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Dow Jones News
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Lyxor International Asset Management: Change of regulatory structure

Dow Jones received a payment from EQS/DGAP to publish this press release.

Lyxor International Asset Management (MEUG) 
Lyxor International Asset Management: Change of regulatory structure 
 
14-Sep-2018 / 14:47 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
 
 
     Paris, 14 August 2018 
 
  NOTICE TO THE UNIT-HOLDERS OF the FCP fund 
 
  Lyxor MSCI Europe UCITS ETF 
 
UNIT CLASS                          ISIN code 
Lyxor MSCI Europe UCITS ETF - Dist FR0010261198 
 
     Dear unit-holder, 
 
   According to our records you hold units in the FCP fund Lyxor MSCI Europe 
     UCITS ETF (hereinafter the "Absorbed Fund". 
 
     In order to provide investors with an investment vehicle that offers a 
     corporate governance structure, it was decided, at the request of Lyxor 
  International Asset Management (hereinafter "LIAM"), to merge the Absorbed 
     Fund into Lyxor MSCI Europe UCITS ETF (hereinafter the "Absorbing 
 Sub-fund"), which is a sub-fund of MULTI UNITS FRANCE (MUF), a French SICAV 
     fund. 
 
   As a result of this merger through absorption the Absorbing Sub-fund will 
     receive all of the Absorbed Fund's assets. 
 
     When this merger is completed, the Absorbed Fund's unit-holders will be 
     shareholders of the MULTI UNITS FRANCE fund. 
 
1) The merger 
 
  This merger through absorption will not modify the investment strategy nor 
     the ISIN code for unit-holders in the Absorbed Fund. 
 
   The investment and benchmark replication methods of the Absorbed fund and 
     the Absorbing Sub-fund are in effect identical, since the investment 
   strategy for both is to achieve the highest possible correlation with the 
  benchmark index's performance by implementing a direct replication method, 
     which means that the Absorbing Sub-fund may enter into one or more 
     over-the-counter swap agreements to enable it to achieve its investment 
     objective. 
 
    The tracking error objective between the Absorbed Fund's performance and 
   that of its Benchmark Index under normal market conditions is 0. 10%. The 
   tracking error objective between the Absorbing Sub-fund's performance and 
     that of its Benchmark Index under normal market conditions is 0.50%. 
 
The other characteristics of the Absorbed Fund and of the Absorbing Sub-fund 
    are also identical, i.e. the investment policy and strategy, the typical 
     investor profile, the risk profile, the frequency of net asset value 
    calculation, trading days, the accounting currency, the requirements for 
     submitting subscription and redemption orders, share/unit category 
     characteristics, fees and expenses and the method used to determine the 
     overall risk exposure. 
 
     This merger by absorption was approved by the French financial markets 
       authority, l'Autorité des marchés financiers (AMF), on 1 June 2018. 
 
     The Absorbed Fund is an undertaking for the collective investment in 
     transferable securities (hereinafter "UCITS") that is classified as a 
   "European Union equities" fund. It was approved by the AMF on 13 December 
    2015 and was established on 10 January 2006. LIAM is the Absorbed Fund's 
         management company and Société Générale is its depositary. 
 
    The Absorbing Sub-fund is a UCITS that was approved by the AMF on 1 June 
  2018 and will be launched on the Merger Date, which is defined below. LIAM 
 is the Absorbing Sub-fund's delegated asset manager and Société Générale is 
     its depositary. 
 
     Unless you decide otherwise, your units of the Absorbed Fund will be 
  automatically merged into the Absorbing Sub-fund on 20 September 2018 (the 
     "Merger Date"). 
 
   During a period of 30 calendar days after the date this notice is posted, 
primary market investors (i.e. which subscribe for and redeem units directly 
     from LIAM) may redeem their units from LIAM and/or from its depositary 
  without having to pay a redemption fee, provided that they comply with the 
minimum redemption requirements specified in the Absorbed Fund's prospectus. 
 
  As always, LIAM will of course charge no subscription or redemption fee on 
the purchase or sale of the Absorbed Fund's units on any exchange where they 
     are listed (i.e. in the secondary market). 
 
     To complete this merger through absorption as smoothly as possible, the 
     subscription and redemption of the Absorbed Fund's units on the primary 
   market will be suspended on 17 September 2018 after 5.00 pm (Paris time). 
 However, it should be noted that the Absorbed Fund's units may be purchased 
     and sold on the secondary market up until the Merger Date. 
 
     Lastly, for operational reasons, subscriptions and redemptions of the 
  Absorbing Sub-fund's shares on the primary market will not be processed on 
     the first business day after the Merger. 
 
