Home / OFFERING MEMORANDUM (table of contents)

[00] DISCLAIMER

THE OFFERING MEMORANDUM

SUPPLEMENTS

RESTRICTIONS ON SOLICITATIONS AND RESALE

INVESTOR RESPONSIBILITY

STOCK EXCHANGE LISTING

RISKS

[01] DEFINITIONS

[01.01] Definitions

[01.02] Law Definitions

[01.03] Law Reference

[01.04] Currency Conversion

[01.05] Construction

[02] DIRECTORY

[03] FUND STRUCTURE

[03.01] Fund Structure

[03.02] Share Capital

[03.03] Management Shares

[03.04] Investor Units

[03.05] Investment Compartments

[03.06] Change of the Organisational Structure

[03.07] Subsidiaries

[03.08] Financial Year

[03.09] Fund's Life

[04] INVESTMENT GUIDELINES

[04.01] Investment Objective

[04.02] Target Market

[04.03] Investment Policy

[04.04] Use of Leverage

[04.05] Investment Process

[04.06] Investment Restrictions

[04.07] Associated Risks

[04.08] Change of the Investment Policy

[05] FEES AND EXPENSES

[05.01] General

[05.02] Set Up Fees

[05.03] Management Fee

[05.04] Performance Fee

[05.05] Depositary Fee

[05.06] Director's Remuneration

[05.07] External Audit Fee

[05.08] Administration Fee

[05.09] Consultancy Fee

[05.10] Facilitation Fee

[05.11] Investment Advisory Fees

[05.12] Regulatory Fees

[05.13] Advertising Costs

[05.14] Service Provider Fees

[05.15] Other Expenses

[06] BOARD OF DIRECTORS

[06.01] General

[06.02] Members of the Board

[06.03] Director's Disclosure

[06.04] Changes in the Board

[07] MANAGER

[07.01] Appointment of Manager

[07.02] Identity of the Manager

[07.03] Responsibilities of the Manager

[07.04] Portfolio Management

[07.05] Collective Management of Assets

[07.06] Investment Committee and Advisors

[07.07] Risk Management

[07.08] Liquidity Risk Management

[07.09] Operations Management

[07.10] Structure Determination

[07.11] Delegation of Management Functions

[07.12] Professional Liability

[08] DEPOSITARY

[08.01] Depositary General

[08.02] Identity of the Depositary

[08.03] Responsibilities of the Depositary

[08.04] Cash Flow Monitoring

[08.05] Safekeeping of Assets

[08.06] Oversight 

[08.07] Depositary Indemnity 

[08.08] Paying Agent 

[08.09] Prime Broker

[09] EXTERNAL AUDITOR

[09.01] General

[09.02] Reporting Obligations

[09.03] Responsibilities

[10] ADIMINSTRATOR

[10.01] Delegation to Administrator

[10.02] Identity of the Administrator

[10.03] Responsibilities of the Administrator

[10.04] Limitation of Liability

[11] THE ISSUE

[11.01] Issue

[11.02] The Subscription

[11.03] Eligible Investors

[12] SUBSCRIPTION PROCEDURE

[12.01] Initial Offering of Investor Units

[12.02] Further Subscriptions of Investor Units

[12.03] Minimum Subscription Amount and Additional

[12.04] Subscription Fee

[12.05] Subscription Application

[12.06] Contribution-in-kind

[12.07] Application Procedure

[12.08] Payment Procedure

[12.09] Notification of Transaction

[12.10] Rejection of Subscriptions 

[12.11] Compulsory Redemptions

[12.12] Allocation 

[12.13] Money Laundering Prevention

[13] NET ASSET VALUE

[13.01] General Principles

[13.02] Valuation Specifics

[13.03] Adjustments of the Net Asset Value (Single Swing Pricing)

