Update on the FPIL Glanmore Property Fund (P27)
23 December 2015
We have been advised by The Glanmore Property Fund (the “Company”) that the Board have been reviewing the underlying fund’s strategy and exploring the option of converting the underlying fund from an open ended structure to a closed ended UK REIT. The Board have reached an agreement and will propose a Reorganisation of the underlying fund at an Extraordinary General Meeting (“EGM”) of the Shareholders, to be held on 20 January 2016. They will also propose the appointment of a new investment manager and investment adviser at the meeting.
If the Reorganisation of the underlying fund is approved at the EGM on 20 January 2016, the changes will be effective from 02 February 2016 (the “Effective Date”).
Should the proposals be voted down at the EGM, the Board will liquidate the assets and appoint an insolvency practitioner to wind up the underlying fund. The Company has indicated that this will take a minimum of 12 months from the Effective Date.
Further details of these changes can be found in the client letter, which has been sent out to policyholders invested in this fund.
The P27 FPIL Glanmore Property Fund will remain suspended pending either the completion of the redemption of assets or the winding up of the underlying fund.
Once the results of the EGM have been announced by the Company, we will write to policyholders again with an update on the closure of this fund and the potential timelines.
Should you have any questions regarding this update, please contact International Funds & Investments.