ASSURED Fund Announces changes in the Auditor and Administrator, Update on Withholding Tax Solution and Various Changes to the Funds's Offering Documentation

Date22-Jul-2013

Assured Fund (the “Fund”) wishes to make the following announcements:

 

Change of Auditor

 

PricewaterhouseCoopers has been replaced by KPMG (Cayman Islands) as auditor of the Fund and will prepare the Fund’s 2012 audited financial statements. PwC resigned as auditor of the Fund because their audit team assigned to the Fund felt they were not able to obtain enough documentary evidence in respect of certain policy valuations to provide an audit opinion. The 2012 audited financial statements are expected to be completed by the end of August 2013.

 

Change of Administrator

 

Blue Sea International Limited has been replaced by Maples Fund Services (Cayman) Limited as the administrator of the Fund. All future enquiries regarding investments in the Fund should be directed to Maples Fund Services.

 

Withholding Tax Solution

 

Investors will be aware that the Fund has been seeking to restructure its asset portfolio in a way that will reduce its withholding tax burden and increase liquidity and performance. The Fund is pleased to announce that the implementation of the structure is due to be completed in the coming weeks. The new structure will see the Fund holding a portfolio of NYSE Euronext-listed bonds issued by a Belgian subsidiary of the Fund which will hold the Fund’s underlying portfolio of life insurance policies. Further information is available from the investment manager, Policy Selection Limited.

 

Update to the Offering Documents

 

The Fund’s offering documents have been revised to reflect these changes. The revised offering documents will be circulated to investors shortly.

 

 

Mark Hindle, Investment Director

On behalf of the Board of Directors