ITI Funds announced its shareholders had blocked a fourth attempt to “dissolve” its ETF platform at an extraordinary general meeting (EGM) in April.
In a shareholder notice on 21 July, the firm said the EGM “could not validly deliberate on the items of the agenda as the quorum requirement was not reached”.
Another EGM will be convened on 31 July without the physical presence of shareholders to revisit the same agenda as the previously unsuccessful meetings.
Namely, whether shareholders agree on dissolving the ITI Funds SICAV platform and whether to put the entity into voluntary liquidation, whether to appoint Me Business Solutions as the liquidator and whether to discharge the company’s directors.
The firm said there is no minimum threshold for shareholder attendance for EGM’s results to be enacted, however, the decision to liquidate its ETF platform will require votes in favour from at least two-thirds of those in attendance.
ITI Funds did not respond when approached for comment.
Ongoing efforts to wind up the multi-asset manager’s SICAV follow its decision to terminate the ITI Funds RTS Equity UCITS ETF (RUSE) and ITI Funds Russia-focused USD Eurobond UCITS ETF (RUSB) last August after “various sanctions” and restrictions applied by counterparties made it “impossible” to trade the ETFs or calculate the value of their holdings.
Two months prior, ITI Funds board member Natalia Petrova resigned for “business reasons” after just 13 months, before being replaced by Oleh Jelzko, founder of parent company Da Vinci Capital.
All Russia ETFs listed in Europe closed by March this year, with DWS, Amundi and HSBC Asset Management being the last to shutter their strategies after MSCI discontinued the products’ underlying induces.
