The founder shareholder of the Fund passed a resolution on 23 January 2009 to wind Primeo Fund up voluntarily and appoint G. James Cleaver and Richard E. Fogerty as joint voluntary liquidators.

On 8 April 2009 an order was made for the winding up of the Fund to continue under the supervision of the Grand Court of the Cayman Islands with G. James Cleaver and Richard Fogerty appointed as joint official liquidators.

Gordon MacRae replaced Mr. Cleaver as a Joint Official Liquidator by Court Order dated 17 August 2011. Eleanor Fisher replaced Mr. Fogerty by Court Order dated 11 May 2012.

Creditors and Investors should monitor this site, as the joint official liquidators will post updates on the progress of the liquidation periodically.

****** CICA ORDER ON 27 FEB 2018 ******

Further to the joint official liquidators (the Liquidators) report dated 12 October 2017, the Liquidators are pleased to advise that in a unanimous decision handed down on 27 February 2018, the Cayman Islands Court of Appeal allowed the Fund’s appeal in its entirety and dismissed that of the Additional Liquidator of Herald Fund SPC – in official liquidation (Herald) in its entirety. A copy of the judgment and the relevant order dated 27 February 2018 (the CICA Order) is available for download under the Court Orders section of this website.

Importantly, as a result of the CICA Order, the Fund’s in-specie subscription of approximately US$460 million into Herald is protected and additionally any distribution made by Herald to its shareholders will be on a ‘Last Statement’ basis. Pursuant to a directions order dated 24 November 2014, the Fund is bound by any determinations made in the Herald liquidation concerning the rectification issues, and consequently the distribution methodology. Accordingly, assuming that there is no successful appeal of the decision by Herald, the Fund will make distributions to its shareholders in accordance with the ‘Last Statement’ distribution methodology. The Liquidators expect to establish in the coming weeks whether Herald intends to appeal the CICA Order to the Privy Council.

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