Van Lanschot Kempen Investment Management was notified on Friday 27 January that the ruling of the Supreme Court regarding the right for compensation with regard to the expropriated SNS Bank and SNS Reaal bonds will be upheld. It will therefore not become clear in the short term whether compensation will be awarded to the SNS claim holders. The Phoenix Fund (ISIN code: NL0009864487) will therefore reopen on Monday 30 January after 4:00 pm for the purchase or sale of its own shares. The next NAV will be published on Wednesday morning 1 February.
The fund was temporarily closed after 4 p.m. on 26 January due to the significant size of the SNS position in the fund in combination with the uncertain price development in the event of compensation being awarded by the Supreme Court and the non-marketability of the securities in the period after the pronunciation. The decision to do so was taken to protect the current participants in the Phoenix Fund against possible mispricing, dilution and/or unexpected price reductions on the underlying asset.
For more information, see: vanlanschotkempen.com
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