4th March 2024
ISIN: IE00BMFNWC33
Dear Shareholder
This letter is to inform you, on behalf of the board of directors of the ICAV (the Board), of the proposal to terminate 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, has determined that it is in the best interests of you as a shareholder to terminate the Fund.
Pursuant to the ICAV's instrument of incorporation (the Instrument), the Board may terminate any fund in circumstances where the Net Asset Value is less than the Minimum Fund Size. The Board has therefore resolved to terminate the Fund, in accordance with clause 11 of the Instrument, with effect from 17th April 2024 (the Termination Date).
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 3rd April 2024. Therefore, buying and selling of Shares in the Fund in the secondary market may only be made until close of business on 3rd April 2024.
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 9th April 2024. From and including 10th April 2024 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 1st May 2024. 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
4th March 2024: Notice to Shareholders
3rd April 2024: Last day of trading on relevant stock exchanges from which the Fund is to be delisted
9th April 2024: Dealing Deadline for redemption requests
10th April 2024: Last Dealing Day
17th April 2024: Termination Date
1st May 2024: 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.
Any further information in relation to the above may be obtained by contacting info@hanetf.com. This notice will also be available at www.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
Director
For an on behalf of
HANetf ICAV
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