December 18th 2008
Temporary Suspension of the Net Asset Values per share of the funds : Action Valor, Central Valor, Integral Valor and Mod Valor
The FCP Action Valor, Central Valor, Integral Valor and Mod Valor are invested in shares of the American Selection sub fund of the LUXALPHA Luxembourg Sicav. This Sicav is compliant with the UCITS 3 regulations (part 1 of the Law of December 20, 2002) and authorised for sale in France.
The calculation of the Net Asset Value per share and the subscriptions and redemptions of the SICAV LUXALPHA have been suspended. As a consequence, HSBC Private Wealth Managers is unable to produce an accurate valuation for the funds Action Valor, Central Valor, Integral Valor and Mod Valor.
As a consequence and in accordance with article L. 214-30 of the French Financial and Monetary Code along with article 3 of the Funds Regulations, HSBC Private Wealth Managers has decided, subsequent to discussions with the French Regulator, the Autorité des Marchés Financiers (AMF) and in the interest of the shareholders, to temporarily suspend the valuations and the subscriptions/redemptions of the shares of the funds Action Valor, Central Valor, Integral Valor and Mod Valor.
This decision comes into effect as from the Net Asset Value per share (NAV) dated December 12, 2008 inclusive.
The NAV dated December 12, 2008, and those following, will not be published until further notice. In addition, the subscription and redemption orders placed on these valuation dates will be cancelled and not maintained.
HSBC Private Wealth Managers will provide you with more information regarding the temporary suspension of NAV and the subscription/redemption process of the funds Action Valor, Central Valor, Integral Valor and Mod Valor as soon as the entities of UBS in Luxembourg in their quality of custodian or administrator of the Luxalpha Sicav will be able to provide us with additional information on the valuation of the LuxAlpha Sicav.
Article L. 214-30 du code monétaire et financier
« The redemption of the shares of the fund and the issuance of new shares can be suspended on a temporary basis by the management company when exceptional circumstances require it and if the interest of the shareholders demands it, in accordance with the conditions established by the regulations of the fund. »
