New Star Heart of Africa - delay in returning cash to investors
The New Star Heart of Africa Fund was recently wound up and its assets sold to a third party, DUET Group. This process was originally due to have been completed at the end of April.Unfortunately the process has hit delays due to administrative
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complications regarding the settlement of two shares held by the fund. The matter is now in the hands of Henderson (following their takeover of New Star) who have pledged to make a payment to investors by the end of this month.The payment is still expected to be around 18p per unit, although the exact amount cannot be guaranteed until the transfer of the shares is fully complete. As an investor in the fund myself, I can appreciate that further delays are frustrating and we will be in touch with clients again once a firm date has been set for the payment.Meera Patel, Senior Analyst
