Trust
General Information
How to apply for distribution
Downloadable Forms
Overview of distributions
FAQ
Trust II.
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Daventree Trustees Ltd.,
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FAQ – Frequently asked questions
General Information| Q001: | According to which database the distribution of Quotients in the Trust is effected? |
The distribution of Quotients in the Trust is made pursuant to a database in which each person is registered on whose account in the Securities Centre, the Czech Republic, shares of HPH, ISIN CZ0009086708 were registered as of 4 Dec 2002.
| Q002: | How can I find out how many Quotients I own in the Trust? |
Each person, who was a HPH shareholder as of 4 Dec 2002, became a Beneficiary of the Trust, whereas one share of HPH, CZ0009086708, corresponded to one Quotient in the Trust.
The number HPH shares owned can be ascertained from an excerpt from the Securities Centre, the Czech Republic, or newly from an excerpt from the Central Securities Depository, JSC., the Czech Republic ("CDCP"). Current excerpt can be asked for via any CDCP participant (see details at www.cdcp.cz).
| Q003: | Will I still be owner of HPH shares after distribution of the Quotient in the Trust? |
Yes. It is not a sale of shares. The existence of the Trust has not affected in any way rights attached to ownership of HPH shares.
| Q004: | Till when can I apply for distribution of the Quotient in the Trust? |
The Trust was founded for a period of at least ten years and funds intended for the distribution of Quotients have already been set aside. Hence, it is not essential when one applies for distribution of the Quotient. Only the amount of the Quotient may change in individual distribution periods.
| Q005: | Will the operation/activity of the Trust end in 2012, i.e. ten years after its establishment? |
No. For more details on this issue see here
(pdf format
).
Value of Quotient in the Trust and distribution period
| Q101: | Will the amount of the Quotient in the Trust change? |
The distribution of a Quotient in the Trust is effected during individual distribution periods for which always a constant value of a Quotient in relation to the net trading capital of the Trust:
| Order | Duration | Value per Quotient |
| 1st distribution period | 4 Dec 2002 – 31 Dec 2003 | USD 6.90 |
| 2nd distribution period | 9 April 2004 – 31 Dec 2004 | USD 6.77 |
A new amount (value) of the Quotient based upon updated valuation of assets of the Trust will be determined for the subsequent distribution period. Nevertheless, taken into account the limited possibilities of investing funds of the Trust, no significant change in the value of the Quotient is expected.
| Q102: | When the new distribution period will be announced? |
The distribution of Quotients in the Trust is effected during the individual distribution periods for which always a constant value per share in relation to the net trading assets of the Trust. The second distribution period, for which the value per Quotient in the Trust was set at USD 6.77 based upon final accounts, ended on 31 Dec 2004.
The applications delivered or recognised as valid after that date will be implemented within the next distribution period, the announcement of which is in competence of the Administrator of the Trust (the Trustee) and for which a new updated value of the Quotient in the Trust will be determined.
The date of the new commencement of distributions is not known yet. See the Opinion of Daventree Trustees Ltd. on the current state of the Trust in recent news archive.
Application for distribution of the Quotient value in the Trust
| Q201: | Can I apply for only a portion of the Quotient in the Trust to be distributed? |
No. The distribution is carried out automatically in relation to all Quotients owned by the applicant. The number of Quotients is not filled in in the Application.
| Q202: | Can I file an Application for distribution of a Quotient in the Trust also at a time outside a distribution period? |
Yes. A formally correct Application (see How to apply for distribution) delivered to the relevant address outside a distribution period will be filed by the processor in the record of applicants for distribution of Quotients in the Trust and subsequently, i.e after announcement of a distribution period, it will be handed to the Trustee of the Trust for realisation.
| Q203: | Can I send an Application for distribution of a Quotient in the Trust by facsimile or e-mail? |
No. An original Application must be sent to the Trustee to the following address:
TASAX s.r.o.
P. O. BOX 191
170 04 PRAHA 74
CZECH REPUBLIC
| Q204: | I have changed my family name. What documents along with the Application do I have to submit? |
The distribution of a Quotient in the Trust is effected pursuant to the HPH shareholders database taken over from the Securities Centre, the Czech Republic, as at 4 Dec 2002. If family name of an applicant has changed since then, it is necessary to enclose to the Application (filled in with updated personal data) a copy of the document proving such change, i.e. for instance the certificate of marriage or an identification card.
| Q205: | What is the interpretation of subparagraphs a), b), and c) in the text of the Application for distribution of a Quotient in the Trust? |
The Administrator of the Trust (Trustee) has under the Settlement of 4 Dec 2002 by which the Trust was established, certain obligations regarding both the entrusted resources and the Beneficiaries. If he fulfils these obligations related to the effected distribution, an existing or former Beneficiary is not entitled to bring legal actions.
The following are examples without limiting in which the Trustee would be relieved of liability for damages:
| · | the Beneficiary states erroneous data as to the bankers or domicile; the Trustee observes the instruction but resources won’t be credited to the account of the Beneficiary or delivered to the address as a result of the error in the Application, |
or |
|
| · | the Beneficiary knows that the funds are due to a third party e.g. on account of a pledge yet the Beneficiary will conceal this information before the Trustee and apply for distribution for his own benefit. However, the third party subsequently demands appropriate performance from the Trust. In such case the Trustee cannot be held liable for something he was not informed about. However, the release from liability is limited by the amount of the distributed value of the Quotient. |
| Q206: | What are the fees/charges for the distribution of a Quotient in the Trust? |
The amount of fees/charges directly deducted consists only of the costs of dispatching the financial value of the Quotient.
Fees for bank transfer are charged depending on the amount of funds remitted, both by the sending bank and the receiving bank. It is necessary to add that it is an international distribution operation.
| Q207: | How long after submitting the Application for distribution of a Quotient in the Trust the money will be sent to me? |
During the distribution period the value of the Quotient in the Trust will be distributed during the next calendar month following delivery of a formally correct Application to the processor.
| Q208: | Are Quotients in the Trust subject to taxation? |
No. The Quotients are distributed in an amount recognized by the Trust and no taxes are withheld or deducted from them.
Returned (undelivered) payment of the Quotient value in the Trust
| Q301: | I have stated erroneous or incomplete banking information in my Application for distribution of a Quotient in the Trust. The Quotient has not been distributed to me. What shall I do? |
A distribution that was not or in this case could not be delivered returns to the records of the Trustee. The following form can be used to apply for the new distribution.
- RETURNED QUOTIENT –
transfer to a bank account (pdf format)
This Form is only to be used by natural persons - individuals. Please pay attention to notes below regarding its completion.
Send the filled in Application to:
TASAX s.r.o.
P. O. BOX 191
170 04 PRAHA 74
CZECH REPUBLIC