6 - 12 January 2000

Initial offer period for privatisation fund closes

by a staff reporter

The initial offer period for the Malta Privatisation and Equity Fund, a sub-fund of Global Funds SICAV plc, closed on 30 December 1999. During a two week period beginning on the 15 December 1999 and ending on the 30 December 1999, the Malta Privatisation & Equity Fund was offered to the public at an offer price of Lm1.00, that reflected a discount of 50 per cent on initial charges.

This new investment opportunity is focused at investors who are seeking to participate in shares of major Maltese companies. The aim of the Fund is to take advantage of opportunities that will arise primarily through the Governmentís privatisation program and through other public offerings.

Globe Financial Management Limited, the promoters of the Fund, have been re-appointed as Investment Advisor. Globe Financial Management is also the Advisor to the Global Bond Fund Plus, a fund of funds of Global Funds SICAV plc that has returned a net 19.95 per cent to investors over a period of under 15 months.

An official at Globe Financial Management confirmed that the investment strategy to be adopted for the Malta Privatisation Fund would be similar to that of the Global Bond Fund Plus, that is the Fund will be actively managed. The success of the Global Bond Fund Plus is mainly due to the consistent monitoring of the markets and underlying investments that in turn leads to the crystallisation of profits. This same investment philosophy will be adopted for the Malta Privatisation & Equity Fund.

The minimum investment into the Malta Privatisation and Equity Fund is of Lm1,000, however investors may opt for the monthly savings plan that requires a minimum initial investment of Lm250 up-front and an additional Lm25 a month.