We take note of an advertisement in the classifieds section of the Nation newspaper and various news sources purporting to pursue the liquidation of Cytonn Investments Management Plc, CIMP. Note that the advertisement is simply malicious and false.
The petition, which has no chance of success, was maliciously advertised in defiance of a court order and falsely claimed it is coming for hearing on 21st January 2021. What is coming is a hearing of our application to have it struck out and we are confident it shall be struck out.
The complainant has no contract with CIMP which is the group company, but Cytonn High Yield Solutions, CHYS, which primarily invests in real estate and governed by an Advisory Board of Investors of the Fund. The Investment Manager in consultation with the Advisory Board obtained approval to restructure the loan book, which has been accepted by 98% of investors and is binding to all investors. Loan restructuring is common in this Covid environment and this is consistent with the moratoriums that banks are giving real estate developments. You can read more on this here: https://cytonn.com/media/article/background-on-restructuring. However, a few clients were not happy with the decision and decided to seek redress in the courts.
Please note that all our funds remain operational and should you have any queries, we shall be hosting a product update session from Monday 14th Dec till Friday 18th Dec at 11.00 AM daily to allow clients and stakeholders to engage with management. You can dial in at https://cytonn.com/productsupdates
Or email clientmatters@cytonn.com
Yours faithfully,
For: Cytonn Investments Management Plc
Edwin H. Dande
Chief Executive Officer
