New Star to wind up Africa fund

Trading in the £27.42m fund was suspended on 9 December last year and has remained frozen despite initial expectations of only a brief hold period. The fund's suspension was prompted by a number of liquidity issues in the sub-Saharan region, particularly in Ghana and Nigeria, where the fund invested 21% and 30% respectively. "It has become increasingly apparent that to reopen the fund to dealing would significantly disadvantage the remaining investors and after due consideration, and in consultation with the FSA, it has been agreed that the most appropriate course of action is to seek a...