Atlantis Japan Growth Fund has announced that, on 17 March 2016, it received from LIM Asia Multi-Strategy Fund Inc. (a registered holder of more than 10% of the issued share capital), a requisition to convene a general meeting of the company. The company says that the purpose of the requisitioned meeting is to consider a special resolution instructing the Board to put to shareholders proposals for the restructuring and/or liquidation of the Company. This may include a roll-over or continuation option into an open-ended fund managed by the Company’s investment manager and, as part of restructuring and/or liquidation, to offer shareholders the opportunity to realise all of their investment in the Company (without penalty or the payment of redemption fees) as soon as possible at a price payable in cash that is as near as possible to the prevailing net asset value per share.
The fund is domiciled in Guernsey and, under Guernsey law, the requisitioned meeting needs to be held not later than 4 May 2016. The company says that a notice convening the requisitioned meeting will be sent to shareholders in due course and that shareholders are advised to take no action in the meantime.
The board say that, in light of these developments, and the imminent next redemption point on 31 March 2016 under the Company’s semi-annual redemption facility, the Board considers that it would be inappropriate to proceed to offer the redemption facility on this occasion. The board is therefore suspending the redemption facility and the company says that shareholders should note that no requests for redemption at the 31 March 2016 redemption point will be accepted. The company says that further announcements will be made in due course.
Atlantis Japan Growth Fund under attack from LIM Asia Multi-Strategy Fund : AJG