The board of directors of the Company has informed the shareholders of MSCI USA GROWTH SF UCITS ETF (USD) A-ACC, MSCI ACWI Risk Weighted SF UCITS ETF (USD) A-ACC and the MSCI EMU Growth SF UCITS ETF (EUR) A-ACC, each a sub-fund of the Company, that the Board has resolved to terminate the Funds, such termination to be effective as of 29 June, 2016….
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In accordance with the terms of the Prospectus and the Articles of Association of the Company, the Board may decide to terminate the Funds and effect the compulsory repurchase of all Shares.
Paragraph 18.9 of Appendix II of the Company’s Articles of Association provides that the Directors may compulsorily repurchase all of the shares of any Fund if the Net Asset Value of the relevant Fund is less than the Minimum Fund Size as may be determined by the Board in respect of that Fund and disclosed in the relevant Supplement. Further, paragraph 10.2 of Appendix II provides that the Board shall give notice of termination of a sub-fund to the Shareholders in the relevant sub-fund and by such notice fix the date at which such termination is to take effect, which date shall be for such period after the service of such notice as the Board determines.
In addition, as outlined in section 8.7 of the Prospectus, the Company may compulsorily redeem all of the Shares of any Fund if the Net Asset Value of the relevant Fund is less than the Minimum Fund Size (if any) specified in the relevant Supplement and in accordance with the terms of the Supplement for the relevant Fund.
The Supplements for the MSCI USA Growth SF UCITS ETF and the MSCI ACWI Risk Weighted SF UCITS ETF each provide for a Minimum Fund Size of USD100 million. The Supplement for the MSCI EMU Growth SF UCITS ETF provides for a Minimum Fund Size of EUR100 million. The Net Asset Value of the Funds as at the date of this Notice is significantly below the Minimum Fund Size set out in the relevant Supplement for each of the Funds.
Accordingly, in accordance with the Prospectus, the Articles of Association of the Company and the Supplements of the Funds, the Board has resolved to compulsorily redeem all of the Shares in the Funds on 29 June, 2016 at the prevailing Net Asset Value per Share on the same date, calculated at the relevant Valuation Date of 29 June 2016.
The trading of the Shares on the relevant stock exchanges will continue up to and including 16 June 2016.
Afterwards, as a consequence of the termination, the Shares in the Funds shall be delisted from any exchanges in which they are currently traded.
Prior to the Termination Date, redemptions will be accepted (in accordance with the terms and conditions of the Prospectus) for the relevant Funds until the dates as set out below.
MSCI USA Growth SF UCITS ETF (USD) A-ACC, the 21.06.2016
MSCI ACWI Risk Weighted SF UCITS ETF (USD) A-ACC, the 20.06.2016
MSCI EMU Growth SF UCITS ETF (EUR) A-ACC, the 21.06.2016
Investors at their choice can:
sell their shares on exchanges on which they are traded until close of trading on the 16th June 2016 ; or
wait for the automatic compulsory redemption of the shares and payment of redemption proceedson Settlement Date. No redemption charges shall apply.