Oct 13, 2015 (LBO) - Candor Opportunities Fund, managed by Candor Asset Management, has been approved to list on the Colombo Stock Exchange with a public offering of 75 million units at 10 rupees per unit, the fund manager said.
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The issue will offer 50 million units at 10 rupees per unit, with an option for a further 25 million units if the 5-year close-ended unit trust is oversubscribed.
The offer for subscription opens on October 20th, and the explanatory memorandum is available with CSE member firms from October 12th.
The fund will be closed to new investors and redemptions through the fund manager during the 5-year period. In order to facilitate unit holders to exit from the fund and for new unit holders to join, units of this fund will be listed on the Colombo Stock Exchange, the memorandum said.
The Opportunities Fund aims to "primarily invest in stocks of well-managed companies that are attractively priced with medium to long-term growth and income potential with the option to move into fixed income securities at times when the equity market is overvalued."
It will aim for a target allocation of 97 percent in equity and 3 percent in fixed income securities, although it could go up to 100 percent either way.
The fund will have a front-end fee of 1.5 percent of the initial offer price of a unit, management fee of 2.0 percent per annum of net asset value, trustee fee of 0.
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15 percent per annum of net asset value. There would be no exit fee.
"The fund manager will manage this portfolio for a period of five years and at the end of this period liquidate all investments and return the monies to the unit holders in proportion to their unit holding in the fund."
On the investment committee of Candor Asset Management currently are: Dushni Weerakoon, deputy director of the Institute of Policy Studies, JAPM Jayasekera, managing director of Lanka Tiles and Elias Kawar, director, corporate finance and investments at Eagle Investments Ltd, Dubai.
The fund is a wholly-owned subsidiary of Eagle Proprietary Investments Limited of Dubai, founded in 2008, which invests in high-growth companies and assets across US and Asia.
The trustees to the issue are Deutsche Bank AG, and the lead distributor is Bartleets Religare Securities Ltd.