GOLD COAST SECURITIES
GHANA 'S GOLD FUND UNIT TRUST ON MONDAY, MARCH 29, 2004, 10.00 A.M.
AT THE COCONUT GROVE REGENCY HOTEL BY
THE HON. MINISTER OF FINANCE & ECONOMIC PLANNING
The Gold Fund ("The Fund") is a Unit Trust scheme that has been designed
to achieve long-term capital appreciation by investing in both listed
(on the Ghana Stock Exchange) and unlisted equity securities of Ghanaian
companies. It is the second unit trust to be established in Ghana . The
first one is the HFC Unit Trust that has successfully supported the
housing industry in Ghana for over a decade.
The Gold Fund is an enterprise development Fund. The Fund aims to
support the goal of making the private sector the engine of growth by
providing the long-term capital needed to fuel the sector. Success when
achieved by the Gold Fund will help make the Golden Age of Business
declared by government possible. The capital needs of small to medium
scale enterprises in the growth areas of agro-processing; information,
communications technology; and tourism will be given high priority.
The other aim of the Gold Fund is to provide a safe, secure opportunity
for Ghanaians to invest to meet long-term needs such as retirement. In
this regard, the Fund will seek money that can be managed over long
periods of time (i.e. more than 3-5 years). Gold Coast Securities wishes
to stress the long-term nature of the Gold Fund. Gold Coast. It is
instructive to note that Gold Coast Securities has successfully managed
an investment fund for international clients on a test basis for nine
years. The international clients fund has yielded over 300% increase in
value in US dollar terms during the nine-year period. The fund has been
invested in Ghana . This illustrates the potential value of long-term
investments in the country.
The GOLD FUND consists of an unlimited number of units of beneficial
interest. The Fund is therefore open ended. The initial offering period
for the Units of the Gold Fund will begin from 8:30 a.m. on March 29,
2004 and end at 5:00p.m. on June 25, 2004 . During this period, The Fund
plans to raise a minimum of ten billion cedis through the offer of
20,000,000 Units at a cost of ¢500 per unit. The minimum number of units
that can be purchased is 20 at a cost of ¢10,000. As an open ended Fund,
more money will be raised on an ongoing basis.
The Gold Fund Unit Trust is being organised under the Securities
Industry Law 1993 (P.N.D.C. 333) as amended and the Unit Trusts and
Mutual Funds Regulations (L. I. 1695). Gold Coast Securities has been
issued with a license to operate the Fund by the Securities and Exchange
Gold Coast Securities Ltd., the Promoter and Manager of the Unit Trust
scheme is a Ghanaian limited liability company incorporated and
registered in 1993. The registered office of Gold Coast Securities is:
Isert Road, North Ridge
(Near the Royal Danish Embassy)
P. O. Box 17187
Gold Coast Securities has established offices in Accra , Tamale,
Takoradi, Kumasi , Ho, Hohoe, Obuasi and Tarkwa. The Company will:
Act as the Fund's Manager, with exclusive discretion over the Fund's
* Provide administrative services; and
* Provide unit holder service to the Fund.
The Trustee is Provident Insurance Company Limited, a limited liability
company incorporated in Ghana in 1991 to carry on the business of
insurance. The independent auditor for the Fund is Deloitte ( Ghana ).
Coast Securities Limited
22 March 2004