This letter is to inform you on behalf of the board of directors of the ICAV (the Board) about recent developments in respect of the Fund.
Termination of the Fund
The Board has considered the viability of the Fund and, taking into account the current levels of assets under management and the best interests of the Shareholders, has determined that it is impracticable and inadvisable for the Fund to continue to operate.
Under the instrument of incorporation of the ICAV (the Instrument), the Board may terminate a sub-fund if the Net Asset Value of the relevant sub-fund is less than the Minimum Fund Size. The Board has therefore resolved to terminate the Fund with effect from 31 March 2023. (the Termination Date), in accordance with the Instrument.
Due to the termination of the Fund, it will be de-listed from the stock exchanges on which it is listed, and trading in the Fund on those stock exchanges will cease with effect from close of business on 27 March 2023. Therefore, buying and selling of Shares in the Fund in the secondary market may only be made until close of business on 27 March 2023.
Requests for subscription and/or redemption of Shares in the Fund in the primary market may be made in the usual manner in accordance with the prospectus of the ICAV (the Prospectus) until the Dealing Deadline on 29 March 2023. From and including 30 March 2023 to the Termination Date, no further subscription or redemption requests will be accepted.Orders to sell Shares through a stock exchange can be placed via an authorised intermediary or stockbroker. Please note that the ICAV does not charge any redemption charge for the sale of Shares in the secondary market. However, Shareholders should note that orders in the secondary market may incur costs over which the ICAV has no control.
All net cash proceeds derived from the realisation of the assets of the Fund will be paid to those Shareholders remaining in the Fund on the Termination Date as soon as possible following the Termination Date, and in any event by 18 April 2023. Please refer to the timeline in the table below. All net cash proceeds will be delivered to the Shareholders via their stockbroker, depository or bank, in which they hold an account.
TIMELINE / PROCESS STEPS
Fri 24 February 2023 / Notice to Shareholders
Mon 27 March 2023 / Last day of trading on relevant stock exchanges from which the Fund is to be delisted
Wed 29 March 2023 / Dealing Deadline for redemption requests
Wed 29 March 2023 / Last Dealing Day
Fri 31 March 2023 / Termination Date
Mon 17 April 2023 / Record Date for Shareholders
10 Business Days after the / Termination Date Settlement Date for Redemptions
If you have any queries or if any of the above is not clear you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor. In particular, Shareholders should consult their own professional advisers as to the specific tax implications of the termination of the Fund under the laws of the countries of their nationality, residence, domicile or incorporation.
Any further information in relation to the termination of the Fund may be obtained by contacting info@hanetf.com.
Capitalised terms used in this notice shall have the same meaning ascribed to them in the latest version of the Prospectus unless the context otherwise requires.
We thank you for your continuing support of the ICAV.
Yours faithfully
HANetf ICAV
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