REG - HANetf ICAV - Notice to Shareholders

MaximusAnnouncement

23/12/2020 13:55

RNS Number : 7165J
  
HANetf ICAV
  
23 December 2020
  
 

 
 
COMPANY ANNOUNCEMENT
 
For Immediate Release                                                              December 23, 2020
 
 
HANetf ICAV 
(the ICAV)
 
KMEFIC FTSE Kuwait Equity UCITS ETF (the Fund), 
a sub-fund of the ICAV
 
 
Notice to Shareholders
 
Termination of the Fund
 
The Board has considered the viability of the Fund and, taking into account the current levels of assets under management and the best interests of the Shareholders, has decided that it is impracticable and inadvisable for the Fund to continue to operate.
 
Under the instrument of incorporation of the ICAV (the Instrument), the Board may terminate a sub-fund if the Net Asset Value of the relevant sub-fund is less than the Minimum Fund Size. The Board has therefore resolved to terminate the Fund with effect from 8 February 2021 (the Termination Date) in accordance with the Instrument. 
 
Due to the termination of the Fund, it will be de-listed from the stock exchanges on which it is listed, and trading on those stock exchanges will cease with effect from close of business on 25 January 2021. Therefore, buys and sells of Shares in the Fund in the secondary market may only be made until close of business on 25 January 2021. Requests for redemption, repurchase or subscription for Shares in the Fund in the primary market may be made in the usual manner for processing in accordance with the prospectus of the ICAV (the Prospectus) prior to the Dealing Deadline on 28 January 2021. From and including 29 January 2021 to the Termination Date, no further subscriptions and redemptions repurchases will be accepted. 
 
Shareholders who subscribe or redeem Shares in the Fund on the primary market are entitled to redeem their Shares in accordance with the Prospectus as indicated above. Please note that the ICAV does not charge any redemption fee for the sale of Shares in the secondary market. Orders to sell Shares through a stock exchange can be placed via an authorised intermediary or stockbroker. However, Shareholders should note that orders in the secondary market may incur costs over which the ICAV has no control. 
 
All net cash proceeds derived from the redemption of assets of Fund will be paid to the Shareholders remaining in the Fund on the Termination Date as soon as possible following the Termination Date and in any event by 22 February 2021. Please refer to timeline in the table below. All net cash proceeds will be delivered to the Shareholders by their stockbroker, depository or bank, in which they hold an account.
 
 
 
 
 
 
 
 




TIMELINE


PROCESS STEPS




Wed 23 Dec 2020


Notice to Shareholders  




Mon 25 Jan 2021


Last day of trading on relevant stock exchanges from which the Fund is to be delisted

 




Thu 28 Jan 2021


Dealing Deadline for redemption requests




Fri 29 Jan 2021


Last Dealing Day 




Mon 8 Feb 2021


Termination Date 




Tue 16 Feb 2021


Final price announcement (optional)




Fri 19 Feb 2021


Record Date for Shareholders




10 Business Days after the compulsory redemption date  


Settlement Date for Redemptions




 
 
Any further information in relation to the termination of the Fund may be obtained by contacting info@hanetf.com.  
 
Shareholders should consult their own professional advisers as to the specific tax implications of the termination under the laws of the countries of their nationality, residence, domicile or incorporation. 
 
If you have any queries or if any of the above is not clear you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor.
 
Capitalised terms used in this notice shall have the same meaning ascribed to them in the latest version of the Prospectus unless the context otherwise requires.
 
We thank you for your continuing support of the ICAV.
 
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