PRESS NOTICE

 

Financial Services Commission grants authorisation to The Penny Yield Fund

 

The Penny Yield Fund has, in accordance with Section 3 of the Unit Trust Act 1989 as amended, on the 11 ^th June 2003 been authorised by the Financial Services Commission.

 

The Penny Yield Fund has been constituted as a sub-fund under The Penny Unit Trust, a unit trust established in 1994 pursuant to a Trust Deed executed between Multipliant Management Company Ltd and The Anglo-Mauritius Assurance Society Ltd, the proposed trustee.

 

The Supplemental Deed and Scheme Particulars of The Penny Yield Fund (issued in accordance with section 12 of the Unit Trust Act) have been approved by the Financial Services Commission. The minimum subscription is 3,000,000 units at Rs 10.00 per unit.

 

The Penny Yield Fund will be managed by Multipliant Management Company who has on the 9^th June 2003 been granted an in principle approval under Section 14 of the Financial Services Development Act 2001 to provide investment management services to funds constituted under The Penny Unit Trust.

 

 

Financial Services Commission

16^th June 2003