The following excerpt is from the company's SEC filing.
Merrill Lynch Alternative Investments LLC (“MLAI”) is the sponsor and manager of Systematic Momentum FuturesAccess LLC (the “Fund”).
On or about February 6, 2015, MLAI furnished to the holders of limited liability company interests in the Fund (the “security holders”) a Consent Solicitation Statement and Written Consent of Investors with respect to the security holders taking action without a meeting (the “Consent Solicitation”). The record date for the Consent Solicitation was December 31, 2014 (the “Record Date”), as of which the Fund had 185,072,501.563 Common Units of beneficial interest held by approx imately 3,201 holders of record (the “Units”), all of whom were also beneficial owners. As of the Record Date, the total net asset value of the Fund was $219,498,369.
The Consent Solicitation sought the consent of the security holders to: (i) approve the substitution of FRM Investment Management (USA) LLC (formerly known as Pine Grove Asset Management LLC), which forms a part of the Man FRM investment division of Man Group plc, for MLAI as the manager of the Fund (the “Manager Substitution”); and (ii) approve and adopt amendments to the Third Amended and Restated Limited Liability Company Operating Agreement of the Fund (the “Amendment”). The Consent Solicitation closed on April 20, 2015. Investors holding Units representing a majority of the net asset value of the Fund approved both of the proposals. The final results of the Consent Solicitation are set forth below. Subject to the satisfaction of certain customary closing conditions, it is expected that the Manager Substitution will close on or about May 1, 2015.
The approval of the Manager Substitution, based on the net asset value represented by the Units:
The approval and adoption of the Amendment, based on the net asset value represented by the Units:
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ Barbra E. Kocsis
Chief Financial Officer
Date: April 24, 2015
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
To receive a free e-mail notification whenever Systematic Momentum FuturesAccess LLC makes a similar move, sign up!