[13.04] Valuation Dates

[13.05] Valuation Procedures

[13.06] Temporary Suspension of NAV calculation 

[14] DISTRIBUTION POLICY

[14.01] Policy and Procedure

[14.02] Currency Exchange Distribution

[15] CONVERSION OF UNITS

[15.01] Conversion Procedures

[15.02] Application Procedure

[15.03] Limitation of Conversions

[15.04] Notification of Transaction

[16] REDEMPTIONS 

[16.01] General

[16.02] Redemption Request

[16.03] Irrevocability of Redemption

[16.04] Redemption Dates

[16.05] Redemption Price and proceeds

[16.06] Notification of Transaction

[16.07] Redemption Fee

[16.08] Settlement

[16.09] Limitation on Redemption

[16.10] Market Timing

[16.11] Compulsory Redemption

[16.12] Money Laundering

[17] MARKETING AND ADVERTISING

[17.01] Introduction

[17.02] Marketing Material and Advertising

[17.03] Information to Potential Investors

[17.04] Provision of KIID

[17.05] Assessment of suitability

[18] RISK FACTORS AND INVESTMENT CONSIDERATIONS

[18.01] General

[18.02] Risk Factors and Considerations

[18.03] Business Risk

[18.04] Historical Performance

[18.05] Concentration of Investments Risk

[18.06] Declining Performance and Growing Size Risk

[18.07] Effect of Substantial Redemptions and Reduced Size Risk

[18.08] Reliance on the Manager and Dependence on Key Personnel

[18.09] Fee Incentive Risk

[18.10] Accounting Treatment Risk

[18.11] Model Risk

[18.12] No Operating History

[18.13] Non-Diversified Status

[18.14] Trading Execution Risk

[18.15] Factors impacting the value of the Investment Compartments’ Assets

[18.16] Equity Securities Risk

[18.17] Smaller Capitalization Risk

[18.18] Securities of Smaller and Emerging Growth Companies

[18.19] Co-Investment Risk

[18.20] Private Company Competition Risk

[18.21] New Issued Risk

[18.22] Growth Stock Risk

[18.23] Value Stock Risk

[18.24] Risks Associated with Options on Securities Generally

[18.25] Risks of Writing Options

[18.26] Exchange-Listed Options Risks

[18.27] Over-the-Counter Option Risk

[18.28] Index Option Risk 

[18.29] Limitation on Option Writing Risk

[18.30] Tax Risk

[18.31] Preferred Securities Risk

[18.32] Convertible Securities Risk

[18.33] Synthetic Convertible Securities Risk

[18.34] Warrants Risk

[18.35] REITs Risk

[18.36] Master Limited Partnerships Risk

[18.37] Restricted and Illiquid Securities Risk

[18.38] Investment Companies Risk

[18.39] Fixed Income Securities Risks

[18.40] Market Volatility

[18.41] Liquidity and Market Characteristics

[18.42] Underlying Funds

[18.43] Volatility Trading and Stagnant Markets

[18.44] Relative Value Strategies

[18.45] Event Driven Strategy

[18.46] Commodity and Energy Trading

[18.47] Distressed Strategies

[18.48] Below Investment Grade Debt Securities

[18.49] Conflicts Relating to Equity and Debt Ownership by the Investment Compartment and Other Clients of the Board of Directors

[18.50] Trading in Securities of Emerging Market Issuers

[18.51] Regulated Markets in Emerging Market Countries

[18.52] Access to Non-Public Information

[18.53] Hedging

[18.54] Forward Foreign Exchange Contracts

[18.55] Risks of Stock Index Options

[18.56] Equity Funds Risk

[18.57] Directional Trading

[18.58] Prepayment Risk

[18.59] Reinvestment Risk

[18.60] Duration and Maturity Risk

[18.61] Corporate Bonds Risk

[18.62] Below Investment Grade Securities Risk

[18.63] Distressed and Defaulted Securities Risk

[18.64] Yield and Ratings Risk

[18.65] Unrated Securities Risk

[18.66] Emerging Markets Risk

[18.67] Foreign Currency Risk

[18.68] LIBOR Risk

[18.69] Leverage Risk

[18.70] Risk of Use of Leverage

[18.71] Risks Associated with the Use of or Trading in Derivatives

[18.72] Control and Monitoring of the Use of Derivative Products

[18.73] Debt Securities

[18.74] Market Liquidity and Leverage

[18.75] Credit Default Swaps

[18.76] Liquidity Risk

[18.77] Counterparty Risk

[18.78] Absence of Regulation in OTC Transactions

[18.79] Additional Risks Associated with an Underlying of OTC Derivatives Linked to Specific Types of Securities or Assets

