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Professional Investor - Netherlands
July 27 2023

Phoenix Fund decision postponed until beginning of October

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. 
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

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.

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