There is light at the end of the tunnel for Cytonn Investors since the company has commenced its restructuring process to address its challenges and consequently pay investors their dues.
In a notice dated November 2, 2022, and seen by The SharpDaily, Cytonn Investments is seeking services from a suitable advisor to help restructure the company and two of its funds.
“Cytonn Investment Management Plc, CIMP, is seeking the consultancy services of a licensed Transaction Advisor in relation to its restructuring proposal involving CIMP and two real estate funds in its portfolio; Cytonn High Yield Solutions LLP (CHYS) and Cytonn Real Estate Project Notes LLP (CPN),” reads part of the notice.
The two funds ran illiquid in 2020, with investors unable to get returns from their investment following unprecedented disruptions in the business industry by the COVID-19 pandemic.
The company is optimistic that the restructuring process will be the only way out of its current tribulations. with the process anticipated to span approximately a year from the commencement date.
“The overall objective of the assignment is: to offer advisory on CIMP’s options during the entire process of undertaking the corporate restructuring to unlock value, address contingent liabilities, and expeditiously conclude the restructuring process,” read the notice.
The two funds were placed under a court-appointed administration in 2021 after a successful application by the company’s Chief Executive Officer, Edwin H. Dande.
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