Barak Fund Management Limited -Investor Update
Following our communication to investors in March, Barak Fund Management Limited (BFML) wishes to provide the following update to investors on the ongoing restructuring process, which is nearing completion.
Posted: 23 April 2021
The focus on protecting value throughout the restructuring process, and the incorporation of feedback from our investor base has resulted in minor delays to the distribution of the pack to investors. We now expect to be able to deliver, with a high degree of certainty, the full restructuring pack by Friday 30 April.
Once this pack is distributed, investors will have 30 calendar days prior to the shareholders meeting to consider their options regarding approval of the amendments to the articles and modernisation of the Company, alternatively appointing a proxy to attend that meeting. Following completion of the 2019 audit in early April, we are also pleased to note substantial progress with the 2020 audit.
The field work for the 2020 audit has commenced, and we expect the audits for all funds to be completed by June 2021. We look forward to communicating further progress with the restructuring process over the coming weeks. BFML looks forward to implementing a restructuring process that is fair, timely and which will strategically position the Funds to capitalise on opportunities in the post Covid environment.
We thank all our investors for their patience and support during this period.
Amendments to the Board of Barak Fund SPC’s letter of 14 April
With reference to the Board of Barak Fund SPC’s letter to investors of 14 April, in which the Board reiterated its support for BFML, the Board wishes to provide clarification regarding two key areas covered in this note: • The accounting standard GAAP no longer applies to the accounts of Barak STF and its related entities.
The relevant accounting standard for the funds is IFRS. • The date of the targeted completion of the 2019 audit should have been articulated as June 2020, rather than June 2019 as mentioned in the note to investors.