- 24 February 2009
- After some initial delays, I am pleased to say that the wind up of EGF is progressing well. Once completions for this week are accounted for we will have collected in the money for all but seven policies. These last seven may take another week or so to resolve.
- The Liquidators will then need to finalise the accounts before payment can be authorised and this is likely to take another 4 weeks.
- At this stage it is looking likely that the final share price will be at least 75% of the September 08 share price. This was £12.07 for Class A shares and £11.78 for Class B shares. The Euro and Dollar share class will differ due to currency fluctuations.
- Shareholders will shortly receive a communication from Trinity Fund Administration and will be asked to complete a form confirming bank account details for payment of funds. Payments will be made in sterling regardless of the underlying share class. For those with a sterling bank account, this gives the choice of when to exchange to another currency and for those with a EUR or USD bank account, the sterling will be exchanged for your currency when it is received by your bank.
- Many investors want to continue with TEPs as an asset class and have asked us about reinvestment options. We are pleased to offer all existing EGF investors special terms for reinvestment. Please contact us for further details.
- We are now seeing a considerable number of policies with high guarantees, some of which are over 100% which are proving attractive in these turbulent times.
- We will be in touch again when we know definite payment dates.
- 11 November 2008
- At the EGM which took place on Monday 10th November 2008 the shareholders voted in favour of the Directors recommendation to liquidate the Endowment Growth Fund.
- At the same meeting the decision was taken to appoint Mr Simon Coyle of Mazars Chartered Accountants, Dublin as liquidator. He will be in contact with shareholders in the near future to provide an update on likely timescales for the liquidation and distribution.
- In the meantime we have been actively liquidating the stock within the Fund. Despite unfavourable investment conditions we have managed to secure firm offers to buy half of the policy stock for prices in excess of the surrender value and we expect to complete these sales in the next couple of months. The balance of the policies have been or will be surrendered. Unfortunately we have seen significant falls in surrender values in recent weeks as the falls in the markets begin to take effect on the with profit funds, however, we hope to preserve as much value as possible for shareholders.
- 15 October 2008
- The Directors of InvestmentPlus plc have decided, in the best long term interest of all shareholders, to recommend a solvent liquidation of the Endowment Growth Fund. As a consequence, dealing in the shares has been suspended with effect from 15th October 2008. Subject to shareholder approval for this course of action at an EGM on 10th November 2008 a liquidator will be appointed to distribute the assets of the Company to shareholders after payment of outstanding liabilities.
- The Directors have taken this decision because in the current investment climate redemptions are exceeding subscriptions and as a consequence the fixed costs of the fund are having an increasingly negative effect on the net asset value which in turn is having an impact on share price performance. In our opinion the situation is likely to deteriorate further over the next few months, despite continued strong growth in the underlying policies.
- The liquidator and all relevant parties will be working to ensure the maximum possible is returned to shareholders in the shortest possible time. We are unable, at this juncture, to give a clear indication of the final share price or the payout date. We will contact shareholders again as soon as the timescales and value are clearer.
- This has been a difficult decision as Traded Endowment Policies continue to perform strongly. In the light of investment conditions the Directors believe it is in the best interests of shareholders to maximise returns to them by liquidating the fund with immediate effect.