Capita agrees Arch cru investor package with FSA
21 June 2011
Capita agrees terms of Arch cru investor package with FSA
The Capita Group Plc ('Capita') today announces that Capita Financial Managers
Limited (`CFM') has agreed with the FSA to contribute to and administer a
package for investors holding shares in sub funds of CF Arch cru Investment
Funds or CF Arch cru Diversified Funds (together the 'Arch Funds'), dealings in
which were suspended on 13 March 2009.
Under the terms of the agreement CFM will, alongside BNY Mellon Trust &
Depositary (UK) Limited and HSBC Bank plc, the depositaries to the Arch Funds,
voluntarily contribute towards the establishment of a £54 million payment
scheme. The scheme, when taken together with distributions already made to
investors and the value of the remaining assets of the Arch Funds as at 31
March 2011, is currently estimated to return to investors around 70 per cent of
the net asset value of the Arch Funds as published at the date of suspension.
The FSA considers that this agreement is a fair and reasonable outcome, which
is in the best interests of investors. The FSA will, in due course, publish a
statement of its findings in relation to CFM's role regarding the Arch Funds.
No financial penalty will be imposed by the FSA on CFM.
The agreement, reached with the FSA without admission of liability, will help
achieve certainty and finality for investors in the Arch Funds and thereby
assist in reaching a conclusion of the matter.
CFM's contribution to the package is covered by provisions which were made in
Capita's 2009 accounts, and no further provisions in relation to the Arch Funds
are anticipated to be required.
-ends-
For further information:
The Capita Group Plc
Tel: 020 7799 1525
Paul Pindar, Chief Executive
Shona Nichols, Corporate Communications Director
Capita press office
Caroline Mooney
Tel: 0207 654 2152/020 7654 2399 (out of hours)
Notes to editors
The Capita Group Plc is the UK's leading provider of BPO and integrated
professional support service solutions. With 37,000 people at more than 350
sites, including 64 business centres across the UK, Ireland, the Channel
Islands and India, the Group uses its expertise, infrastructure and scale
benefits to transform its clients' services, driving down costs and adding
value. Capita is quoted on the London Stock Exchange (CPI.L), and is a
constituent of the FTSE100 with revenues for 2010 of £2,744 million. Further
information on The Capita Group Plc can be found at: http://www.capita.co.uk
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