HANetf ICAV (the ICAV) has made a critical announcement regarding the future of the Solar Energy UCITS ETF (the Fund), a sub-fund of the ICAV, in a letter to its shareholders dated March 4, 2024. The Board of Directors of the ICAV has resolved to terminate the Fund, citing the decision as aligned with the best interests of the shareholders, given the Fund's current asset under management levels.
The termination, set for April 17, 2024, follows the ICAV's guidelines that allow for the discontinuation of any fund when its Net Asset Value falls below the minimum threshold stipulated in the ICAV's instrument of incorporation. This move will lead to the delisting of the Fund from stock exchanges and cease all trading activities by the close of business on April 3, 2024. Consequently, shareholders can only engage in buying or selling shares in the Fund until this date.
The primary market will remain open for subscription and/or redemption requests in accordance with the ICAV's prospectus until April 9, 2024. After this deadline, no further requests will be accepted, leading up to the termination date. The ICAV has emphasized that it does not impose any redemption charge for secondary market sales, though shareholders might incur costs through their intermediaries over which the ICAV has no control.
Following the Fund's termination, all remaining shareholders are assured of receiving the net cash proceeds from the asset realization as promptly as possible, targeting a distribution by May 1, 2024. The detailed timeline provided outlines the process steps from the notice issuance to the settlement date for redemptions, ensuring clarity and transparency for all stakeholders involved.
This announcement marks a significant shift for shareholders of the Solar Energy UCITS ETF, emphasizing the ICAV's commitment to acting in their best interests under prevailing market conditions. Shareholders seeking further clarification or advice have been directed to consult with their financial advisors or contact the ICAV directly.
