Rize UCITS ICAV Fund Closure Notice
November 13 2023 - 5:50AM
UK Regulatory
TIDMEMRJ
10 November 2023
This document is important and requires your immediate attention. If you are in
any doubt as to the action you should take you should seek advice from your
investment consultant, tax adviser and/or legal adviser as appropriate.
If you have sold or transferred all of your shares in Rize UCITS ICAV (the
"ICAV"), please pass this document at once to the purchaser or transferee or to
the stockbroker, bank or other agent through whom the sale or transfer was
effected for transmission to the purchaser or transferee as soon as possible.
Unless otherwise defined herein, all capitalised terms used herein shall bear
the same meaning as capitalised terms used in the prospectus for the ICAV dated
22 January 2020, as may be amended or supplemented from time to time (the
"Prospectus"). A copy of the Prospectus is available upon request during normal
business hours from the ICAV.
The directors of the ICAV (the "Directors") accept responsibility for the
accuracy of the information contained in this document. To the best of the
knowledge and belief of the Directors (who have taken all reasonable care to
ensure that such is the case) the information contained in this document is in
accordance with the facts and does not omit anything likely to affect the import
of such information.
Please note that the Central Bank of Ireland (the "Central Bank") has not
reviewed this letter.
Notice of Closure for:
Rize Emerging Market Internet and Ecommerce UCITS ETF (ISIN: IE000HJV1VH3)
Dear Investor,
A. INTRODUCTION
The ICAV is an open-ended investment vehicle with variable capital organised
under the laws of Ireland and is authorised by the Central Bank pursuant to the
European Communities (Undertakings for Collective Investment in Transferable
Securities) Regulations 2011, as amended.
The Rize Emerging Market Internet and Ecommerce UCITS ETF (ISIN: IE000HJV1VH3)
is a sub-fund of the ICAV (the "Fund").
The Fund seeks to replicate the performance of the Foxberry Emerging Market
Internet & Ecommerce Net Total Return Index (the "Index").
We are writing to you as an Investor in the Fund. The purpose of this letter is
to inform Investors that, the Directors have determined to compulsorily
repurchase the Shares in the Fund (the "Shares") as of 20 December 2023 (the
"Compulsory Redemption Date").
In accordance with the terms of the Prospectus, the Directors have discretion,
at any time after the first anniversary of the first issue of Shares of the
ICAV, to require redemption of all the Shares of a particular Fund, if the Net
Asset Value of such Fund is lower than USD 50,000,000, for a period of 30
consecutive days.
Accordingly, on the basis that the ICAV first issued Shares in February 2020 and
that the Net Asset Value of the Fund has remained below USD 50,000,000 for a
period of 30 consecutive days, the Directors have determined to redeem all the
Shares and close the Fund.
Therefore, in accordance with the Prospectus, the Directors hereby give notice
to the Investors in the Fund of their intention to:
i) cancel the listing(s) of the Fund on any Relevant Stock
Exchanges and the right of the Fund to be traded on any Relevant Stock Exchanges
immediately following the Final Exchange Trading Day (as set out below); and
ii) compulsory redeem all the Shares on the Compulsory
Redemption Date.
B. PROPOSED TIMETABLE
+---------------------------------------------------------+----------+----------
---+
|Key |Event
|Description |
|Dates | |
|
+---------------------------------------------------------+----------+----------
---+
|12 December 2023 |Final |This is
the |
| |Exchange |final date
on|
| |Trading |which the
|
| |Day |Shares can
be|
| | |bought or
|
| | |sold on
all |
| | |Relevant
|
| | |Stock
|
| | |Exchanges.
|
+---------------------------------------------------------+----------+----------
---+
|14 December 2023 |Final |This is
the: |
| |Dealing |
|
| |Day | · the
final|
| | |Dealing
Day |
| | |for
|
| |
|subscriptions|
| | |and
|
| |
|redemptions |
| | |of the
Shares|
| | |by
Authorised|
| |
|Participants |
| | |directly
with|
| | |the ICAV
|
| | |after
which |
| | |all such
|
| | |primary
|
| | |market
|
| | |dealing
will |
| | |be
|
| |
|permanently |
| | |suspended.
|
| | |Dealing in
|
| | |the Fund
|
| | |shall be
|
| |
|permanently |
| | |suspended
|
| | |with
effect |
| | |from the
|
| | |Business
Day |
| | |following
the|
| | |Final
Dealing|
| | |Day;
|
| | |
|
| | | · the
final|
| | |date on
which|
| | |the Fund
will|
| | |remain
fully |
| | |invested
in |
| | |the
|
| |
|constituents |
| | |of (and
|
| | |therefore
the|
| | |final date
|
| | |that the
Fund|
| | |will be
fully|
| | |exposed
to) |
| | |the Index
in |
| | |accordance
|
| | |with its
|
| | |Investment
|
| | |Policy;
and |
| | |
|
| | | · the
final|
| | |date on
which|
| | |the TER
shall|
| | |be charged
to|
| | |the assets
of|
| | |the Fund.
