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Published: 2022-05-27 08:01:09 CEST
INVL Asset Management UAB
Notification on material event

INVL Asset Management is liquidating the INVL Russia ex-Government Equity Subfund

Vilnius, Lithuania, 2022-05-27 08:01 CEST -- INVL Asset Management is liquidating the INVL Russia ex-Government Equity Subfund

INVL Asset Management has made the decision to dissolve (liquidate) the INVL Russia ex-Government Equity Subfund. Note that the sale, redemption and exchange of this fund’s units have been suspended since 1 March seeking to protect the interests of the subfund’s participants. Following the decision to liquidate the fund, the sale, exchange and redemption of units of the fund is being terminated (definitively).

“Our fundamental objective is to safeguard clients’ accumulated assets. The financial sanctions imposed in the Russian Federation due to the military aggression in Ukraine, the restrictions on the Moscow Exchange and the uncertainty in the region’s financial markets make it impractical to continue the fund’s activities. Moreover, the geopolitical situation caused by Russia's military aggression against Ukraine is incompatible with our values, thus we have taken steps since the first day of the war to sever all business relations with Russia to the extent it is technically possible in the products we manage,” INVL Asset Management CEO Laura Križinauskienė says.

All the financial instruments in the INVL Russia ex-Government Equity Subfund’s portfolio whose trading was not restricted at the time have been sold (approximately 43% of the fund’s assets as per data for 25 February 2022), and the subfund’s cash holdings amount to approximately EUR 930 000.

In light of the current situation, it is difficult to reliably predict the possibilities or timing for realizing the subfund’s remaining financial instruments in practice. For that reason, the decision has been made to conduct the distribution of the subfund’s assets and settlement with investors in several stages.

Plans are for the first distribution of the subfund’s cash holdings to participants to be carried out by 31 August this year. Information about the distribution of remaining funds and the final dissolution of the subfund will be published on the website www.invl.com.

INVL will not apply the management fee set out in the rules of the subfund for the period following the suspension of the subfund’s activities.

Participants do not need to take any action on account of the subfund’s dissolution. For smooth settlement, INVL Asset Management invites participants to check and if necessary update their payment account details. To do so, they should contact INVL Asset Management (if their units were purchased directly from the company or are held in custody by it) or their financial intermediary or custodian (if their units were purchased through a third party and/or the participant’s sub-fund units are held in custody there).



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