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Lehman Brothers Liquidity Funds to wind down Sterling Liquidity Fund

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Lehman Brothers Liquidity Funds has announced its decision to wind up the Lehman Brothers Sterling Liquidity Fund with effect from 29 January on the recommendation of its investment man

Lehman Brothers Liquidity Funds has announced its decision to wind up the Lehman Brothers Sterling Liquidity Fund with effect from 29 January on the recommendation of its investment manager, Lehman Brothers Asset Management (Europe).

It says this is in the best interests of the fund’s shareholders.

Dealings in the fund remain suspended, but Lehman Brothers Liquidity Funds says the company’s directors have now deemed it appropriate to terminate the fund due to the continuing adverse economic and fiscal conditions affecting the fund and the unlikelihood of improvement.

Under the terms of the termination, all outstanding shares in the fund will be redeemed at the net asset value per share on the appropriate dealing day less provisions for duties and charges in relation to the redemption and cancellation of the shares to be redeemed.

The directors have decided to accrue a provision into the net asset value per share of the fund for the purposes of paying expenses which may arise during the termination. The redemption proceeds will be paid as and when the assets of the fund mature.

Lehman Brothers Liquidity Funds says shareholders will receive 97 per cent of their redemption proceeds on or shortly after the termination date, with the balance to be paid on or shortly after the date the final asset is sold or matures, expected to be no later than June.

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