Quadris Latest
Monday, 17 May 2010 by matt | 1 Comments |
For Ethical Investors clients with investments in the Quadris Environmental Fund:
The latest information Ethical Investors has received on the Quadris Environmental Fund is that the underlying investments are operating normally, and the assets are all accounted for. There has been a problem relating to the administration of the fund which Quadris is seeking a resolution to. Until this time the fund remains suspended, meaning assets cannot be bought or sold.
We will endeavour to update our clients with further news when we have it.
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I am very unclear about a number of issues and it would be very helpful if they could be answered please:
1) Was it Quadris or Close Trustees (IoM) who terminated the \\\'Custodian\\\'(Sake Keepimg Agent) arrangement and what were the reasons?
2) Why did Quadris recommend the appointment of a new custodian which is wholly owned by a company incorporated in the Cayman Islands?
3) Will the result of the reconciliation of assets (referred to in the Quadris letter dated 28th May) be available to shareholders and if so when?
I don\\\'t understand how Quadris can claim \\\'all the assets are accounted for\\\' before the completion of this reconciliation?
4) Why was it necessary for Quadris to recommend the switch from fixed rate to variable rate shares for existing as well as for new shareholders?
5) What was the outcome of the EGM on 28th June?
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