The value of shares in the liquidated Moneda Chile Fund Limited (MCF) has been set at just under $50, the Bermuda Stock Exchange announced yesterday.

The fair value per share to pay redemption requests has been determined at $43.27, with the company making the payment on or before the deadline of July 25.

The Fund's BSX listing was sponsored by Apex Funds Ltd.

The directors' recommendation letter sent out to shareholders in advance to the Fund's annual general meeting stated that shareholders willing to redeem all or part of their shares could do so on terms that would be at least as favourable as the cost of MCF's liquidation.

The directors of MCF determined that the fair value of the shares were equivalent to the net asset value per share as of May 30, minus 5.20 percent on account of applicable taxes, transaction costs and brokerage fees, other legal and administrative expenses and foreign exchange costs.