No figures on CIF units published yet
According to the Securities and Exchange Commission (TTSEC)-approved Clico Investment Fund (CIF) prospectus, dated November 1, 2012, and registered Trust Deed, the trustee shall cause the fund administrator to ascertain net asset value (NAV) per unit as at each valuation date and on such other days as the trustee may determine. The NAV per unit shall be calculated by dividing the NAV by the number of units in issue on the relevant date.
The NAV will be ascertained by aggregating the value of the investments and other property comprising the deposited property at the close of business on a valuation date and deducting therefrom the liabilities of the fund as at the close of business on the relevant valuation date, including provision for accrued fees and expenses.
Valuation date means each and every business day, beginning with the first business day following the closing date, or such other day or days as the trustee may from time to time select and notify to the unit-holders.
The NAV of the fund will be published in one or more daily newspapers in the Republic of Trinidad and Tobago by the fund administrator on behalf of the trustee.
On the advice of the fund administrator, the trustee may suspend the determination of NAV or NAV per unit during:
1. Any period in which there is a suspension of trading of the shares of Republic Bank Ltd (RBL) or a substantial part thereof, or other property of the fund
2. Any circumstances which exist as a result of which, in the opinion of the administrator, it is not reasonably practicable to realise any RBL shares or a substantial part thereof of the fund, or to determine fairly the NAV of the fund or the NAV per unit
3. Any other period permitted by order of the Trinidad and Tobago Securities and Exchange Commission or the Stock Exchange (TTSE) for protection of unit-holders.
The CIF was established on November 1, 2012 and has been in operation for four months and 17 days, but who's counting. I have received a dividend of $0.56 per unit on February 26, 2013 and I am pleased with the (dividend) yield of 2.25 per cent thus far, so much so that I have purchased additional units and brought my average cost per unit down from $25 to $23 via a very simple invest strategy referred to as dollar-cost averaging. I am also looking forward to payment of the next CIF dividend on August 21, 2013. However, my only peeve at this time is that to date, I have not yet been notified nor have I seen published anywhere the current NAV of the CIF units.
It therefore begs the question: Is there something that I am missing since I am not aware that any of the conditions at 1, 2 or 3 above exist at this time?
Why then hasn't the NAV of the CIF been published? Is it a "national security" secret? Could either the Minister of Finance, trustee, fund administrator, TTSEC or Trinidad and Tobago Stock Exchange (TTSE) kindly assist?