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Further delays for cru cells

The publication of the net asset value of the underlying cells which CFArch cru funds invested in has now been delayed until next month.

The company directors of the 23 underlying cells said last week that Arch Guernsey’s annual audited financial statements and those of the cells will now be published between October 31 and November 30.

The net asset value of these cells will not be made available until these statements are published, with the suspensions continuing until this data is made public. The company says the delays have been caused by the need to be extremely cautious in valuing underlying assets in very difficult market conditions.

Arch Financial Products initially suspended the underlying cells on the Channel Islands stock exchange in July after discrepancies were found in their pricing.

The move follows the suspension of the £400m Arch cru Oeic fund range in March due to liquidity concerns.

Tensions have developed between cru, Arch and Capita following the suspension while the FSA is looking into the matter.

A spokesman for Arch’s administrator Bordeaux Services Limited said in July that it was hoped that the assets would be valued within the next 28 days.

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