Since April 21, 2023, the Phoenix Fund is temporarily closed for the purchase or sale of shares. The closure is related to the ruling of the Supreme Court regarding the expropriated SNS securities and the relatively large position that the Phoenix Fund has in these securities. The ruling could possibly lead to a deviating share price development in the period following the ruling. For this reason, Van Lanschot Kempen Investment Management has taken the decision to protect the current participants in the Phoenix Fund against possible mispricing, dilution and/or unexpected price reductions on the underlying value of the SNS claims in the fund.

The Supreme Court has now issued a positive ruling for the owners of the SNS claims, to which a compensation payment will have to be made by the government. When received, this payment is likely to have a positive effect on the price of the fund. It was expected that the payment of the determined compensation by the government would take place within 30 days of the ruling, as this is the legal deadline for the payment of compensation in these proceedings. Unfortunately, however, the payment by the government has been postponed until mid-October 2023. Van Lanschot Kempen Investment Management is of the opinion that it is not in the best interest of participants to reopen the fund in anticipation of this payment. It is important here that the valuation of the claims that have not yet been paid must be done very carefully and that the limited liquidity of the SNS position in the fund must be taken into account. We expect to be able to inform you further about this at this situation beginning of October or sooner when there are relevant developments. Until then, the Phoenix Fund will not reopen for the purchase and sale of shares.

You can read more information about the temporary closure of the fund in the message published in the ‘Documents’ page of the Phoenix Fund on April 20 and June 28th 2023: Phoenix Fund temporarily closed and Phoenix Fund decision postponed.