Default reported in redemption payments for two Tera Portföy funds

Tera Portföy Yönetimi announced in a notification to the Public Disclosure Platform (KAP) that a default situation has occurred in the participation share redemption payments of two of its funds.

In the notification, the funds in default were identified as the Tera Portföy Equity (TL) Fund (Equity Intensive Fund) and the Tera Portföy Money Market (TL) Fund. The company announced that reconciliations with the brokerage firms through which transactions are conducted for the fund account and the liquidity management process are ongoing.

The statement expressed that necessary measures regarding the matter are being taken with care and that investors will continue to be informed about developments.

REDEMPTION PRINCIPLES CHANGED

Tera Portföy reported that it has made changes to the unit share value calculation frequency and participation share redemption principles for two separate funds. It was stated that this regulation applies to the Tera Portföy Fourth Equity Free (TL) Fund (Equity Intensive Fund) and the Tera Portföy Participation Free (Foreign Currency) Fund.

In the company's statement, it was conveyed that the liquidity structure of the fund portfolio, the trading volume of the assets in the portfolio under current market conditions, and the effects of participation share redemption requests on the fund portfolio were evaluated.

Accordingly, the unit share value of both funds will be calculated once a month, on the 15th day of the month. If this date falls on a holiday, the calculation will be performed on the next business day.

Participation share sell orders will continue to be accepted every business day. However, orders will be executed based on the unit share price to be calculated on the valuation day, and redemption proceeds will be paid to investors on the 10th business day following the relevant price calculation date.

It was announced that the new practice will be valid for participation share sell orders submitted from 13:31 today. The company stated that the changes do not mean a change in the investment strategy of the funds, and that the regulation was made for the purpose of effective liquidity management and the protection of the rights and interests of participation share holders.

STATEMENT FROM TEZMEN

Tera Holding Chairman of the Board Emre Tezmen also addressed the process in a statement on his social media account, touching upon the Tera Group's acquisition process of Pusula Finans Holding and characterizing the situation as a temporary liquidity shortage seen in certain funds of the portfolio management company.

The Tera Family is a whole with its massive financial strength and unshakable structure; all our companies continue their operations without interruption and in full.

Tezmen stated that similar processes have been encountered in the past, and expressed that preparations have been made to overcome this challenge and necessary precautions have been taken.

My team and I have made all the preparations to overcome this challenge as well, we have taken the necessary precautions, and we are putting our action plans into practice step by step.

News Source: 12punto