In a letter to traders printed on 15 June, Link Fund Solutions managing director Karl Midl revealed the fund had misplaced £24m of its internet asset worth when Rutherford Health appointed an official receiver to liquidate the agency.
Midl described the event as “extremely disappointing news”, including that whereas it was “premature” to know the way a lot of its funding could also be recovered, revaluing to zero mirrored the present uncertainty that any returns in any respect could be forthcoming.
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“Unfortunately, a deal could not be reached and the decision by the company’s board of directors to appoint an official receiver for its liquidation was unavoidable,” Midl wrote. “At this stage we are unsure as to what value, if any, is recoverable, however we will endeavour to recoup as much as possible for the fund.”
As of 15 June, the web asset worth of the fund sat at £119m, down from a peak of £145m on 29 April.
The fund may even change the frequency of its publication of NAV from month-to-month to quarterly, with impact from 30 June.
Midl additionally reiterated that Link is unable to offer a date for the fifth capital distribution for the fund.
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