Civitas said the investments were funded from the company's cash resources through the recently issued
C-Share.
The deal includes also a paid subscription share relating to a
C-share, the bank said.
Note: the
C-share concession would be 1% yearly, while the VA
C-share would typically have a 2% concession in the first year, followed by a 1% concession.
Specifically, an investor would not be allowed to pay more "ongoing sales charges" in a
C-share than they would have paid upfront had they chosen that same fund's Class A share (at maximum load).
Global Banking News-23 April 2008-HSBC Infrastructure launches
C-share issue(C)2008 ENPublishing - http://www.
The A- and
C-share structures represent fewer than one in 10 VAs sold.
Some companies have had to close their fixed accounts in certain products, particularly in
C-share contracts, in which there is no surrender charge," she said.
65%, we contrasted the VA with A-, B- and
C-share mutual funds and to a managed money model to somewhat level the playing field.
The acquisition also includes a so-called interim share, designated by Euroclear Sweden AB as a 'paid sub-scription share' (Swedish BTA) relating to a
C-share.