|
| | |
|
| | |With
effect |
| | |from this
|
| | |date, the
|
| | |Manager
and |
| | |the
|
| |
|Administrator|
| | |shall
begin |
| | |to
liquidate |
| | |(i.e.
sell) |
| | |the
|
| |
|Investments |
| | |of the
Fund |
| | |for cash
|
| | |(which may
|
| | |take
several |
| | |days to
|
| | |complete)
so |
| | |that the
|
| | |Fund's
assets|
| | |are fully
|
| | |liquidated
|
| | |for cash
in |
| | |advance of
|
| | |(and so
that |
| | |the final
Net|
| | |Asset
Value |
| | |per Share
may|
| | |be
determined|
| | |in respect
|
| | |of) the
|
| | |Compulsory
|
| | |Redemption
|
| | |Date. As
the |
| |
|liquidation |
| | |of the
Fund's|
| |
|Investments |
| | |may take
|
| | |several
days |
| | |to
complete, |
| | |the Fund's
|
| | |exposure
to |
| | |the
|
| |
|constituents |
| | |of the
Index |
| | |shall
reduce |
| | |as the
Fund's|
| | |Net Asset
|
| | |Value is
|
| | |converted
|
| | |from
equity |
| | |securities
to|
| | |cash.
|
+---------------------------------------------------------+----------+----------
---+
|20 December 2023 |Compulsory|This is
the |
| |Redemption|date by
|
| |Date |reference
to |
| | |which:
|
| | |
|
| | | · all of
|
| | |the Shares
|
| | |which
remain |
| | |in issue
|
| | |shall be
|
| |
|compulsorily |
| | |redeemed
by |
| | |the ICAV;
and|
| | |
|
| | | · the
final|
| | |Net Asset
|
| | |Value per
|
| | |Share will
be|
| |
|determined. |
| | |
|
| | |The
|
| | |redemption
|
| | |price
payable|
| | |on
|
| |
|liquidation |
| | |will be
|
| | |calculated
on|
| | |a basis
|
| | |reflecting
|
| | |the
|
| |
|realisation |
| | |and
|
| |
|liquidation |
| | |costs on
|
| | |closing
the |
| | |Fund.
|
+---------------------------------------------------------+----------+----------
---+
|28 December 2023 |Indicative|This is an
|
| |Settlement|indicative
|
| |Date |date on
which|
| | |the
Directors|
| | |propose to
|
| | |distribute
|
| | |the
|
| | |liquidated
|
| | |proceeds
from|
| | |the
|
| | |compulsory
|
| | |redemption
of|
| | |the Shares
to|
| | |the
relevant |
| |
|Shareholders.|
| | |The
Directors|
| | |can give
no |
| | |assurance
|
| | |that the
|
| |
|distribution |
| | |of the
|
| | |proceeds
from|
| | |the
|
| | |compulsory
|
| | |redemption
of|
| | |the Shares
|
| | |will take
|
| | |place on
the |
| | |Indicative
|
| | |Settlement
|
| | |Date. The
|
| | |Indicative
|
| | |Settlement
|
| | |Date
stated |
| | |above is
for |
| | |indicative
|
| | |purposes
only|
| | |as the
|
| |
|liquidation |
| | |of the
|
| |
|Investments |
| |
|attributable |
| | |to the
Fund |
| | |following
the|
| | |Compulsory
|
| | |Redemption
|
| | |Date can
be |
| | |affected
by |
| | |various
|
| | |factors
|
| | |including
|
| | |delays in
the|
| | |settlement
of|
| |
|transactions |
| | |and
|
| |
|repatriation |
| | |of the
Fund's|
| | |cash.
|
| | |
|
| | |Please
note |
| | |that the
date|
| | |on which
|
| | |Investors
|
| | |receive
their|
| |
|distribution |
| | |proceeds
will|
| | |depend on
the|
| | |procedures
of|
| | |their
broker,|
| | |investment
|
| | |platform
or |
| | |other
|
| |
|intermediary |
| | |through
which|
| | |they hold
|
| | |their
Shares.|
+---------------------------------------------------------+----------+----------
---+
C. ADDITIONAL INFORMATION
The Manager will be responsible for all legal, procedural, stock exchange
related and service provider costs incurred in respect of the de-listing,
redemption process and termination of the Fund.
Secondary market investors (i.e. Investors who purchased their Shares through a
broker, investment platform or other intermediary)
No distribution proceeds resulting from the compulsory redemption of the Shares
shall be payable by the ICAV directly to any person other than those persons
listed as Shareholders as at the Compulsory Redemption Date. Please note that
Investors (apart from Clearstream) will not appear on the ICAV's Register of
Shareholders and, accordingly, should deal directly with their relevant broker,
investment platform, market maker/Authorised Participant, nominee, clearing
agent or Clearstream (as relevant) in relation to the receipt of any
distribution proceeds that may be attributable to their investment in the Fund.
