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Restructuring Update

October 10, 2019

Dear Investors,

 

Thank you for patience thus far in waiting for us to resolve our restructuring issues.

 

We are pleased to announce that today, we have come to an agreement in principle with a new fund manager that is already established in the industry. Save for any unforeseen delays, the transfer should take effect next week, and the new fund manager will also issue a formal announcement next week.


The restructuring of Countinghouse was initially seen as a solution to a licensing issue, but since then, we have received a lot of conflicting advice and come to some realizations. Over the last few months, the stress and pressure of trying to solve our licensing issues has taken its toll on the team, both physically and mentally, putting us in a position to recognize that the fund could do better with a more established and better resourced fund manager.

 

The agreement in principle that we have come to here, has a focus on investors and getting assurances from the new fund manager that all liquidation will be processed promptly. Of all the offers that we have come across, this was the only one that is immediately ready for a takeover and willing to meet all our requirements for our investors.


The only economic gain to the current team is in the agreement that they will lease Mintie for at least the next 12 months.


These are some important items to note for our transition: --

 

•    The new fund manager will introduce themselves next week.
•    We will halt trading for 4 weeks to allow liquidation of the buyback queue, and any investors who wishes to be liquidated (this has been agreed upon as one of the conditions of transfer).
•    There will be a new pricing structure to be announced by the new fund manager.
•    The new fund manager has agreed to lease the rights to use Mintie for the next 12 months. So, performance should remain similar to recent trading months.
•    The fund will remain tokenized, but will become open-ended. This means that treasury tokens will be opened for sale to new investors at NAV.
•    The new fund management will also take full control of our webpage, emails, AML/KYC data, and our social media channels, which include Facebook and Twitter channels.
•    They will be making a number of improvements to the website and administrative processes.


Main points to be completed by next week: --


•    Background checks of new fund manager
•    Details of custodian service / security of funds

 

We hope the announcement of this development will provide some reassurance and certainty to the current situation. This has not been an easy road of late, especially for you the investor. We hope all goes smoothly to finalize the deal for next week.

 

This has been a decision of mixed emotions for the team and we are humbled by the support and patience of our investors.

 

 

Best Regards,

 

The Countinghouse Team

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