As you are well aware the Ukraine crisis, continues to effect the performance of the Brickstone Fund SICAV and has effected the cash flow of the fund making the outlook of the fund pretty grim.
In the recent weeks one of the main Investor shareholders has confirmed by means of a letter that by the end of August 2019 quote “we will continue to provide financial support for the continuing operations of the Company“. At the time being the Brickstone Fund has outstanding invoices with various providers to the Fund and needs to cover the next 12 months expenditures, which are estimated to be in the region of €100.000 .
At the time of writing this letter, there is currently a shortfall in the bank accounts of Brickstone SICAV and until this new subscriptions comes in we are unable to settle current outstanding invoices, nor any part of the accrued management fee.
Moreover, in the same letter the Investor specified “this support is limited to the day to day operations and is not applicable for the payment of management fee” .
On this basis the Board of Directors in their majority agreed to resolve to postpone the payment of these management fees for one year. The accrued management fees as at 31st December 2018 amount to approximately €3m.
We are hopeful that our Auditors will soon confirm that the Audited accounts have been signed from their end and will inform you accordingly.
Mr Ian Zammit
Brickstone Real Estate SICAV plc