Protecting Investor Interests – Inoks Ancile Fund

At Hawksburn, our guiding principle has always been to protect and advance the interests of our investors. Every decision we make is rooted in this commitment, and in the face of recent challenges surrounding the Ancile Fund managed by Inoks Capital SA(“Inoks”), we have acted decisively and responsibly to uphold that principle.

Taking Proactive Steps

Over the past year, we have consistently engaged with Inoks and other stakeholders to pursue constructive,consensual solutions. Despite multiple assurances, redemption obligations were not met, payment schedules repeatedly slipped, and administrative handovers created further uncertainty.

Rather than accept ongoing delays or risk unequal treatment among investors, we sought legal representation and filed a petition for an order that Ancile Fund be wound up.This decision was not made lightly-  it followed months of careful monitoring, direct engagement, and consideration of all available alternatives.

Why Petition For A Winding Up Order

• Independent Control – A professional, court-appointed liquidator will take control over Ancile’s assets and liabilities with full transparency.
• Fair and Equal Treatment – The winding-up process ensures that all investors are treated equitably, preventing preferential payouts.
• Accountability and Clarity – The fund’s complex financing and redemption structures will now be managed under court supervision, ensuring proper accountability.
• Preservation of Value – Acting early, helps minimise further erosion of value from delays, disputes, and unnecessary costs.

Comprehensive Efforts by Hawksburn

This petition is just one element of the comprehensive measures we have undertaken on behalf of our investors.In recent months, Hawksburn has:

• Engaged repeatedly with fund administrators and counsel to press for timely redemption payments.
• Sought practical restructuring solutions that could have avoided a petition, had they been honoured.
• Monitored and analysed Ancile’s financing arrangements to ensure we fully understood the implications for investors.

Our Ongoing Commitment

While the liquidation process will take time, our priority remains unchanged: safeguarding investor capital and maximizing recovery outcome. We will work closely with the appointed liquidator, maintain open communication with stakeholders, and continue to advocate for fairness, transparency, and accountability throughout the process.

We thank our investors for their continued trust. Protecting investor interests remains our foremost responsibility — and every action we have taken reflects that commitment.

Written by Jeremiah Yeu, Co-Founder of Hawksburn Capital, October 2025