Authorised Participants only
An Authorised Participant who submits a valid application for redemption of the
Shares on or before the Final Dealing Date shall not be subject to the
Compulsory Redemption process in respect of the Shares. However, in the event
that any such application for redemption has not settled in advance of the
Compulsory Redemption Date (as a result of the relevant Authorised Participant
having failed to deliver the Shares by such date), the relevant redemption
application shall be cancelled. In such circumstances, the number of Shares that
were the subject of the cancelled redemption application will be compulsorily
redeemed along with all of the other outstanding Shares on the Compulsory
Redemption Date. The relevant Authorised Participant whose application was
cancelled will be required to reimburse the ICAV to the extent that the
redemption price per Share determined in respect of the Compulsory Redemption
exceeds the redemption price per Share that would have been payable to the
relevant Authorised Participant in respect of the cancelled redemption
application had it not been cancelled, such amount representing the loss to the
Fund incurred in connection with the cancellation of the redemption application.
Other information
Shareholders should consult their own professional advisers as to the specific
tax implications of the termination under the laws of the countries of their
nationality, residence, domicile, or incorporation.
If you have any queries arising from this Notice of Closure, please contact the
Manager at ManCo@iqeq.com.
D.CONCLUSION
The Directors are of the opinion that the proposal is in the best interests of
the Investors of the Fund as a whole.
Investors in Austria and Germany
The Prospectus, together with the Supplements, the Key Information Documents,
the articles of incorporation and the annual and semi-annual reports of the
Company, each in paper form, as well as the issue, repurchase and any exchange
prices are available and may be obtained free of charge from: FE fundinfo
(Luxembourg) S.à.r.l., 77 Rue du Fossé, 4123 Esch-sur-Alzette, Luxembourg.
Investors in Switzerland
The prospectus, the key information documents, the Instrument of Incorporation
and the latest annual and semi-annual reports of the Company can be obtained
free of charge on request from the representative in Switzerland.
St. Gallen, November 2023
Swiss Representative:
1741 Fund Solutions AG
Burggraben 16, 9000 St. Gallen
Swiss Paying Agent:
Tellco AG
Bahnhofstrasse 4, 6430 Schwyz
Questions and Answers
Unless otherwise defined herein, all capitalised terms used herein shall bear
the same meaning as capitalised terms used in the Prospectus
1. Question: Will I incur any costs associated with the Compulsory Redemption
process?
Answer: The Manager will be responsible for all legal, procedural, stock
exchange related and service provider fees and charges incurred in respect of
the de-listing process, redemption process and termination of the Fund. Such
costs will not be passed on to Shareholders, nor has the Manager levied any
charge to Shareholders in respect of the closure process.
Only portfolio transaction costs associated with liquidating the Fund's
investments shall be levied to the Fund.
However, Investors may be charged fees or costs separately by their respective
broker, investment platform or nominee (over which the ICAV has no control) in
relation to the processing of any payments by them or provision of
administrative services by them related to the compulsory redemption.
2. Question: When will I know how much I will receive in respect of my
investment?
Answer:: The final Net Asset Value of the Fund shall reflect the actual
realised / liquidated value of all assets of the Fund as at the Compulsory
Redemption Date, following the Investment liquidation process that will commence
from the Final Dealing Day.
The Directors expect to be able to publish the final Net Asset Value on the
Indicative Settlement Date and the figures will be made available at:
www.rizeetf.com
3. Question: When will I receive my money?
Answer: The redemption proceeds shall be distributed to Clearstream on or after
the Indicative Settlement Date (such date which is indicative only). However, as
a large proportion of Investors hold their beneficial interest in the Shares via
brokers/investment platforms who themselves may hold such interest via one or
more nominees, it is up to the relevant brokers, investment platforms and
applicable nominees throughout the chain of ownership to ensure that the
proceeds of the compulsory redemption are distributed to their underlying
investor clients in accordance with the arrangements they have in place between
them. Therefore, Investors should liaise with their respective broker,
investment platform or nominee in relation to when such broker, investment
platform or nominee expects to be able to distribute the proceeds of the
compulsory redemption to them. Often there are several layers of
nominee/ownership that the proceeds of the compulsory redemption must pass down
through before they ultimately reach the end Investor who holds the beneficial
interest in the Shares. So it may take several days or weeks for an Investor to
receive the proceeds owed to them.
.
FURTHER INFORMATION
Should you have any queries, please do not hesitate to contact the Manager, IQ
EQ Fund Management (Ireland) Limited, using the following contact details:
Email: ManCo@iqeq.com
Telephone: +353 1 673 5480
This information was brought to you by Cision http://news.cision.com
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