Zenith - AMF pleased with implementation of liquidation plan

Montréal – The Autorité des marchés financiers (AMF) is pleased with the liquidation plan implemented by André Giroux with respect to the Zenith Stable Value Growth Fund.

Further to the approval authorized on June 5, 2006 by Superior Court Judge Robert Mongeon of the liquidation plan prepared by André Giroux, a first set of 214 cheques of a total of 378 was delivered on June 20, 2006 to Zenith Fund investors. When the liquidation plan is completed, more than $3.5 million will have been distributed to holders of Zenith Fund capital units. Investors will thus recover 75% of their initial investment. The AMF is pleased to learn that the funds belonging to the holders of Zenith Fund capital units are being distributed to them in an expeditious manner.

The liquidation plan is posted on the liquidator’s website at www.andregirouxinc.com.

On January 13, 2006, the AMF asked the Bureau de décision et de révision en valeurs mobilières (BDRVM) to recommend that the Finance Minister liquidate the assets of the Zenith Stable Value Growth Fund and appoint a liquidator. Following a favourable recommendation from the BDRVM, the Minister issued a liquidation order on February 9, 2006 in respect of the assets of the Zenith Fund and appointed André Giroux to act as liquidator of the assets.

Previously, further to a request to the BDRVM from the AMF, the Minister had appointed André Giroux as provisional administrator on November 10, 2005 to administer the assets of the Zenith group.

On September 12, 2005, the BDRVM issued a freeze order against the Zenith group. The decision was based on an investigation into Zenith conducted by the AMF.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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Information:

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