Fund suspension - Global Strategic Balanced broker fund - Latest update
This article relates to the fund update published on 13 July 2013 - 'Update on the Global Strategic Balanced broker fund'.
Latest update:
Our last communication issued to policyholders advised them that the Directors of the Strategic Growth fund were holding a general meeting on 14 August 2013. At the meeting a proposal was put forward to shareholders that would see the Master Fund separated into liquid and illiquid assets. This will be done by creating a new cell into which the liquid assets would be transferred. Shareholders would then become owners of the new cell, whilst retaining their shareholding in the existing Master fund. This would then allow the new cell to process any redemption requests, on a pro-rated basis.
A notification has now been issued by the Directors of the fund as to the outcome of the general meeting held. The proposal was voted in favour of the new cell creation and split. The Directors of the fund have advised that the new cell will be actively managed by newly appointed Investment Adviser, Denrose Capital, however we have submitted a request to redeem whatever pro-rated percentage of our policyholder holdings are available to us.
The next stage is that the Directors will be holding a board meeting on the 19 September to discuss the split and timetable of events. This does mean that we are still waiting for further information as to when the redemptions can be processed, what percentage of the Master fund is in liquid assets and therefore available to the new cell. Although these details are yet to be released by the Directors we believe it is important to provide policyholders with an interim update with regard to the outcome of the August meeting. We will publish further updates from the Directors of the fund when they become available.
A policyholder communication has been issued to those affected by the continued suspension. A copy has also been sent to the servicing adviser firm for their information. A sample of the letters issued and the Directors notification can be obtained from the links opposite.
To read the fund update issued on 13 July 2013 click here
To read the fund update issued on 8 March 2013 click here