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PXS: Note to Parex Asset Management IPAS clients

Spekuliantai.lt | 2009-07-01 | NASDAQ OMX biržų naujienos | perskaitė: 1335
PXS: Note to Parex Asset Management IPAS clients

Parex Asset Management Company Announcement 01.07.2009

Note to Parex Asset Management IPAS clients

To Investors of open-ended investment funds ”Parex Eastern European Balanced
Fund”, ”Parex Eastern European Bond Fund”, ”Parex Eastern European Local
Currency Bond Fund”, „Parex Balanced Fund”

Regarding merger of open-ended investment funds ”Parex Eastern European
Balanced Fund”, ”Parex Eastern European Bond Fund”, ”Parex Eastern European
Local Currency Bond Fund”, „Parex Balanced Fund” under the management of „Parex
Asset Management” IPAS


We would like to inform you, that with the intention to enchase the efficiency
of Funds performance as well as to optimize Funds administration expenses, the
Board of "Parex Asset Management" IPAS (Company) has made a decision to merge
open-ended investment funds under its management - "Parex Eastern European
Balanced Fund", "Parex Eastern European Bond Fund", "Parex Balanced Fund" and
"Parex Eastern European Local Currency Bond Fund”.
On June 19, 2009, Financial and Capital Market Commission made a decision to
allow the merger of 4 (four) mentioned above open-ended investment funds under
the management of Company into a single open-ended investment fund ”Parex
Eastern European Fixed Income Funds” with 2 (two) sub-funds:

Sub-fund „Parex Eastern European Bond Fund” will be formed from the current
open-ended investment fund „Parex Eastern European Bond Fund”. All Investors
will become the Investors of sub-fund „Parex Eastern European Bond Fund”,
retaining the current number of the investment certificates and the current
amount of investments on the instant of merger.
The base currency of the sub-fund is USD.

Sub-fund ”Parex Eastern European Balanced Fund” will be formed by adding
open-ended investment funds ”Parex Eastern European Local Currency Bond Fund”
and ”Parex Balanced Fund” (cease to exist on the day of merger - July 20, 2009)
to the open-ended investment fund ”Parex Eastern European Balanced Fund”. All
Investors of open-ended investment funds ”Parex Eastern European Local
Currency Bond Fund” and ”Parex Balanced Fund” will become the Investors of
sub-fund „Parex Eastern European Balanced Fund” retaining the current amount of
investments on the instant of merger. The number of the investment
certificates of Investors of open-ended investment funds ”Parex Eastern
European Local Currency Bond Fund” and ”Parex Balanced Fund” within a new
sub-fund ”Parex Eastern European Balanced Fund” will be proportional with the
current amount of investments of each Investor on the instant of merger divided
by value of the investment certificate of open-ended investment fund ”Parex
Eastern European Balanced Fund” on the instant of merger. Since the base
currency of the sub-fund ”Parex Eastern European Balanced Fund” is EUR, but the
base currency of open-ended investment fund “Parex Balanced Fund” is LVL,
converting of currency will be carried out on July 20, applying market exchange
rate on July 17.
The base currency of the sub-fund is EUR.

The decision of Financial and Capital Market Commission to allow the merger of
the Funds and to register a new open-ended investment fund will become
effective in one month after announcing this decision to Company, that's on
July 20, 2009. In order to ensure implementation of the decision, starting from
July 17 up to July 20 Company will suspend the issue and redemption of the
investment certificates of funds undergoing merger. The issue and redemption of
the investment certificates of sub-funds “Parex Eastern European Balanced Fund”
and ”Parex Eastern European Bond Fund” of fund “Parex Eastern European Fixed
Income Funds” will be renewed starting July 21st, 2009.

During the process of the merger of open-ended investment funds "Parex Eastern
European Balanced Fund", "Parex Eastern European Bond Fund", "Parex Balanced
Fund" un "Parex Eastern European Local Currency Bond Fund” the rights of
investors will be observed, the current amount of investments of each Investor
will remain invariable and during this period of time guaranteeing for each
Investor the ability to exercise their rights stated in Funds prospectus
without any limitations. Fund investors have rights to request redemption of
investment certificates, and according to Fund prospectus no commission fee
will be applicable for this operation. The application of redemption of fund
investment certificates can be submitted to Company no later then on July 17,
6.00 p.m. (Latvian time). Redemption of investment certificates will be carried
out in the established order stated in Fund prospectus.

The documents of open-ended investment fund “Parex Eastern European Fixed
Income Funds” and announcement to Investors of open-ended investment funds
"Parex Eastern European Balanced Fund", "Parex Eastern European Bond Fund",
"Parex Balanced Fund" and "Parex Eastern European Local Currency Bond Fund” are
provided on our web site www.parex.lv or can be acquired by visiting our office
after address: Riga, Z.A.Meierovica boulevard 14, 1st floor, during business
hours starting from 9.00 to 18.00.

Attached please find the scheme of the merger.

Sincerely yours,
“Parex Asset Management” IPAS



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