September 9, 2022 Ashfield Investment Managers Comment off

Mutual Fund

THE GOLD MONEY MARKET FUND UPDATES

Accra, September 29, 2022: We thank all shareholders for their continued patience and support as we work to turn around the challenges facing the Fund.

Kindly find below new updates on the Fund and the way forward.

Validated Assets

The Fund has been repriced, GMMF is currently valued at GHS 0.2030 per share as of 31st August 2022. The above price is based on only validated assets of the Fund.

The Fund’s assets under management as of the same period were ~GHS 98.40 million (representing validated assets). Out of this, only ~GHS 14.10 million has been recovered and invested in safe money market securities. ~GHS 80.30 million (being the difference between ~GHS 98.40 million and GHS 14.10 million is the value of GMMF’s assets that have been validated but are yet to be released to Ashfield Investment Managers (“Ashfield”) for the benefit of shareholders).

Pending Validations

An amount of ~GHS 151 million representing claims against GN Savings and Loans Ltd (In Receivership) is yet to be validated by the Receiver. Our understanding is that these claims have been subjected to manual validation. We continue to engage the Receiver and will update you on progress thereon.

Client Statements

Client statements will be shared in due course to communicate the current value of shareholders’ investments. Please note that your statement will be based on only validated assets and will therefore exclude approximately 68% (~GHS 151 million stated above) of assets that are yet to be validated by the Receiver in relation to Gold Money Market Fund’s claim against GN Savings and Loans Ltd (In Receivership).

Client Portal For Shareholder Profile Update

Following our earlier notices to shareholders of the Fund to visit a dedicated Client Portal to update their records and validate their accounts, we have received an encouraging number of validated accounts. We encourage all shareholders who are yet to visit the portal to do so by clicking on this link bit.ly/ashfield-online. This will enable us to communicate with you promptly.

Withdrawals And Deposits

Our primary goal is to ensure the Sustainability, Liquidity, and Yield (Growth) of shareholders’ funds. So far, the ~GHS 14.10 million representing GMMF’s assets that have been paid to Ashfield has been invested in short-term Government-backed securities to improve the returns of the Fund in anticipation of Shareholder’s desire to access their funds.

Following the upcoming annual general meeting (AGM) of shareholders of GMMF, the Fund will be able to allow new and existing shareholders to deposit into and make withdrawals from their investments. Further details on the AGM and how to make a deposit and redemption will be communicated in due time.

A shareholder whose account has been validated will be able to redeem the liquid portion of their investment.

Next Steps

  1. Completion of 2020 and 2021 annual audits (November 2022).
  2. Annual General Meeting of Shareholders (December 2022).

We reiterate our commitment to being radically transparent. We will keep you updated. Please forward all inquiries and questions to us through:

or by a visit to our office at The Investment House, 18 Noi Fetreke Street, Airport West, Accra.

Kindly allow 24 hours turnaround time for feedback on your emails. You can reach us on all our numbers listed above again if one remains engaged, we are working to provide feedback to all  shareholders.

Thank you.

FUND MANAGER, THE GOLD MONEY MARKET FUND

ASHFIELD INVESTMENT MANAGERS