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Lyxor International Asset Management: Change of -2-

DJ 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 (MIBX) 
Lyxor International Asset Management: Change of regulatory structure 
 
14-Sep-2018 / 15:00 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 FTSE MIB UCITS ETF 
 
UNIT CLASS                       ISIN code 
Lyxor FTSE MIB UCITS ETF - Dist FR0010010827 
 
     Dear unit-holder, 
 
According to our records you hold units in the FCP fund Lyxor FTSE MIB 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 FTSE MIB 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 0.20% . 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 
"Eurozone equities" fund. It was approved by the AMF on 22 June 2001 and was 
     established on 4 November 2003. 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 FTSE  17 September 2018 20 September    20       MULTI 
 MIB UCITS     after 5.00 pm       2018     September   UNITS 
    ETF        (Paris time)                   2018     FRANCE 
                                                       -Lyxor 
                                                      FTSE MIB 
                                                      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 
     Fund and the Absorbing Sub-fund respectively, on the date specified for 
     valuation. 
 

(MORE TO FOLLOW) Dow Jones Newswires

September 14, 2018 10:02 ET (14:02 GMT)

Société Générale, the depositary, will handle the exchange of the Absorbed 
     Fund's units for the Absorbing Sub-fund's shares. 
 
  The depositary will also inform the Euroclear France members that hold the 
   accounts of the former Absorbed Fund investors of the number of Absorbing 
     Sub-fund shares to which the latter are entitled. 
 
     Lastly, LIAM will bear all merger expenses. 
 
  Tax consequences of the merger by absorption (for investors who are French 
     tax residents). 
 
   The merger transaction described in this letter is subject to the laws in 
     effect on the Merger Date. 
 
    Accordingly, the tax regime that applies to the exchange of units/shares 
  depends on the unit-holder's tax situation as shown below. The unit-holder 
     may also be subject to disclosure requirements in some cases. 
 
     Resident natural person unit-holders: taxation is deferred (pursuant to 
     Article 150-0 B of the French general tax code) provided that any cash 
  adjustment paid to the client is less than 10% of the nominal value of the 
     securities received. 
 
   If the cash adjustment exceeds 10% of the nominal value of the securities 
     received, the capital gain up to the amount of this cash adjustment is 
 subject to taxation in the year of the merger. However, the net income from 
  the exchange of securities (excluding the capital gain up to the amount of 
the cash adjustment) is not taxable in the year of the merger but is taxable 
   in the year that the absorbing fund's securities are sold. The securities 
exchanged are accordingly not included in the calculation of total portfolio 
securities sold, for the purpose of determining whether or not the limit for 
     declaring security sales has been breached. 
 
     Therefore, during the future sale or redemption of the absorbing fund's 
 units, the capital gain is determined on the basis of the purchase price of 
   the absorbed fund's units, minus any cash adjustment received or plus any 
     cash adjustment paid. 
 
     Sole proprietor unit-holders whose income tax is based on their actual 
  industrial, commercial or agricultural income: taxation is deferred. These 
 taxpayers are treated either as resident natural person taxpayers (i.e. the 
 securities are included in their personal assets) or are taxed on the basis 
   of their professional capital gains (the securities are included in their 
     professional assets). 
 
  In both cases, the net income from the exchange of securities is not taxed 
     for the year of the merger, but is taxed the year in which the fund 
securities received in exchange are sold. Regarding the professional capital 
  gain (PCG): only the part of the PCG that corresponds to a cash adjustment 
 that may have been received is immediately taxable. Upon the future sale or 
     redemption of the fund securities received in exchange, the PCG will be 
     calculated as of the date these securities were received and at their 
     initial purchase price. 
 
     Legal-entity unit-holders subject to corporate income tax: taxation is 
deferred (pursuant to Article 38-5 bis of the French general tax code). Only 
 the part of the capital gain that corresponds to a cash adjustment received 
     is immediately taxable. 
 
     The net income from the exchange of securities (excluding any cash 
 adjustment) is not included in the taxable income of the year of the merger 
but is included in that of the year in which the fund securities received in 
     exchange are sold. 
 
However, when an investor is subject to Article 209 OA of the French general 
  tax code, the taxation of the valuation adjustments of the fund securities 
    reduces the actual applicability of the tax deferral since the valuation 
  adjustments have already been taxed and include some or all of the capital 
     gain on the exchange of securities for the merger. 
 
   Non-profit institution unit-holders that meet the requirements of Article 
   206-5 of the French general tax code and non-resident unit-holders: these 
  investors are not subject to taxation in France in relation to this merger 
 transaction (pursuant to Article 244 bis C of the French general tax code). 
 
Sale of odd-lot units 
 
   A sale of units in the Absorbed Fund that are not exchanged (i.e. an "odd 
     lot") is considered to be a sale of units from which any net income is 
 immediately taxable under the rules that generally apply to the taxation of 
     capital gains. More specifically, the taxation of any net income on the 
units exchanged within the limits of the share-exchange ratio is entitled to 
   deferral, whereas any surplus units are considered to be sold and the net 
     income from their sale is immediately taxable. 
 
  Schedule 3: Comparison of Absorbed Fund and Absorbing Sub-fund 
  characteristics 
 
                          Absorbed Fund      Absorbing Sub-fund 
          Name Lyxor FTSE MIB UCITS ETF    MULTI UNITS FRANCE - 
                                           Lyxor FTSE MIB UCITS 
                                                            ETF 
Applicable law               French law              French law 
   Supervisory                      AMF                     AMF 
     authority 
    Legal form A common investment fund   A sub-fund of a SICAV 
                                  (FCP)      investment company 
    Depositary         Société Générale        Société Générale 
 Registrar and         Société Générale        Société Générale 
transfer agent 
          Fund         Société Générale        Société Générale 
 administrator 
     Statutory   Pricewaterhousecoopers Pricewaterhousecoopers 
       auditor                    Audit Audit 
 
      Absorbed Fund unit class Dist FR0010010827 
Absorbing Sub-fund share class 
 
     The issuer - Lyxor International Management - confirms that the 
     application(s) do(es) not fall under Articles 5.1 or 5.2 of Council 
 Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures 
     in view of Russia's actions destabilising the situation in Ukraine (as 
     amended by Council Regulation (EU) No 960/2014 of 8 September 2014, 
     published in the Official Journal of the EU on 12 September 2014). 
 
ISIN:           FR0010010827 
Category Code:  MSCM 
TIDM:           MIBX 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   6025 
EQS News ID:    723959 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0010a7d3927045cf24a31b4607048941&application_id=723959&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

September 14, 2018 10:02 ET (14:02 GMT)

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