Foundations Program Plc

On 23 December 2010 the Isle of Man Financial Supervision Commission (FSC) issued a Public Notice about a direction issued to the Board of Directors of the Foundations Programme Plc. The direction required the suspension of trading in shares of Foundation Programme Plc until the fund was in compliance with its regulatory obligations.

This Public Notice is intended to draw forthcoming court actions to the notice of investors in the fund and other interested parties. In particular there will be hearings for winding up of the Foundations Programme PLC (claim no CHP 11/0097) and FPA Limited (claim no CHP 11/0098) at the High Court of Justice of the Isle of Man Chancery Division at 10:00 am and 10:30 am respectively on 23 November 2011 (click here for the text of notices about the hearings which were published in the Isle of Man Examiner on 8 November 2011). Any person who wishes to appear on the hearings must serve notice on or post written notice to Mr Mark Holligan of Gough Advocates. All such notices must be with Mr Holligan by no later than 6-00pm on 22 November 2011.

The FSC issued the petitions to wind up these companies in the interests of investors.