S.A.I. ATLAS ASSET MANAGEMENT S.A. registered with ASF Registry under no. PJRO5SAIR/400030 acting as administrator of FII HERALD registered with ASF Registry under no. CSC08FIIR/400025 informs the investors on the endorsement by A.S.F., under Endorsement no. 26 of June 6th 2012, of the following changes occurring in the FII HERALD Issue Prospectus:
- The amendment of the underwriting period stipulated under section 4.2.2 Subsequent fund unit issue from the Issue prospectus, respectively „The fund units are offered for subscription from the Fund's assets on the last day of each month. The number of units to be offered for underwriting will be the maximum number of fund units subscribed up to that date.“
- The amendment of the redemption period stipulated under section 4.3 Redemption and payment procedure of the fund units from the Issue prospectus, respectively Fund investors have the right to fully or partially redeem fund units on the last day of each month".
- Removing the performance commission and the way of its calculation refers to, paragraph stipulated under section „ 8 Fees and other expenses” from the Issue prospectus, respectively: “For the Performances of the Fund, The Administration Company is entitled to an annual performance commission in case it meets the objective established in this Issue Prospectus, respectively to grant a bonus to the investors with an updated annual yield of at least 20%. In case the annual yield gained by the Fund is below or equal to 20%, no performance commission is charged. In case the annual yield gained by the Fund is higher than 20%, there will be charged a performance commission as follows:
a) for an annual yield of the Fund ranging between 20% and 40%, the performance commission will be 50% of the amount exceeding the 20% annual yield;
b) for an annual yield of the Fund over 40%, the performance commission will be 50% of the amount exceeding the 20% annual yield plus 75% of the amount exceeding the 40% annual yield;
The performance commission shall be calculated for 180 calendar days starting from the date of the underwriting offer from the net assets. The performance commission shall be paid by the Fund to the administration company no later than 5 business days from the date of calculation by the administration company as well as the certification by the Fund Depository of both the net assets and the performance commission. The performance commission shall be calculated and collected only if the performance criteria is fulfilled. The performance commission shall be calculated depending on the yield gained by the Fund. The Yield shall be calculated as follows:
R = VAN1- VAN0
Where:
VAN1 is the net asset value of the last business day upon the fulfillment of the 180 calendar day – period from the date of the last underwriting offer.
VAN0 is the net asset value of the first business day upon the fulfillment of the 180 calendar day – period from the date of the last underwriting offer. - Removing paragraph referring to primary objective of the Fund stipulated under section „3.2 The Fund’s Objective „ paragraph 2 from the Issue prospectus,respectively “The main objective of the Fund is to grant the investors an annual yield of at least 20%, The Administration company being entitled to an annual performance commission as detailed in the section Commission in the Issue Prospectus.
Aside from the above mentioned modification, the fund units also include a series of changes:
- the addition of a new fund in the section of funds administered by S.A.I. ATLAS ASSET MANAGEMENT S.A., respectively FII MATADOR;
- updating the characteristics of the unit fund stipulated under section 4.1 from the Issue prospectus, respectively „The fund units are redeemed from the Fund's assets on the last day of each month”;
- updating the redemption period stipulated under section “3.2 The Fund’s Objective” last paragraph, respectively “However, the fund units are redeemed from the Fund's assets on the last day of each month”
- removing paragraph referring to performance commission stipulated under Chapter 3 Fund Information”, sub-chapter “3.2. Fund Objective”, paragraph 3, respectively “If an annual yield less than or equal to 20% is obtained, no performance commission is charged”
Some of the changes made to the Prospectus of the Fund were made in civil contract, as applicable.
Investors in the HERALD Closed-End Investment Fund that do not agree with the amendments occurring in the fund documents only have the option of fully redeeming the held fund units, within 15 days from the publishing date of the investors’ informative note.
Full details on the amended documents can be found on www.atlas-am.en, and they can also be acquired free of charge, by request, from the administration company headquarters, located in Bucharest, 1st district, 8-16 Agronomiei Bd., Villa No. N3.1, Unit A, 1st floor, apartment no. 5, telephone 021-021.361.78.21, fax 021-361.78.22.