As announced on the Primeo Fund’s (the Fund) previous website, 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) uploaded to the Fund’s previous website can be downloaded here.
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.
However, on 22 June 2018 Herald filed a notice of appeal with the Judicial Committee of the Privy Council (Privy Council) with respect to the CICA Order. The Fund has subsequently filed its notice of objection intending to dismiss Herald’s appeal. The Privy Council appeal hearing has been scheduled for 29 October 2019.