Glanmore Property Fund

FAQ's

Does Glanmore borrow?

The Fund is constituted as a limited company (The Glanmore Property Fund Limited) which is permitted to borrow. Risk is limited by prudent gearing on a 1:1.22 equity:loan basis using fixed rate or capped rate loans. Interest on borrowings is therefore known and controlled.
What liquidity arrangements are available to meet redemption requests?

The Fund keeps 1.5% of the equity in cash in an interest bearing account controlled by the Administrators. This is available to meet redemption requests. In addition, the Fund has an arrangement with the Royal Bank of Scotland to provide a swingline facility for up to Ł15m to meet additional redemption requests.
Does the Fund distribute all its income?

The Fund has distributor fund status under the UK regulations. Accordingly, at least 85% of the net income is paid annually in two dividends by the 1st March and the 1st September. During 2006 the total annual gross dividend was £3.44 per share.
Where can I see the share price?

This website will be kept up-to-date with the Fund's most current price. Alternatively the Fund's pricing information, both offer and NAV, are available on Bloomberg, Lipper Hindsight and published daily in the Financial Times (London). Otherwise please feel free to ring 0800 0855 775 for the fund's price and further information.
Are there any charges on redemption?

These occur monthly at the Net Asset Value. However, shares sold within first six months of acquisition incur a 2% penalty: shares sold between six and twelve months of acquisition incur a 1% penalty.
When can I deal?

The Fund deals on a weekly basis (every Wednesday). Applications, including monies, and redemption requests must be received by the Administrator by 5pm the day before. The Fund will continue to be priced monthly.
Does Glanmore speculate?

The Glanmore Property Fund is not allowed to speculate in property. This definition prohibits the acquisition of unlet buildings and the development of buildings that are unlet when the development commences.
What happens if redemption requests exceed 25% of Net Asset Value?

The Directors would have to stop redemptions occurring until the property had been sold to release sufficient cash to meet these additional redemption requests.
Is tax deducted from the dividend at source?

As the Fund is Guernsey based, dividends are paid gross. Accordingly these dividends are of attraction to UK tax exempt bodies such as pension funds, charities and SASSs as well as off shore investors.
Is the Glanmore Property Fund regulated?

The Fund is constituted as a Guernsey Financial Securities Commission approved collective investment vehicle. Northern Trust Ltd are the Administrators and KPMG Channel Islands Limited are the Auditors. Tilney Asset Management International Limited are the manager's of the Fund and are regulated by the Guernsey Financial Services Commission.
What is the cost of entry?
Subscription occurs at Net Asset Value plus an initial fee of up to 5%.
How can I acquire shares?
After considering the Prospectus the application form at the back (page 52) should be completed and sent along with appropriate payment to the Fund's administrators Northern Trust (International Fund Admin Servs) Ltd, PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3QL and marked 'Attn: Glanmore Fund'. Page 52 provides full details for payment instructions.

The current offer price can be found either from the Financial Times funds section or by calling 0800 0855 775

Please note that if you are a UK based private investor, the application form needs to be stamped by your professional adviser (for example, your independent financial adviser, accountant, solicitor or bank manager).

Does Glanmore borrow?

The Fund is constituted as a limited company (The Glanmore Property Fund Limited) which is permitted to borrow. Risk is limited by prudent gearing on a 1:1.22 equity:loan basis using fixed rate or capped rate loans. Interest on borrowings is therefore known and controlled.

What liquidity arrangements are available to meet redemption requests?

Does the Fund distribute all its income?

The Fund has distributor fund status under the UK regulations. Accordingly, at least 85% of the net income is paid annually in two dividends by the 1st March and the 1st September. During 2006 the total annual gross dividend was £3.44 per share.

Where can I see the share price?

Are there any charges on redemption?

These occur monthly at the Net Asset Value. However, shares sold within first six months of acquisition incur a 2% penalty: shares sold between six and twelve months of acquisition incur a 1% penalty.

When can I deal?

The Fund deals on a weekly basis (every Wednesday). Applications, including monies, and redemption requests must be received by the Administrator by 5pm the day before. The Fund will continue to be priced monthly.

Does Glanmore speculate?

The Glanmore Property Fund is not allowed to speculate in property. This definition prohibits the acquisition of unlet buildings and the development of buildings that are unlet when the development commences.

What happens if redemption requests exceed 25% of Net Asset Value?

The Directors would have to stop redemptions occurring until the property had been sold to release sufficient cash to meet these additional redemption requests.

Is tax deducted from the dividend at source?

As the Fund is Guernsey based, dividends are paid gross. Accordingly these dividends are of attraction to UK tax exempt bodies such as pension funds, charities and SASSs as well as off shore investors.

Is the Glanmore Property Fund regulated?

What is the cost of entry?

Subscription occurs at Net Asset Value plus an initial fee of up to 5%.

How can I acquire shares?