Distributor Portal

News

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.

*UPDATED 04/11/2016* M&G Property Portfolio and M&G Feeder of Property Portfolio Suspension

Posted by on in News
  • Font size: Larger Smaller
  • Hits: 1930
  • Print


UPDATED 04/11/2016 09:00

Please note all trading into the M&G Property Portfolio and M&G Feeder of Property Funds has now resumed.



UPDATED 21 October 2016 10:00

We have been supplied the following update from M&G in regards to the suspension of the M&G Property Portfolio and M&G Feeder of Property Portfolio Suspension.

M&G will be unsuspending dealings in the M&G Property Portfolio and its feeder fund, the M&G Feeder of Property Portfolio with effect from Friday 4 November 2016. Please click here for a list of the effected funds.

The decision to resume dealings was taken in agreement with the Depositary and Trustee and the Financial Conduct Authority has been informed. Please note:

  • All buy and sell orders placed during the period of suspension will be processed as normal at the same valuation point for their respective share class on Friday 4 November. All buy and sell orders submitted from the commencement of business on Friday 4 November and accepted by M&G will be valued at the relevant valuation points as normal
  • If you would like to cancel a buy or sell order made during the period the Fund was suspended, we must receive your instruction via Fax before midday on Friday 4 November. If we do not receive your instruction to cancel, your order will be processed.
  • If you wish to place a switch order, this must be instructed by midday on the day trading resumes, Friday 4 November.
  • All STP connections will be re-enabled for these funds from the commencement of business on Friday 4 November.
  • Price feeds and distribution for these funds will revert to normal pre suspension processes.
  • Buy and sell orders submitted in D class shares before or during the suspension period up until this communication date (21/10/2016) which are yet to be priced, will be priced at the valuation point on Friday 4 November. 
  • Buy and sell orders submitted in D class shares from the date of this communication (21/10/2016) will be placed subject to the usual 90 day deferred period and will be assessed for pricing in accordance with the relevant funds’ prospectus.

Please see the M&G website www.mandg.co.uk/propertyfaq for further information.



UPDATED 12 July 2016 17:00  

The underlying message from the Fund Group remains the same, however the following summarises how transactions will be handled on behalf of M&G:

All sale, repurchase and conversion instructions received after 12pm on 4 July 2016 will queue until the fund has been unsuspended, whilst stock transfers will be processed. Please note Electronic Re-Registration, EMX and Calastone trading is not available for the suspended funds.

Should you wish to cancel any trade(s) that have already been instructed to IFDS for M&G, an unambiguous fax must be issued including full trade details - all fax numbers are available on the IFDS Portal.



We have been supplied the following update from M&G in regards to the suspension of the M&G Property Portfolio and M&G Feeder of Property Portfolio Suspension.

This notification is to inform you that we have temporarily suspended dealings in the M&G Property Portfolio and its feeder fund, the M&G Feeder of Property Portfolio with effect from Tuesday 5 July 2016. The following Funds are effected,

Investor redemptions in the Fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum.

Redemptions have now reached a point where M&G believes it can best protect the interests of the funds’ shareholders by seeking a temporary suspension in trading.

This will allow the fund manager time to raise cash levels in a controlled manner, ensuring that any asset disposals are achieved at reasonable values.

The decision to suspend was taken in agreement with the Fund’s Depositary and the Financial Conduct Authority has been informed.

Orders placed after 12pm on 4th July 2016 will not be processed until the suspension is lifted.  M&G will monitor the situation closely and keep shareholders fully informed.

During suspension
  • You will still be able to place buy and sell orders via fax, telephone or post while dealings in the Funds are suspended but these will not be implemented until suspension is lifted.
  • Money received by us for buy orders during the suspension period will be held in a client money account.
  • If you or your clients make regular savings into the Funds by Direct Debit, these will continue to be collected and held in a client money account. You may instruct us to stop collection at any time.
  • Please contact the Distributor Services Team on +44 (0) 370 707 0073 if you have any further queries

While dealings are suspended, the Fund’s investments will continue to be actively managed and we will report on our investment activity as normal.

As far as is possible, the Funds will continue to be valued on a daily basis and they will make income distributions. We will apply ongoing charges to the Funds and portfolio transaction costs will also be incurred.

We are not able to say how long suspension will last but we will keep you informed. Please see our website at www.mandg.co.uk.

Please click here for a list of the effected funds.

Rate this blog entry:
0

Latest News

Instruction Templates

Further info