Globevest Capital Ltd announces the voluntary temporary suspension of redemption rights of unitholders of Globevest Capital Secured Put Writing Fund

BOUCHERVILLE, QC, Nov. 18, 2019 /CNW Telbec/ - Globevest Capital Ltd ("Globevest"), as investment fund manager of Globevest Capital Secured Put Writing Fund (the "Secured Put Writing Fund"), announces having voluntarily requested the Autorité des marchés financiers ("AMF") to authorize the Secured Put Writing Fund to suspend, for a period of ninety (90) days, the redemption rights of its unitholders. On Friday, November 15, 2019, the AMF issued a favorable decision granting the authorization sought by Globevest. Note that there will be no sales of units of the Secured Put Writing Fund during the voluntary temporary suspension period.

The voluntary ninety (90) days suspension of the redemption rights of unitholders results from the discovery by Globevest, in October 2019, that a service provider of the Secured Put Writing Fund had been using an erroneous accounting practice which caused the Secured Put Writing Fund to mistakenly distribute certain of its assets to a former unitholder.

While the issue of the erroneous accounting practice used by the service provider to the Secured Put Writing Fund has been promptly remedied upon discovery, the voluntary suspension is intended to allow Globevest to act in the best interest of the unitholders by deploying all reasonable effort to recover the assets mistakenly distributed to this former unitholder. Indeed, the voluntary suspension period is intended to allow Globevest to pursue the recovery of the assets in an orderly manner and enable Globevest to ensure all unitholders are treated equitably by ensuring that no redemption request and no sale of units is undertaken until the assets of the Secured Put Writing Fund are recovered.

The investment activities of the Secured Put Writing Fund will not be affected by the voluntary temporary suspension of the redemption rights of unitholders. Moreover, the Secured Put Writing Fund will continue to comply with its continuous disclosure obligations as well as all other applicable securities law obligations during the period in which the redemption of units are suspended.

The voluntary temporary suspension period will terminate on February 14, 2020, unless the assets are recovered before this date.

About Globevest Capital Ltd

Globevest was established in 2002 and is an independent portfolio manager and investment fund manager offering alternative investment strategies. Their portfolio managers specialize in managing risk with options strategies by using a structured mathematical approach supported by advanced computer systems.

More details at: www.globevestcapital.com

SOURCE Globevest Capital Ltd.

François Bergeron, Vice President, Finance and Operations, Globevest Capital Ltd, 1005 Lionel-Daunais Street, Suite 104, Boucherville, Québec, J4B 0B1, Telephone: [phone], Fax: [phone], Email: [email protected]