• The offer aims to give fund investors certainty, with an accelerated exit from their positions and a high level of financial recovery.
• Offer to redeem fund units at 90% of the Net Asset Value.
• No material impact on UBS Group AG financial results or CET1 capital expected.
UBS announces today that the Credit Suisse Supply Chain Finance Funds have made an offer to redeem fund units. Fund investors who choose to accept the offer will be redeemed at 90% of the Net Asset Value determined on 25 February 2021, net of any payments made to the fund investors since then, through newly established feeder subfunds. The offer commenced on 17 June 2024 and will be open until 31 July 2024. Fund investors will receive details of the redemption offer through their custodian and should review the terms and the disclosures that accompany the offer.
The offer aims to give fund investors certainty, an accelerated exit from their positions and a high level of financial recovery. It will allow an early exit from fund investments compared to distributions under the ongoing recovery process.
The offer will be funded by UBS through the purchase of units of the feeder subfunds. The offer is not expected to have a material effect on the financial results or CET1 capital of UBS Group AG, reflecting provisions recorded in connection with the acquisition of Credit Suisse Group AG. UBS AG expects to record a provision of around USD 0.9bn on a consolidated basis in connection with the offer in 2Q24. No material impact is expected on UBS AG on a standalone basis.
The investment in the Supply Chain Finance Funds will be managed as part of UBS’s Non-Core and Legacy portfolio.
UBS Group AG and UBS AG
