Himalayan Fund N.V. Strategic Partnership Announced (9632I)
05 June 2014 - 11:16PM
UK Regulatory
TIDMHYF
RNS Number : 9632I
Himalayan Fund N.V.
05 June 2014
Fund will change board structure to benefit from new partnership
with Altitude
Himalayan Fund announces strategic partnership to fuel
growth
AMSTERDAM, Thursday, June 5(th) , 2014 - Himalayan Fund (HYF),
the London and Amsterdam-listed open-end country fund investing in
Indian equities since 1990, today announces a co-operation with The
Altitude Equity Partnership, a private merchant banking and equity
house, based in London. This co-operation is expected to lead to a
significant growth in the assets of the fund.
Altitude will work with Himalayan Fund NV to develop a strategy
for rebuilding the assets and participating in the revival of
foreign investment interest in India. This is motivated by the
focus of the new Indian government on accelerating GDP growth after
two years of slowing down.
For optimal benefit of the co-operation Himalayan Fund NV will
adopt a dual-board structure and will nominate board members to a
Supervisory Board subject to regulatory approval. The current board
will become the Board of Management and will continue to convene
the Investment Committee to oversee the investment of the Fund's
portfolio.
Altitude, along with the members of the Himalayan Fund boards,
will be committed to assisting Himalayan Fund to build the asset
base towards levels seen before in the Fund's long history. The
board will direct investment policy towards maximizing returns from
focusing intensely on sectors likely to benefit from the efforts of
the new Indian government to accelerate growth.
Recapitalization of the Fund, assisted by the input from
Altitude, will be used to generate further investment opportunities
in the fields of healthcare, technology and infrastructure. The
fund will continue to benefit from the involvement of IndAsia Fund
Advisors in Mumbai and from its long-standing historic connections
in India.
This strategy will not involve any increase in risk or cost to
investors. All of those concerned are intent on using this
opportunity to attract new investment in the Fund and to use the
additional funding to utilize the full scope of the Fund's
investment policies to the maximum to the long-term benefit of
shareholders.
The board of Himalayan Fund looks forward to announcing the new
nominees to the dual board structure when regulatory approvals have
been received. Management control of the Fund will continue to be
exercised in Amsterdam and liquidity in the funds Ordinary Shares
will continue to be provided through the listings in both Amsterdam
and London.
About Himalayan Fund
Himalayan Fund N.V. is an investment fund with variable capital
incorporated under Dutch Law. The primary objective of the Company
is to generate long-term capital gains for shareholders from
investing in India. Access to Indian markets by foreigners is
restricted, but thanks to its registration with the Securities and
Exchange Board of India as a 'Foreign Institutional Investor'
Himalayan Fund is able to hold all of its own investments directly
and offer shareholders the benefits of the double tax treaty
between the Netherlands and India.
The Company's Ordinary Shares are traded through Euronext
Amsterdam's TCS system once a week at a Transaction Price based on
Net Asset Value. The Company's Ordinary Shares are also traded on
the London Stock Exchange. The Net Asset Value is published every
Friday.
About Altitude
The Altitude Equity Partnership, 'Altitude', is a private
merchant banking and equity house, based in London. The company
operates in three streams of business: 'Funds and Investment
Companies', 'Corporate Finance and Capital Partnerships' and
'Private Office'.
Altitude's New Business and Investment Committees are tasked to
establish synergistic partnerships that achieve sustainable capital
growth in sectors and geographies where they can add value, create
opportunities and execute strategic development.
Altitude is entirely owned by its partners; does not engage with
stakeholders whose activities are unconscionable, extractive or
exploitative. Where possible, the team of Altitude includes in
their due diligence a focus on the delivery of social capital and
economic development. Altitude operates across a wide range of
sectors: healthcare, agriculture, energy, infrastructure plus
enterprises and funds that are active in Developing Economies.
Note to the editor, not for publication
For more information you can contact:
Himalayan Fund N.V.
Ian McEvatt, Chairman
T: +44 (0) 1543 702 872
M: +44 (0) 7990 777 888
E: ian@himalayanfund.nl
Richard Neve
T. +31 6 22 48 37 66
E. richard@richardneve.nl
This information is provided by RNS
The company news service from the London Stock Exchange
END
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