In this issue:-
- Dormant classes listed on the ISE
- Re-domiciling of Listed offshore funds to a Listed Irish vehicle
- Funds listings update
- Debt Listings update
DORMANT CLASSES LISTED ON THE ISE
General
The ISE has made a welcome change to its policy in respect of classes which are required to delist as a result of having no shares in issue, usually as a result of redemptions by investors. The ISE will now allow the relisting of such classes in a simplified process within a 12 month timeframe, without the need for a new listing application. The same SEDOL code may be used provided that there has been no change in the investment objective, description, domicile or currency relating to the class.
Until this point, such classes were required to delist, or have the classes seeded by the Investment Manager to maintain the listing, pending re-investment by new investors. The simplified relisting process will avoid the difficulties of seeding or having to make a new listing application with associated costs.
Conditions for Delisting The Dormant Class
An announcement seeking delisting of the dormant class must be submitted to the ISE. On delisting the Directors confirm to the ISE that there are no outstanding financial obligations pertaining to the class.
Other classes of the fund/cell/sub-fund remain listed on the ISE.
Financial and other information relating to the fund/cell/sub-fund to which the dormant class relates will continue to be provided to the ISE in accordance with ISE requirements.
Conditions for Relisting the Dormant Class
Application is made to relist the dormant class within 12 months of the delisting date. The fund, via the listing sponsor will confirm allotment of the shares in the class to the ISE.
The Directors of the fund confirm that financial and other information pertaining to the fund/cell/sub-fund to which the relisting class relates has been provided to the ISE in accordance with ISE requirements. An announcement will be published to the effect that the class has been relisted and that announcement will contain, if applicable, any previously unfiled information specific to the particular class. An application form for relisting (Schedule 3A) is filed with the ISE.
Financial and other information relating to the fund/cell/sub-fund to which the dormant class relates will continue to be provided to the ISE in accordance with ISE requirements.
RE-DOMICILING LISTED OFFSHORE FUNDS TO A LISTED VEHICLE
The ISE have moved with the Irish financial services community to simplify the process for the re-domicile of offshore funds to Ireland. The ISE has confirmed that following process for the re-domiciling of a listed fund to Ireland. It is important that the re-domiciliation will not normally result in the interruption of that funds listing.
Details of the re-domiciliation should be announced to the market as a material change in the general character of nature of the operation of the fund under Listing Rule 8.14(a).
Shareholder approval will not ordinarily be required pursuant to the listing rules. However, each fund should consider whether in its own particular circumstances a re-domiciliation could materially adversely affect the interests of shareholders as a whole or a significant proportion thereof under Listing Rule 8.16. A fund should also consider any requirements to seek shareholder approval pursuant to the funds own constitutive documents.
Irish ISIN codes can be issued by the ISE with no additional charge.
The annual listing fee will be adjusted to the EU issuer fee in the year following re-domiciliation.
FUND LISTING UPDATE
January, 2010
Lyxor launched a new fund, Lyxor/ Ecofin Global Utilities Hedge Fund Limited, which listed on the 15 January, 2010.The investment objective of the Fund is to seek to achieve capital growth by taking long and short positions primarily in global equity securities and their derivatives.
GAM listed two existing BVI funds in December: GAM Trading II Inc and GAM Multi- Emerging Markets Inc.
GAM Trading II Inc seeks to achieve long term capital appreciation from investments in financial and commodity markets through the allocation of its assets to one or more collective investment vehicles or separate portfolios to be managed by Trading Advisers which will employ a variety of investment techniques and strategies.
GAM Multi–Emerging Markets II Inc aims to achieve long term capital appreciation with a diversification of risk. This is sought by deploying the Company's assets principally in a number of emerging securities markets worldwide and by allocating its assets to one or more collective investment vehicles or separate portfolios to be managed by portfolio managers which will employ a variety of investment techniques and strategies
Nippon Growth (UCITS) Fund, a sub-fund of E.I Sturdza Funds Plc, launched JPY Class B Shares on the 15 January, 2010. The sub-fund aims to achieve it investment objective of achieving long-term capital growth through active sector allocation and stock selection resulting from changes in economic conditions.
