The investment capital of the club is valued on a quarterly basis. The valuation shall consist of all the assets less liabilities attributable to the club.
The valuation date of the club shall be on the 29th of every 3 months or as mutually agreed upon by the trustees and the fund manager.
Any value otherwise than in Nigerian Naira is converted at the prevailing market exchange rate.
The trustees and the fund manager may in its absolute discretion, permit some other method of valuation other than the Net Asset Value (NAV) if it considers that such valuation better reflects fair value. The fund manager may rely upon the opinion or methods of any person who appears to it to value assets by reason of any appropriate qualification or competence.
Where at the time of valuation, any asset has been realized or contracted to be realized, there shall be included in the assets, in place of such assets, the net amount receivable in respect thereof.
The liabilities of the club shall be deemed to include all its liabilities and such provision and allowance for contingencies payable by the club but not liabilities represented by its units.
TEMPORARY SUSPENSION OF VALUATION
-The fund manager is empowered to suspend the calculation of the NAV of the club and may do so in any of the following events.
-When the Exchange or markets which provides the basis for valuing any of the assets of the club are closed; other than for public holidays or if dealings therein are restricted or suspended.
-When as a result of political, economic monetary events or any circumstances outside the control, responsibility and power of the club, the club cannot operate freely as a going concern.
-When disposal of the assets of the club is not reasonably practicable without being seriously detrimental to unit holder’s interests. That is, in the opinion of the fund manager, a fair price cannot be calculated for the assets of the club.
-When there is a break down in the means of communication traditionally used for the valuation of the assets of the club
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