Clause 16(iv) and 19(iv) of the Trust Deed of Atlas Stock Market Fund (ASMF) provide that if the variation of the Net Asset Value (NAV) at any time exceeds two percent of the NAV used to calculate the offer and redemption prices, the management company shall suspend any issuance and redemption of units and shall calculate forthwith a new offer and redemption price.
The management company had announced the offer and redemption prices of ASMF applicable for April 28, 2006 as Rs 765.48 and Rs 750.47 respectively. On April 28, however, the NAV declined by more than two percent as compared to the previous day's NAV. Accordingly, the company hereby suspends any issuance and redemption of units as on April 28.
The new offer price applicable to sales received on April 28 is Rs 748.98 per unit and the new redemption price is Rs 734.29 per unit.-PR