van Eyk fund restructure awaits payment of redemptions
The restructure of one of van Eyk's Blueprint funds will hinge on the timely cashing out its pre-existing redemptions, with the responsible entity only formally told about the fund's closure last week.
Last month Millinium Capital Managers took over the former van Eyk Blueprint Alternatives Fund (VBL) and renamed it Millinium's Alternative Fund.
It has since been in the process of trying to restructure the fund, but had sought more information about from VBL representatives about the staged release of the van Eyk Blueprint Alternatives' underlying redemptions into the rebranded fund.
Millinium said it only found out that VPL - where the Millinium Alternative Fund is still invested - was to be terminated on October 3.
VBL was given a $5 million redemption notice on October 1.
It said in a statement lodged with the Australian Securities Exchange, "the sooner VBL completes its redemption requests made to VBL, the sooner the Fund can complete its restructure".
Millinium hopes the process will be completed within the next two weeks.
It comes as voluntary administrator, Trent Hancock of Moore Stephens, finalises the sale of van Eyk's research business, after receiving almost 50 expressions of interest.
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