Secondary

update

Herman Pretorius RVAF Update

A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter.

In total, the RVAF handled investments totalling R2.2 billion, and there are 2 862 claimants.

It appears that investors will only receive 5 cents for R1 invested. The total sum available from funds recovered amount to R63 million, while expenses in respect of legal, collection and advertising thus far amount to R43 million.

The liquidators confirmed that it was an extremely difficult matter, unravelling the complex manner in which the funds were constructed, entailing lots of physical man hours and legal challenges.

The distribution account contains a detailed report on the actual expenses.

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