M&G Fund Closure

Further to previous communication from M&G on 5th September concerning the proposed merger of a number of non-sterling share classes of M&G OEIC funds to SICAV structures, this updated notification to is advise you that at the relevant EGMs held on 4th October the proposed mergers were approved and will be effective from the dates shown below;



Please take note of the following points concerning the mergers and sterling share classes of funds impacted by the mergers,

Operational Details:
• The non-sterling share classes of M&G OEIC funds which are being merged will be suspended from dealing from 11.30 CET on each Thursday prior to the merger date. After the mergers, trading in the new M&G SICAV shares will commence at 08:00 CET on each Tuesday.
• Sterling share classes of the M&G OEIC funds which are being merged will be suspended from dealing from 12.00pm UK Time on each Thursday prior to the merger date. After the mergers, trading in the same shares will commence at 09:00 UK time on each Tuesday. The attached file ‘GBP suspension share classes’ give details of the Sterling share classes which will be suspended from dealing.
• We recommend that shareholders of non-sterling share classes reconcile share positions regularly up to the effective date of each merger.
• For the non-sterling M&G OEIC share classes which will be merging a special distribution XD date will be in place at the final valuation date. Income arising from this distribution will be paid within 2 months of the merger dates. Sterling share classes are not affected by this final extraordinary distribution.
• Some sterling share classes of certain M&G OEIC funds which will be unsustainable following the merger of non-sterling share classes to SICAV products will be closed. The list of these share classes is shown below and on the attached file.




Share Class Conversion Factor Details for non-sterling share classes:
• M&G will publish share class conversion factors over the weekend following each merger. Contract notes confirming share positions will be faxed to shareholders on the first calendar day after each merger. If Shareholders wish to calculate the numbers of shares issued the published share class conversion merger factors must be used.
• The share class conversion factors will be calculated based on the adjusted mid net asset value per share from the last valuation point of the respective M&G OEIC and M&G SICAV funds on the date of the merger. The number of shares issued by the M&G SICAV funds will be calculated by multiplying the number of M&G OEIC shares held by this share class conversion factor.
• It is not possible to calculate the share class conversion factors by using the externally published prices issued at the last valuation point before the mergers. For the OEIC funds, the published prices at the last valuation will be based on either the Bid or Offer price rather than at mid-net asset value. Additionally, the prices will include income which would be distributed to holders of income shares prior to calculation of the share class conversion factors.

All relevant documentation can be found at M&G’s website www.mandg.com/BrexitMergerDocumentation and the investor circulars giving details of the mergers are attached If you have any query please contact M&G Securities Ltd by email at info@mandg.co.uk or by telephone on 0800 390 390.