Eighty investors in the La Valette Multi Manager Property Fund have filed a new protest against Valletta Fund Management and Bank of Valletta over the administration of the La Valette multi-manager fund.

The investors joined the group of some nearly 300 dissenting investors after the issue of the Conditional Offer by Bank of Valletta of May 26, a spokesman for Finco, the company leading the protests over the property fund said.

"Already since being filed this morning, we have new clients pouring in and no doubt we will have to file other judicial protests," Finco said.

In their protest the new group of investors allied themselves with the previous judicial protests filed by the other investors.

They also protested that in terms of the conditional offer made by Bank of Valletta to buy their shares, they would lose all rights over the matter without knowing beforehand about the outcome of the MFSA investigations into the fund..

In terms of the offer, they were required to declare that they had access to all information and were aware of the implications of their acceptance of the offer - something which they could not do once the MFSA had not issued its final report.

They also pleaded that the BOV offer is unfair.

They also held BOV and VFM responsible for the damages they had suffered.

See also

Updated: BOV to appeal MFSA findings, Finco welcomes regulator's decision

http://www.timesofmalta.com/articles/view/20110615/local/bov-to-appeal-mfsa-findings-on-property-fund.370734

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