Update on the FPIL Glanmore Property Fund (P27)
04 April 2016
Following the EGM in February 2016, Friends Provident International are still awaiting formal confirmation from the Board of the outcome of the EGM and the subsequent Court Hearing. We are however able to advise the following, which has been taken from their website:
- The planned reorganisation did not reach the 75% of votes needed, so will not proceed
- The Board will now commence an orderly liquidation of the underlying assets of the Glanmore Property Fund before appointing a liquidator to wind up the Fund
- Redemptions have been suspended to ensure all investors are treated equally and fairly
- All Shareholders will receive a pro-rata share of the surplus assets, when liquidation is complete
- The liquidation will require all 7 remaining properties to be sold and a liquidator to wind up the Fund
- It is likely to be a minimum of 12 months before Shareholders will receive any payment
- The Board will continue to review whether it is necessary to revalue the portfolio on a quarterly basis.
Please note that if underlying prices are not provided, we will no longer be able to provide indicative prices for the P27 Glanmore Property Fund during the liquidation and wind up process.
We continue to engage with the underlying Fund Administrators, and we will write to clients invested in the P27 Glanmore Property Fund once we have received formal clarification of the timescales involved in the liquidation and wind-up process.
Should you have any questions regarding this update, please contact International Funds & Investments.