New Star to sell Heart of Africa at 20% discount

Subject to final processes, New Star will sell the portfolio's assets for approximately 18p per unit, a discount of nearly 20% to its 22.38p February valuation point. New Star says investors in the fund should receive the proceeds towards the end of April, almost three months after the firm announced plans to close the fund. Managed by Jamie Allsopp since its November 2007 launch, Heart of Africa was suspended back in December last year due to an increase in investor redemptions and severe illiquidity in sub-Saharan markets. New Star retail business development managing director Stewa...