Important noticeShareholders noticeMeeting notice



Final distribution Himalayan Fund N.V. (i.l.)

On 21 February 2018 the Board of Himalayan Fund N.V. (i.l.) (the “Fund” ) decided to initiate the process of liquidating the Fund, the purchase and re-purchase of Ordinary Shares on Euronext was suspended with immediate effect.


On 5 April 2018 the Extraordinary Meeting of Shareholders approved the proposal to liquidate the Fund.


On 25 May 2018 the liquidators published the Liquidation Report and a waiting term of 2 months term started during which creditors or parties so entitled could appeal against the distribution plan. This term has ended on 25 July 2018 and no appeals have been filed. Therefore the liquidators make a distribution to the Ordinary Shareholders as described in the Distribution Plan which is published here:


The liquidation of the Fund will be processed by means of a mandatory corporate action. Shareholders will receive the liquidation payment on 31 July 2018 through the bank where they hold their Ordinary Shares. Ordinary Shareholders do not have to take any action for this, it is an automatic procedure. All outstanding Ordinary Shares will be cancelled at 31 July 2018.


Distribution will be as follows:

Total Net Asset Value Himalayan Fund N.V. in liquidation                      USD   8,672,616

Total outstanding number of Ordinary Shares                                         133,878

Net asset value per share                                                                       USD      64.78


Gross distribution per share:                                                                   USD      64.78


Calculation of net liquidation payment:


Capital repayment nominal share capital per Ordinary Share:                USD   0.01

Liquidation payment:

- Share premium                                                                                      USD 64.77

Dividend tax: not applicable*

Net liquidation benefit:                                                                             USD 64.77            


Total net liquidation payment per Ordinary Share:                            USD 64.78



*The final distribution to the shareholders will not be subject to withholding tax as this final distribution of the liquidation proceeds will be in the form of a repayment of the paid up capital as well as a repayment of the share premium reserve (from a tax perspective: the reinvestment reserve which reserve is also regarded as capital).







Liquidation of Himalayan Fund N.V. started and trading suspended


The Board of Himalayan Fund NV decided to initiate the liquidation of the fund and has suspended the purchase and re-puchase of Ordinary Shares with immediate effect. After over 25 years this will also end the listing on the London Stock Exchange as well as on Euronext Amsterdam. Shareholders will be compensated - pro rato per share - after selling all assets in the fund.


The single country investment fund was established in 1990 and had a listing on both exchanges  from the start. At the launch the Fund had over 100 million US Dollar under management, the last few years this decreased to around USD 9 million. The Board of Directors decided to close down the Fund because the current size of the Fund does no longer sustain all the costs related to governance and regulatory demands.


The Directors have regularly reviewed the strategic options available to the Fund. The primary concern of the Directors has increasingly been the inability, over recent years, to find a new strategic distribution partner that is capable of generating a sustained flow of new cash subscriptions to the Fund.


Reluctantly, the Directors have concluded that without assured new cash inflows, the Board’s ability to manage the Fund with firm control of the expense base is uncertain. Accordingly, against such a background the Directors have concluded that the best course of action is to take the advantage of the current valuation level of the Indian stock markets and to liquidate the Fund.


To facilitate the liquidation of the Fund there will be a Extraordinary General Meeting of Shareholders in Amsterdam on Thursday 5 April 2018. When this General Meeting agrees with the dissololution of the Fund the portfolio will be liquidated and all existing contracts with services providers and suppliers will be brought to an end. After which all Shareholders will be compensated in cash based on the number of shares they hold. As of today trading in Ordinary Shares of Himalayan Fund NV is suspended on Euronext Amsterdam.


To guarantee the value of the Funds holdings the Board of Directors already moved to concentrate the portfolio in high quality, liquid stocks and feels that the current holdings can all be liquidated efficiently in a short time. The portfolio value is approximately US dollar 9 million. In respect of this, the average daily turnover in Indian stock markets is approximately US dollar 6 to -7 billion.


Liquidation of assets

The underlying portfolio cannot be liquidated until the liquidation resolutions are passed and as a result, there is a market risk arising from this process. The Board has already moved to concentrate the portfolio in high quality, liquid stocks and feels that the current holdings can all be liquidated efficiently in a short time.


Currency risk

There is a currency exchange risk on the conversion of liquidation proceeds to US Dollars. However, the Rupee/Dollar exchange rate has been relatively stable in a trading range of less than 5% and is therefore not deemed a material risk.


Repatriation of asset sale proceeds

The repatriation of proceeds is subject to receiving a tax clearance from the Indian tax authorities. The Fund’s tax advisers have advised that a negative response is unlikely.


Liquidation value

The eventual Liquidation Value may be subject to claims from external parties for settlement of outstanding debts from claimants in The Netherlands and India. The Fund will publish an advertisement of its intention to liquidate in both countries. As the Fund has historically dealt with a limited number of service providers and will make appropriate provisions for known obligations, this is not deemed to be a material risk.


Action to be taken in respect of the General Meeting

Shareholders can receive a Form of Proxy for use at the General Meeting via the Company Secretary.

A shareholder shall only be entitled to attend and vote at the EGMs whether in person or by proxy if such shareholder has deposited documentary proof of his shareholding obtained from their Intermediary, at the Registration Date at the registered office of the Fund (Legmeerdijk 182, 1187 NJ, Amstelveen,The Netherlands) at the latest at Friday 30 March 2018 before 16h00 in respect of which the shareholder shall be issued a receipt. A receipt must be presented to gain entry to the meeting.

All instruments of proxy must be deposited at the registered office of the Fund at the latest at Tuesday 3 April 2018 before 12h30. The lodging of a form of proxy does not prevent a shareholder from attending and voting if he wishes


General Meeting of Shareholders

The General Meeting of Shareholders will be held at Thursday April 5th, 2018 at Herengracht 124-128, 1015 BT Amsterdam, The Netherlands at 12.30PM.

Important notice to investors in Himalayan Fund N.V. (the "Fund"):
dealing in shares during 2018

The Board of Directors of Himalayan Fund N.V. informs investors that dealing in the shares of Himalayan Fund N.V. in the Euronext Fund Service system will be affected by public holidays in Europe and India as described below.


  • 26 January 2018 will not be an Execution Day;

  • 2 March 2018 will not be an Execution Day;
  • 30 March 2018 (Good Friday) will not be an Execution Day, all orders entered before 16h00 CET(Cut-off Time) on 29 March 2018 will be executed on Tuesday 3 April 2018;

  • 23 November 2018 will not be an Execution Day.





If you have any questions you may contact Mrs. Karin van der Ploeg at or at + 31 20 6411161