[18.80] Futures and Options

[18.81] Securities of Companies principally engaged in the Real Estate Industry

[18.82] Commodities and Energies

[18.83] Indexes

[18.84] Derivatives 

[18.85] Repurchase Agreements Risk 

[18.86] Reverse Repurchase Agreements Risk 

[18.87] Dollar Roll Transactions Risk 

[18.88] When-Issued, Forward Commitment and Delayed Delivery Transactions Risk

[18.89] Event Risk 

[18.90] Defensive Investing Risk

[18.91] Structured Investments Risks

[18.92] Structured Notes Risk

[18.93] Equity-Linked Notes Risk

[18.94] Credit-Linked Notes Risk

[18.95] Event-Linked Securities Risk

[18.96] Strategic Transactions and Derivatives Risk 

[18.97] Counterparty Risk

[18.98] Swaps Risk

[18.99] Securities Lending Risk 

[18.100] Short Sales Risk

[18.101] Inflation Risk

[18.102] Deflation Risk

[18.103] EMU and Redenomination Risk

[18.104] Market Disruption and Geopolitical Risk

[18.105] Regulation and Government Intervention Risk

[18.106] Legal, Tax and Regulatory Risks

[18.107] Legislation Risk

[18.108] Decision-Making Authority Risk

[18.109] Management Risk

[18.110] Market and Selection Risk

[18.111] Reliance on the Manager

[18.112] Reliance on Service Providers

[18.113] Information Technology Systems

[18.114] Misconduct of Employees and of Service Providers

[18.115] Portfolio Turnover Risk

[18.116] Property valuation is inherently subjective and uncertain

[18.117] Real estate investments are relatively illiquid

[18.118] The value of any property portfolio may fluctuate as a  result of factors outside the owner's control

[18.119] Construction risk

[18.120] Natural Disasters and Accidents

[18.121] Decline in land prices

[18.122] Social environment risk 

[18.123] Political environment risk

[18.124] Land Policy risk 

[18.125] Urban Planning Risk 

[18.126] Investment Through Nominees

[18.127] Maximum Redemption Amount

[19] CONFLICTS OF INTEREST

[19.01] General

[19.02] Disclosure of Conflicts

[19.03] Acknowledgment of Potential Conflicts 

[20] TREATMENT OF INVESTORS

[20.01] Fair Treatment of Investors

[20.02] Dealings of Related Parties 

[20.03] Preferential Treatment

[20.04] Information to Investors 

[21] TAX CONSIDERATIONS

[21.01] General

[21.02] Tax Efficient Structuring 

[21.03] Corporate Tax

[21.04] Definition of ''securities''

[21.05] Profit from the disposal of securities 

[21.06] Dividend Income 

[21.07] Interest income 

[21.08] Stamp Duty

[21.09] Losses

[21.10] Deemed dividend distribution rules 

[21.11] Withholding Taxes for payments abroad

[21.12] Liquidation

[21.13] Exit through liquidation

[21.14] Taxation of Investors 

[21.15] Sale or redemption of Investor Units

[22] LAW AND JURISDICTION 

[22.01] Governing Law and Jurisdiction

[22.02] Recognition of Judgements 

[22.03] Contractual Relation 

[22.04] Dispute Resolution

SUPPLEMENTS

[01] SUPPLEMENT - 2020A1

[02] SUPPLEMENT - 2020B1

[03] SUPPLEMENT - 2020B2

[04] SUPPLEMENT - 2020B3

[05] SUPPLEMENT - 2020C2

INVESTMENT COMMITTEE MEMBERS

Theano Kalavana

Michael Sarris

Petros Zographos

Chryssis Petousis

Marios Maratheftis

Stephane Fissentzides

Panos Marcoullis