Here is a brief status report as of April 23, 2021.
To speed up the work of finalizing the annual report, in these challenging pandemic conditions, the Fund has changed auditor from KPMG Cyprus to BDO Brazil as the vast majority of assets are held in Brazil. BDO is the world´s sixth largest accounting firm and BDO Brazil naturally has a vast experience from dealing with forest assets as this is a major industry in Brazil. Further, the Fund has also changed administrator from Apex, with its Dublin office, to Krypton Fund Services, a fund administrator based in Bermuda. In essence these two decisions, which have been approved by the regulator BMA, bring the auditor closer to the assets and sets the administrator in the Fund´s legal jurisdiction. Once the annual reports are finalized, which is expected within 30-45 days, the Fund will proceed with selling and/or harvesting all its forest assets in the ordinary course of its operations and anticipates that it will, subject to all necessary regulatory approvals, including the prior approval of the Fund´s regulator in Bermuda, conduct an orderly wind-up of the Fund and its affairs. The exact form and timeline for this will form a part of the wind-up plan which is intended to be made public after authority approval.

While the Fund´s subscriptions, redemptions and official NAV reporting are suspended, the Investment Manager has decided to publish an informational, non-reliance Valuation Guidance as per December 31, 2020, March 31, 2021 and June 30, 2021, to assist investors in making their assessment of the value of their investment. The expected release dates of these Valuation Guidelines are April 30, May 30 and July 20.