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Fund suspension update March 2018 - Montreux Natural Resources Fund

The Fund has resolved to cease the determination of the Net Asset Value for the foreseeable future and to close the fund to the subscription for and redemptions of shares in the fund. This decision was made in order to commence an orderly wind-down of the fund and to maximise investor value.

Impacts on
portfolio bonds including:

  • PIMS
  • Select
  • Choice

The Funds Directors have advised that the primary objective of this decision is to ensure that the Fund generates sufficient liquidity such that it remains in a position to meet its liabilities while an asset disposal program is devised and implemented.

In order to ensure that the Fund obtains the best value for its portfolio, while recognising the inability of the Fund to generate the significant capital required to develop these assets to a state where there will create attractive sales opportunities, the Funds Board has considered the various options available to it.

They have decided that the sale of one of the Fund’s two portfolio assets to an affiliate of the Investment Manager represents the best option currently available to it. The affiliate will purchase the Fund’s interest in GRB Mining Ltd (GRB) at its current market value plus a significant deferred payment generated from future anticipated production by the asset which is significantly more than its current market value as independently determined by an independent valuation firm.

Details of the benefits and steps to be taken by the Fund can be found on the linked circular.


For more information about Montreux visit www.montreux.com/natural-resources-fund-cayman