ANOTHER TAKEOVER FOR ELEVATION CAPITAL’S VALUE FUND

Elevation Capital Value Fund: This month we have received a takeover offer for APN Outdoors from Paris-based JC Decaux. As is often the case with companies trading at, what we consider to be, a discount to their intrinsic value others believe they are cheap too and try to acquire them or take them over. Investors in the Fund will benefit from the healthy premium to our cost basis for establishing a position in APN Outdoors. Read more about how the Fund benefited from this situation and our historical takeover timeline in our monthly mailer (released 9 July 2018) here.