Lyxor launched a fund in Lyxor/ Caxton Pyrander Equity Growth Fund Limited, which listed on the 25 January, 2010. The investment objective of the Fund is to achieve superior long term investment returns over various market cycles while maximising risk-adjusted returns relative to the broad market.
February, 2010
Lyxor also launched Lyxor/FrontPoint Brookville Credit Opportunities Fund Limited, a multiclass investment company, which listed on the 1 February, 2010. The fund's investment objective is to generate attractive risk-adjusted absolute returns with low correlation to the broad equity and fixed income markets.
GAM Star Global Rates, a sub fund of GAM Star Fund Plc, listed GBP class income shares on the 20 January, 2010. The subfunds investment objective is to achieve absolute returns with limited volatility.
Conquest Macro Fund Ltd, a fund domiciled in the Bahamas, listed Class 1X Non-Voting, Redeemable Participating Shares on the 10 February, 2010. The fund aims to achieve superior long term capital growth by investing in a diversified global portfolio across a variety of investment markets.
March, 2010
Lyxor launched a range of classes in a number of their existing funds.
GAM Star Global Rates, a sub fund of GAM Star Fund Plc, listed EUR class accumulation shares on the 5 March, 2010. The subfunds investment objective is to achieve absolute returns with limited volatility.
Crown Global Secondaries II Plc, a closed ended investment company, listed Class L shares on the 8 March, 2010.
RCM Global Equity High Alpha, a sub fund of RCM Global Series Fund Plc, listed EUR class shares on the 19 March, 2010. The subfunds investment objective is to achieve capital growth principally through investment in global equity markets.
Tokio Marine Japanese Equity Leaders Fund, a subfund of Tokio Marine Funds Plc, listed Class C and D shares on the 25 March, 2010. The investment objective of the subfund is to achieve long term excess return over the Index, using a combination of fundamental financial analysis and ESG (environmental, social, governance) and R (risk management) factor analysis.
Baring MENA Fund, a subfund of Baring Investment Fund Plc listed Class A Shares/A Euro Shares/A Sterling Shares & X Shares on the 29 March, 2010. The objective of the subfund is to achieve long-term capital growth in the value of assets by investing in the Middle East and North Africa ("MENA").
April, 2010
A number of subfunds of GAM Star Funds plc, which are set out below, listed A CHF Class Accumulation Shares on the 6 April:
GAM Star Discretionary FX
GAM Star Global Rates
GAM Star Global Selector
Genesis ASEAN Opportunities Fund listed Class A Shares Series on the 6 April. This fund is a subfund of Genesis Emerging Markets Opportunities Plc. The subfunds investment objective is to achieve long-term capital growth on invested capital.
Kinetics Fund Inc listed a new series, Class A Series 0410, on the 6 April, 2010. The fund's objective is to obtain above average investment returns, with muted volatility, by investing in and shorting of a portfolio of securities across a broad array of industries not limited by market capitalisation considerations.
DEBT LISTING UPDATE
January, 2010
Irish Life & Permanent plc updated its Euro-Commercial Paper program on the 7 January, 2010. This was in response to changes been made by the Irish Governments to the bank guarantee scheme.
February, 2010
NewStar Commercial Loan Trust 2009-1, a Delaware based statutory trust, listed U.S. $148,500,000 Class A Floating Rate Notes Due 2018 and U.S. $42,000,000 Class B Floating Rate Notes Due 2018 on the 29 January, 2010. This deal was arranged by Wells Fargo Securities.
April, 2010
Irish Life & Permanent plc updated its guaranteed Euro-Commercial Paper program on the 30 April, 2010, whilst simultaneously listing a new Non Guaranteed Euro-Commercial Paper program.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
