Investors have faced weeks of uncertainty after the £117m Cayman-domiciled fund was suspended in mid October due to a wave of redemption requests from investors following the publication of an article in Miami-based publication Offshore Alerts.
The article made a series of allegations about the chief executive of Tangerine Investment Management – the managers of the fund – and the way the fund had been managed. Following the suspension the CEO, Timothy Schools, resigned.
As reported, the directors subsequently contacted investors notifying them of yesterday’s EGM and informing them of the appointment of KPMG to conduct an independent review of the fund.
A further letter sent on 27 November confirmed the directors’ intention to inform investors at the EGM that they intend to put the fund into receivership. It is understood that the directors have now made a receivership application to the Cayman courts.
