News
GILD Arbitrage to postpone subscriptions and redemptions until November 2009
The fund management company of the hedge fund GILD Arbitrage has decided to prolong the postponing of subscriptions and redemptions of GILD Arbitrage further from 5 May 2009 until 3 November 2009, in line with law, fund rules and prospectus. According to Estonian Investment Funds Act GILD Arbitrage can postpone redemptions in total for up to one year. Fund’s investors and the regulator, Estonian Financial Supervision have been notified about the decision.
"The decision is primarily due to liquidity problems of the fund and it is also not possible to calculate exact net asset value (NAV) of GILD Arbitrage. Fund's priority is to stabilize the liquidity situation before starting redemptions and subscriptions and to pay back the current loans or agree on long-term refinancing to achieve optimal results for investors," said Tõnno Vähk, Fund Manager of GILD Arbitrage.
GILD Bankers together with GILD Partners and employees are the largest long-term investors of the fund covering 9 percent of investments in the portfolio. During the next six months the fund management company will continue to work with the current investment portfolio of GILD Arbitrage.
GILD Bankers is a leading Baltic investment bank active in Emerging Europe. The core services of GILD are management of alternative funds, investment banking and private banking. Baltic countries are the home markets of GILD, but the area of activities and investments extends to the CEE, CIS and Nordic region.
GILD Arbitrage is a public closed-end risk capital fund that was established in April 2001 and the fund has around 300 investors mainly from the Baltics.
For additional information, please contact:
Gea Kallas
Marketing and Investor Relations Manager
GILD Bankers
gea.kallas@gildbankers.com
+372 6 800 401