News Column

DCG Iris Proposes To Wind Down

June 18, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - DCG Iris Ltd Wednesday said it will ask its shareholders for permission to wind itself down and return the cash to the investors, after failing to attract enough demand to build scale.

Since the company's launch in June 2012, DCG Iris said it has delivered on its objective of providing exposure to insurance-linked strategies. However, it said it remains of relatively small size and has not attracted the investor demand that it had projected. Its net assets as of April 30 were GBP67.89 million.

"In light of the current soft premium environment in the reinsurance market and the company's total asset size, the directors have resolved to put a proposal to shareholders for its voluntary winding up," the company said in its statement.

The company said that if its proposal is approved, it will be put into voluntary liquidation once it gets the redemption proceeds from the Master Fund, and the capital will be returned to shareholders.

DCG Iris shares closed 0.4% lower Wednesday at 96.26 pence.

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Source: Alliance News

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