THIS OFFER IS SUBJECT TO ENGLISH LAW. THIS OFFER IS NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

28th January 2024

ANNOUNCEMENT OF INVITATION TO VOLUNTARY TENDER OFFER TO THE HOLDERS OF VanEck Russia ETF  – ISIN US92189F4037

Southey Capital Ltd (the “Offeror”) invites holders of the securities set forth in the table below (the “Securities”), issued by VanEck (the “Issuer”), to tender for purchase by the Offeror for cash, subject to applicable offer and distribution restrictions.

Purchase Price
The Offeror will pay an amount in cash equal to $ 0.45 USD per unit for each Security validly tendered and accepted for purchase by the Offeror.

Maximum Acceptance Amount

The Offeror has not set a maximum number of the units for acceptance, but is not seeking to make an unconditional or mandatory offer, nor seeking to exceed any Issuer or legal restrictions of ownership %.

Offer Documents
Offer Documents shall mean all the documents related to the Offer including the Offer Announcement, Form of Acceptance and Confirmation.

Rationale for the Offer
The Offeror believes that the Offer will provide an opportunity to holders facing a lack of access to exchanges or OTC counterparties an opportunity to realize liquidity before their may become stranded or expropriated.

Expected Timetable of Events
The times and dates below are indicative only.

Acceptance Procedure 
Holders that wish to accept the Offer are requested to complete the Form of Acceptance and send this directly to the Offeror via email to vaneck@southeycapital.com attaching evidence of holding. Forms of Acceptance received by the 28th February 2025 will receive a Confirmation, which we expect to settle within two working days. Later acceptances may still be accepted at the absolute discretion of the Offeror.

Settlement
The transfer of the securities is not subject to any technical or legal restrictions. Settlement of Securities may be at the discretion of the holders custodian, where an accepted position is restricted from being transferred by the sellers custodian reasonable efforts will be made to settle the units and if after a reasonable amount of time the shares are unable to be transferred, at either parties sole discretion the acceptance and confirmation may be cancelled.

Reservation of Rights
The Offeror expressly reserves it right, in its sole and absolute discretion, not to accept any tendered Securities, not to purchase Securities or to extend, re-open, withdraw or terminate the Offer and to amend or waive any of the terms and conditions of the Offer in any manner (including, but not limited to, purchasing more or less than the Maximum Acceptance Amount), subject to applicable laws and regulations.

For Further Information

WebLink: Southey Capital VanEck RSX

vaneck@southeycapital.com
 

DISCLAIMER – available here