overpayment of management fees.
For further information please contact:
Michael B. Decter
President & Chief Executive Officer
Tel: (416) 362-4141