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Professional Investor - Netherlands
September 29, 2023

Proposal to shareholders to liquidate the Phoenix fund

We hereby inform you that the management of Phoenix Fund (ISIN code: NL0009864487) proposes to its shareholders to liquidate the Phoenix Fund. 

Phoenix Fund was launched as a distressed-debt fund in 2007 at Hof Hoorneman Bankiers and was transferred to Van Lanschot Kempen N.V. through the acquisition of Hof Hoorneman in 2021. Over the past two years, it has become clear that the commercial opportunities for the fund are limited. Currently, the fund size is approximately 50 million. We expect the fund size to further decline, partly due to the anticipated receipt of the long-awaited SNS compensation claims payout by the Dutch State. This payout is expected to have a positive effect on the fund's value and is likely to lead to a smaller fund size as investors will sell their positions in Phoenix Fund (taking profits). A further decline in the fund size will result in relatively higher costs for investors in the fund. This has led the fund's management to propose liquidation of the fund. 

Trading of Phoenix Fund shares and the determination of net asset value have been suspended since April 21, 2023, due to the significant position in SNS compensation claims. If Phoenix Fund were to reopen for trading and a large outflow would occur, it would complicate the management of the fund and potentially impact either the departing investor or the remaining investor. In light of the intended liquidation, trading of Phoenix Fund shares will remain suspended in the interest of investors and an orderly liquidation process. 

If the shareholders meeting on November 13 approves the dissolution of the fund, we will proceed with liquidation of the underlying investments and return the proceeds to the fund's investors. Trading of Phoenix Fund shares will remain suspended, therefore the fund will not be able to provide liquidity to investors. Consequently, the fund intends to make a substantial interim liquidation payment to investors after the shareholders' decision to dissolve Phoenix Fund. The return of capital will occur in several steps with the ultimate goal of closing the fund definitively by the end of April 2024.

More information about the intended liquidation of Phoenix Fund can be found on the website through this link in the documentation section under the General Meeting heading. 

Further background: 
Since April 21, 2023, Phoenix Fund has been closed for subscriptions or redemptions due to the ruling of the Supreme Court regarding the expropriated SNS securities and the potentially deviating price movement of the fund to protect participants against possible mispricing, dilution, and/or unexpected discounts on the underlying value. The allocation of SNS compensation claims has had a positive effect on the Phoenix Fund's value, as these claims have increased in value due to the allocation, and this position constituted a significant part of Phoenix Fund. The Dutch State has taken longer than the statutory period of thirty days to pay out the awarded claims. An explanation regarding this matter has been provided on the "documents" page of Phoenix Fund at an earlier moment.

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 (https://www.vanlanschotkempen.com/en-nl/investment-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


More Information 
Clients of Van Lanschot Kempen can contact their banker. 
Investors in this fund who are not clients of Van Lanschot Kempen can contact: 
Rutger-Jan Leewens r.j.leewens@vanlanschotkempen.com 

For media relations: 
Daan Joosen d.joosen@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.

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

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. Authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.

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