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Mauritius Fund Ld (MFU)

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Friday 17 August, 2001

Mauritius Fund Ld

Update Statement

Mauritius Fund Ld
17 August 2001
 


 
After the Extraordinary General Meeting (EGM) of the Company held an 27th July
2000 last which shareholders had passed two interdependent resolutions to bring
the reorganisation of the Company into effect the Board released a cautionary
announcement detailing the next steps to be undertaken. The process has
proceeded according to the timetable laid out in that announcement and the Board
now informs shareholders of the following:

- Trading in the shares of the Company was suspended immediately on both the    
  Mauritius and London Stock Exchanges immediately before the opening of        
  business on 13 August 2001.

- The Register of the Company will be closed as from the close of business      
  today.
     
- The Mauritius and London Stock Exchanges will cancel the listing of the shares
  of the Company upon receiving confirmation that the Company has gone into     
  liquidation. It is anticipated that cancellation will occur before the        
  opening of business on 20 August 2001.

- At a board meeting of the company held today, the board approved the transfer 
  of all the assets of the Company, save its net current assets, to The MFL Fund
  (TMFLF), in exchange for units of the said Fund, in accordance with the first 
  (ordinary) resolution, that was passed at the EGM. The transfer will take     
  effect today and the valuation of the transferred assets and the number of    
  TMFLF units received in exchange will be certified by the Auditor of the      
  Company in accordance with section 2.5 of the Information Circular (The       
  Circular). Note that TMFLF was created by the Trustee and The Manager of The  
  Penny Unit Trust on 30th July 2001 in accordance with section 2.2 of the      
  Circular and that the Mauritian Authorities have confirmed all permissions    
  with regard to the Fund and the transfer of assets as specified in sections   
  2.4, 2.11 and 3.19 of the Circular.

-  In accordance with the second (special) resolution that was passed at the    
   EGM, the appointment of Messrs. Jacques Pougnet and Yacoob Ramtoola of De    
   Chazal Du Mee, Chartered Accountants, as joint Liquidators of the Company    
   will take effect today, immediately after the transfer of assets mentioned   
   above.

-  As previously announced, it is anticipated that the Liquidators will         
   distribute the TMFLF units plus substantially all of the cash of the Company 
   on 31 August 2001. The Liquidators will at that stage, inform shareholders of
   the timetable going forward. Repayment request forms for the redemption of   
   TMFLF units in accordance with the terms detailed in sections 3.36 to 3.40   
  (inclusive) of the Circular, will be distributed at the same time.

-  Based on the cash balances of the Company on 31 July 2001, it is anticipated 
   that the cash element of the distribution will be US$1.25 per share as       
   mentioned in the previous announcement.

-  The daily net asset value per unit of TMFLF will be posted to the website    
   www.pennyunittrust.com as from 3 September 2001.

The Board of Directors of the Company will hand over all of its powers to the
Liquidators as from today. Consequently this will be the last communication with
shareholders from the Board.


By order of the Board 
MCB Registry & Securities Ltd
Secretary


                                                                                
                                      

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