MAVERICK FUND COMPANY ANNOUNCEMENT RE: AMENDMENT TO MEMORANDUM & ARTICLES

Date27-Sep-2004
Maverick Fund Ltd

Re: Amendment to Memo etc

 

Company Announcement

For Immediate Release 22 September 2004

MAVERICK FUND, LTD.

RE: Amendment to Memorandum & Articles of Association

The Board of Directors of Maverick Fund, Ltd. (the "Fund") wish to announce that with effect from 26 November 2001 the following changes were approved by the Shareholders of the Fund at an Extraordinary General Meeting held on 26 November 2001:

· Articles 64-67 - these new redemption restrictions have been introduced in order to enable the Company to deal amongst other things more effectively with increased market volatility and new anti money laundering issues. Accordingly, the Company may temporarily suspend or scale down redemptions (i) to effect an orderly liquidation of the Company’s assets if the disposal of the Company’s assets or the calculation of the New Asset Value is not practicable or reasonable and that it would prejudice the interests of the shareholders or (ii) if the Directors receive Redemption Notices in respect of Participating Shares on any Valuation Date which in aggregate exceed 5% per class of the Net Asset Value on such Valuation Date and in such circumstances the Directors may scale down the amounts to be redeemed pro rata to such extent as they consider may be necessary. The Directors will also be able to refuse to make a redemption payment if such redemption payment may result in a breach of any relevant anti-money laundering law or such refusal is necessary to ensure compliance with any such law.

· Article 71 - the rights of the Company to compulsorily redeem shares will be amended to enable the Company to redeem shares if in the opinion of the Directors in consultation with the Investment Manager such redemption is considered to be in the interests of the Company. The Directors currently would only exercise the right where the holding of shares may result in regulatory, pecuniary, legal, taxation or material administrative disadvantage for the Company or its shareholders as a whole or to maintain a minimum holding per shareholder. The Company prefers to effect the changes to the capital base outlined above or in the future by way of redemption of shares under this new Article.

· Article 76-79 - these Articles describe the consents required from class shareholders before the Company can adversely alter any special class share rights.

· Articles 81-94 - these Articles allow the Company to deal with shareholders who fail to pay for their shares.

· Article 175 - this Article permits the Company to declare dividends in respect of specific classes of share.

 

The delay in notifying the Irish Stock Exchange of this change is due to an oversight of an administrative nature.

 

Enquiries:

The Irish Trust Company (Cayman) Limited Ms Michelle Boucher

Phone: +1 345 814 7150

 

NCB Stockbrokers Limited Ms Margot McDonagh

Phone: +353 1 611 5907