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Haydock’s Rapid Realisations Fund prepares to cease activity and return cash to investors
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HAYDOCK investment firm Rapid Realisations Fund (RRF) is proposing to wind itself down and return millions of pounds to shareholders, less than a month after calls from a new activist investor to sell-off its portfolio.
And LDP Business can reveal that Birchwood-based property company In House Group has been put into administration after breaching loan covenants.
RRF, which is managed by Cenkos Fund Managers, last month agreed to calls from Guernsey-based Damille Investments to halt investments and realise its portfolio after Damille acquired a 17% stake in May.
RRF has now confirmed it will propose to shareholders at next month’s annual meeting in Guernsey to halt all new investments and return funds to shareholders between now and September 30, 2013.
It currently has £55.75m in distributable reserves.
A company statement said the proposal came about after it was made apparent that the vast majority of shareholders would support the new policy and return of capital.
It said Rhys Davies and Brett Miller, who were appointed to the board last month, have considerable experience in winding down and converting investment companies.
Meanwhile, In House Group, which owns a portfolio of buy-to-let properties in the North West, has been placed into administration by the Dunfermline Building Society for breaching its loan to value covenant.
A spokeswoman for administrator Ernst & Young said it will seek to sell the portfolio “in due course”.
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