A liquidator of the funds previously managed by "Nestadio Capital" has been appointed at the request of the AMF
Upon request of the President of the AMF, the President of the Judicial Court of Paris issued on 17 February 2022 an interim order appointing PMR Partners as liquidator of the funds previously managed by the portfolio management company Nestadio Capital.
During its 17 December 2019 meeting, the AMF Board noted that Nestadio Capital was no longer complying with the terms of its authorisation and therefore decided to withdraw its authorisation as a portfolio asset management company. This authorisation withdrawal was to take effect at the latest on 1st July 2020, except in the case of an extension.
Noting that state of progress of the steps taken by the company and its agent did not allow a transfer or liquidation of the funds by the end of the initial term, the AMF Board decided, on 9 June 2020 then on 8 December 2020, to postpone the deadline of Nestadio Capital’s authorisation withdrawal, with effect at the latest on 30 June 2021, unless extended.
During its 8 June 2021 meeting, the AMF Board, taking note of advanced discussions aiming at selling the holdings of the funds managed by Nestadio Capital to one or more transferees, decided to postpone the deadline of Nestadio Capital’s authorisation withdrawal, with effect at the latest on 31 December 2021 and for the sole purpose of allowing the completion of the sale operations and the liquidation of the funds managed by Nestadio Capital.
Due to the opening of a judicial liquidation procedure without continuation of activity by judgment of the commercial court of Lorient on 17 December 2021 (BODACC of 24 December 2021), Nestadio Capital was no longer able to undertake the liquidation of managed funds.
This situation, presenting significant risks with regard to the conditions of liquidation of the funds previously managed by Nestadio Capital likely to be detrimental to the interest of the concerned unitholders, led the President of the AMF to refer the matter to the President of the Paris Judicial Court in order to have a liquidator appointed in court in order to undertake the liquidation of these funds.
The Judicial Court of Paris granted this request by issuing on 17 February 2022 an interim order appointing PMR Partners as liquidator of the funds previously managed by Nestadio Capital.
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