2) Consequences 
 
  This merger through absorption will not modify the investment strategy nor 
     the risk profile for unit-holders in the Absorbed Fund. 
 
     The risk-return profile is modified: NO 
 
     The risk-return profile is increased: NO 
 
     Expenses are increased: NO 
 
  As indicated in section 1 above ("The merger"), the only impact the merger 
     will have on unit/shareholders will be the fund's conversion from a 
contract-based entity (the FCP fund) to a corporate entity (the SICAV fund). 
 
     It should be noted that the Absorbing Sub-fund will be eligible for 
     inclusion in PEA equity savings plans. 
 
You will find the calendar for this merger in Schedule 1, information on the 
 exchange of units in Schedule 2, and a comparison of the characteristics of 
     the Absorbed Fund with those of the Absorbing Sub-fund in Schedule 3. 
 
3) Key points for investors 
 
LIAM informs investors that all Absorbing Sub-fund share classes are or will 
 be listed on the same exchange or exchanges as their corresponding Absorbed 
     Fund unit class. 
 
   Unlike an FCP common fund, whose unit-holders enjoy none of the rights of 
    share-holders, a SICAV open-ended investment company can issue shares in 
     response to investor demand. Upon completion of this merger you will 
  therefore become a shareholder of the MULTI UNITS FRANCE SICAV and will be 
    entitled to express your opinion at annual and extraordinary shareholder 
     meetings. 
 
   Investors should also note that the merger by absorption may affect their 
personal tax situation since the Absorbed Fund is an FCP common fund and was 
    therefore formed under contract law (whereas the Absorbing Sub-fund is a 
 SICAV open-ended investment company), and as a result of the merger itself. 
   Investors are therefore invited to consult with their usual advisor as to 
     the possible consequences the merger by absorption may have on their 
     personal situation. 
 
 LIAM recommends that investors carefully read the "Risk Profile" section of 
     the Absorbing Sub-fund's prospectus and the "Risk and Return Profile" 
  section of its Key Information for Investors Document (KIID). The KIID and 
     the prospectus are both available in French and free of charge at 
     www.lyxoretf.com [1]or from client-services-etf@lyxor.com. 
 
    The management company will provide unit-holders, upon request, with (i) 
additional information on the merger, (ii) a copy of the statutory auditor's 
     report, (iii) a copy of the depositary's report and (iv) a copy of the 
     merger agreement. 
 
     If you need any more information you should contact your advisor. 
 
     We thank you for your trust and loyalty. 
 
     Yours faithfully 
 
     The Chairman 
 
  Schedule 1: Merger calendar 
 
  Absorbed    Subscriptions &   Effective   Based on  Shares to 
    Fund      redemptions are  merger date   the NAV     be 
                 suspended                     of     received 
                                                      from the 
                                                      Absorbing 
                                                      Sub-fund 
 Lyxor MSCI  17 September 2018 20 September    20       MULTI 
Europe UCITS   after 5.00 pm       2018     September   UNITS 
    ETF        (Paris time)                   2018     FRANCE 
                                                       -Lyxor 
                                                        MSCI 
                                                       Europe 
                                                      UCITS ETF 
 
  Schedule 2: Information on the merger 
 
As shown on the merger calendar (see Schedule 1 above), the Absorbed Fund in 
     which you hold units will be merged into the Absorbing Sub-fund on 20 
     September 2018 (the "Merger Date"). This merger through absorption was 
     approved by the AMF on 1 June 2018. 
 
All of the Absorbed Fund's assets and liabilities will be transferred to the 
Absorbing Sub-fund. The Absorbed Fund will automatically be dissolved on the 
     merger completion date. 
 
  The Absorbing Sub-fund will be created by contributing all of the Absorbed 
     Fund's assets at the merger completion date. 
 
   In exchange for the assets contributed, the Absorbing Sub-fund will issue 
     shares that will be attributed to the investors in the Absorbed Fund. 
 
     For each unit class held in the Absorbed Fund there will be issued a 
  corresponding share class in the Absorbing Sub-fund of equivalent value as 
     at 20 September 2018. 
 
The Absorbing Sub-fund share class will be issued on 20 September 2018 at an 
    initial net asset value that is equivalent to the net asset value of the 
     Absorbed Fund's unit class at that date. 
 
   There will therefore be no odd lots nor cash adjustments since the merger 
     will involve the exchange of one Absorbed Fund unit for one Absorbing 
     Sub-fund share of equal value. 
 
The statutory auditors will furthermore certify the accounts of the Absorbed 

(MORE TO FOLLOW) Dow Jones Newswires

September 14, 2018 09:49 ET (13:49 GMT)

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