TORONTO, Nov. 22, 2013 /CNW/ - Scotia Managed Companies Administration Inc. (the "Administrator"), as administrator of the SMC Man AHL Alpha Fund (the "Fund"), announced today the intention to terminate the Fund once applicable notice has been provided to unitholders. The decision was made to terminate the Fund following receipt of the most recent redemption requests. As a result of redemptions, the net asset size of the Fund has been reduced to a level below which, in the opinion of the trustee of the Fund, it is no longer economically feasible to continue the Fund and it would be in the best interest of the unitholders to terminate the Fund. The Administrator anticipates that the Fund's termination will occur on or about December 30, 2013 (the "Termination Date").
The Fund will settle the forward agreement through which it gains exposure to a portfolio of financial instruments managed by Man Investments Limited using the AHL Alpha Programme, a multi-strategy and predominantly trend-following trading program. Following the settlement of the forward agreement and conversion of the other assets of the Fund to cash and, after all liabilities have been satisfied or provided for, the Fund will distribute in cash the net assets of the Fund to unitholders of each class on a pro rata basis based on the net asset value of each class of units on or about the Termination Date.
Unitholders will continue to have the right to redeem their units in the Fund prior to the Termination Date. All units not redeemed prior to the Termination Date will be automatically redeemed at that time. At the close of business on the Termination Date, the net assets of the Fund will be distributed pro rata to the remaining Class A and Class F unitholders of the Fund.
Payment is expected to be made as soon as practicable following the Termination Date to the beneficial holders of units through FundSERV Inc. Unitholders need not take any action to receive the payment.
SOURCE: SMC Man AHL Alpha Fund
For further information:
SMC Man AHL Alpha Fund
E-mail: [email protected]
Web site: www.scotiamanagedcompanies.com
40 King Street West, 26th Floor, Toronto, Ontario M5W 2X6
Tel: (416) 862-3734 Fax: (416) 863-7425