Phoenix Fund temporarily closed

20 April 2023

Phoenix Fund temporarily closed

In view of the pending ruling by the Dutch Supreme Court regarding the expropriated SNS securities, the Phoenix Fund (ISIN code: NL0009864487) will be temporarily closed for the purchase or sale of its own assets. The ruling may lead to abnormal share price movements in the period following the ruling. Van Lanschot Kempen Investment Management has taken this decision to protect the current participants in the Phoenix Fund against possible mispricing, dilution and/or unexpected price reductions of the underlying assets.

The Phoenix Fund has been invested in the SNS compensation claims as a distressed debt fund since 2013. The temporary closure is due to the significant size of the holdings in the fund combined with their non-tradability during the pay-out process. In case of a positive ruling, the compensation payment will have a clear positive effect on the price of the fund.

In the event of a positive ruling by the Supreme Court for SNS compensation claim holders, the fund will remain closed to new entrants and/or leavers until payment of the determined compensation. It is expected that the payment will be made within thirty days, as this is the legal deadline for payment of the compensation in this procedure. If the Supreme Court rules negatively or postpones the ruling, the Phoenix Fund will reopen on April 24th 2023 after 4pm for daily purchases and sales. The first NAV publications will be then be on Wednesday morning April 26th 2023.

Disclaimer

Phoenix Fund (the “Subfund”) is a subfund of Kempen Umbrella Fund II NV (the “Fund”). Van Lanschot Kempen Investment Management (VLK IM) is the management company of the Fund. VLK IM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Subfund is registered under the license of Van Lanschot Kempen Investment Management at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the Website of VLK Investment Management (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

About Van Lanschot Kempen
As a wealth manager, Van Lanschot Kempen is active in Private Banking, Investment Management and Investment Banking. Our goal is to preserve and build wealth in a sustainable way, both for our clients and for the society of which we are a part. We are a sustainable wealth manager with a long-term focus, which means we proactively aim to prevent negative impacts for all stakeholders and to create long-term positive financial and non-financial value. Van Lanschot Kempen, listed on Euronext Amsterdam, is the oldest independent financial institution in the Netherlands with a history dating back to 1737. To unlock the full potential of our organization for our clients, we offer solutions that build on the knowledge and expertise of the entire group and on our open architecture platform. We are convinced that we can meet the needs of our customers in a sustainable way by providing them with access to the full range of services and products across all our business units.

For more information, see: vanlanschotkempen.com

This news item is not an offer or an invitation to make an offer to buy or sell or otherwise acquire or subscribe to financial instruments and is not AN advice or a recommendation to take or refrain from taking any action.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.