Postponement of redemptions extended on P27 - Glanmore Property fund

29 January 2009

Tilney Investment Management, managers of the underlying assets of the FPIL Glanmore Property Fund, have informed us that, because of continuing liquidity issues prevalent within the property funds industry, they have decided to take further action to seek to protect the interests of shareholders.

Following a meeting of the Board of Directors of the Fund, the Directors stated that:

“The UK commercial property market remains in paralysis, due mainly to the continuing lack of liquidity in debt markets.  This makes it extremely difficult to dispose of properties at anything other than “forced sale value” which the Board judge not to be in the best interests of shareholders.  As a result, liquidity within the Fund and, in particular, liquidity to be able to meet redemption requests, continues to be an issue.   As a result of the above the Board have determined that the best course of action for the Fund would be a continuation of the postponement of redemptions from 30th December 2008 for a further 6 month period."

As a result of the information above, the postponement of redemptions from the FPIL mirror fund will also be continued for a further 6 months from 30th December 2008.

Further details on the postponement of redemptions can be found in the client letter, which will be distributed to all policyholders invested in the funds, along with copies sent to their adviser. 

We apologise if these arrangements cause any inconvenience, but in circumstances such as these we are bound by the decision of the fund managers.

If you have any questions or require further information on any of the above, please email our Investment Proposition department.