On 15th August 2023, Liontrust announced a proposal to merge underlying Liontrust China Fund Fund with another one of their funds – Liontrust Emerging Markets Fund. This was voted on at Extraordinary General Meeting on 01/09/2023. We have now been advised by Liontrust, that Merger resolution has not passed during Extraordinary Meeting, therefore, the merger will not go effective on 08/09/2023 as they planned.
The OMR Fidelity Emerging Europe Middle East & Africa fund invests in the Fidelity Emerging Europe Middle East & Africa, managed by Fidelity International (the Fund Manager). We previously notified investors in the OMR fund that this was suspended to purchases/new business last year as a result of the Ukraine and Russia conflict.
The Fund Manager has now advised us that they plan to re-open the non-Russia linked underlying assets of the fund fully. In order to do this, they will be setting up a new share class called the Fidelity Sustainable Emerging Markets Equity Fund, which will hold the non-Russian linked liquid assets. For investors in the OMR Fidelity Emerging Europe Middle East & Africa fund currently, this will mean that the fund you hold will change name to the OMR Fidelity Sustainable Emerging Markets Equity fund on or shortly after 29/03/2023. Additionally, the fund will be made fully open to purchases and sales at the same time. There will be no customer switch reflected on plans as the result of this change in underlying asset.
Following the conversion date policyholders will not be able to buy or sell shares in the Russian linked illiquid assets, as Fidelity International will take the necessary steps to close the underlying fund and sell these remaining assets when possible. In the current environment it is not possible to estimate how long this process might take to complete, or what the eventual value might be. Given that the Fund Manager is unable to accurately reflect a value of these assets currently, plans will not show any value held within these assets following the changes above.
A further letter to the policyholders will be issued shortly explaining what this means for them and what their options are.
The Fund Manager (Columbia Threadneedle) has advised that they will lift the current temporary dealing suspension on the underlying fund that is held by the OMR CT (Threadneedle) UK Property Auth Trust on 01/03/2023. As a result, policyholders will be able to transact on this fund from 02/03/2023.
A further letter to the policyholders will be issued shortly explaining what this means for them and what their options are.
Dealing will recommence for the valuation point on 10 May 2021. We will accept online instructions from 2pm on 7 May 2021.
Update to fund’s prospectus: Introduction of rapid sales provision, which will enable the ACD of the M&G Property Portfolio to agree with the Standing Independent Valuer a fair and reasonable price to reflect the rapid sale of a property. Although this may result in selling a property at a lower price than its market value, it is expected that the use of the Provision will solely be used under exceptional circumstances such as periods in which wider market uncertainty leads to sustained high levels of outflows.
Dealing will recommence for the valuation point on 24 February 2021. We will accept online instructions from 2pm on 23 February 2021.
Dealing will recommence for the valuation point on 24 February 2021. We will accept online instructions from 2pm on 23 February 2021.
Dealing will recommence for the valuation point on 24 February 2021. We will accept online instructions from 2pm on 23 February 2021.
Dealing will recommence for the valuation point on 16 November 2020. We will accept online instructions from 2pm on 13 November 2020.
Dealing will recommence for the valuation point on 16 November 2020. We will accept online instructions from 2pm on 13 November 2020.
Please note: Dealing will recommence for the valuation point of Tuesday 13 October 2020. We will accept online instructions from 2pm on 12 October 2020.
