Administrators of Cytonn High Yield Solutions and Cytonn Projects Note have called a first meeting of creditors for March 2, 2022, to decide on the way forward.
Through a public notice issued via Gazette Notice, the administrator, Kereto Mirima, said the Cytonn real estate project notes investors will receive an update on the administration of the CHYS fund and vote to appoint a committee of inspection.
The investors will also “Receive the Administrator’s proposal and make a decision on the said Administrator’s proposal.”
Investors in CHYS and CPN meeting will be held on March 4 and March 2022 respectively. The meeting will be held virtually with ‘no physical place of meeting will be made available.”
Cytonn real estate project notes investors to receive an update on the administration thus far on March 2nd, 2022 during the First Creditors’ Meeting. Investors will receive the Administrator’s proposal and make a decision on the same.
The two investment products were placed under administration in October 2020 by High Court Judge Alfred Mabeya following an application by Cytonn’s chief executive Edwin Dande. Mr Dande said it was part of ongoing efforts to turn around their performance.
“Administration gives the funds the room to restructure, recover, and return value to investors. The administration is not liquidation,” the Group had clarified in an emailed statement.
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