Agenda
- The Board of Directors’ review of the previous year.
- Presentation of the annual report for adoption, proposal for the allocation of profit for the year, any proposals for the allocation of proceeds in relation to asset realisations as well as approval of the remuneration of board members, cf Article 19(6) of the Articles of Association.
- Proposals submitted by the Board of Directors or investors.
Proposals submitted by the Board of Directors:
A.
That the Articles of Association be amended to include a new Article, 13, concerning liquidity management tools, with the following wording:
Liquidity management tools
13. The Investment Fund may activate liquidity management tools for the purpose of managing issue- and redemption pressure and safeguarding investors´ interests during exceptional market conditions, or for the purpose of facilitating adequate liquidity and protecting investors´ interests during normal market conditions, to ensure that issues and redemptions do not unfairly affect other investors. Liquidity management tools may be used when the Investment Fund considers it necessary to protect the liquidity of the funds, to ensure the fair and equal treatment of investors, and to avoid that assets of the funds are realised under unfavourable terms. The liquidity management tools available to each fund are set out in the description of each fund and a detailed description of the framework and conditions governing each tool can be found in the Investment Fund´s prospectus.
(2) Swing pricing, also known as the modified single pricing system. Further details are provided in Article 14 of the Articles of Association.
(3) Dual pricing also known as the dual pricing system. Further details are provided in Article 14 of the Articles of Association.
(4) Anti-dilution-levy. During periods of, including but not limited to, market stress, high volumes of issues, redemptions or buy-back requests, or in the event of significant singular or cumulative requests that may affect the liquidity, a unit-holder may be charged a levy intended to compensate other investors, so that they are not treated unfairly.
And that, under Article 6 for each fund, a description of the liquidity management tools selected be added. The wording of Article 6, (1-24), (26-28), (31) and (34) have had the following added:
Based on suitability assessments carried out by the investment fund, and with the aim of ensuring an appropriate level of investor protection, fund has decided that subscriptions and redemptions shall be managed using the liquidity management tools selected below. For each tool, examples are provided of situations in which it may be activated or deactivated. For a detailed explanation of the framework and conditions governing the use of each tool, investors should consult the fund’s prospectus.
Selected liquidity management tools for the fund:
- Dual pricing, cf. Article 13(3)
- Anti‑dilution-levy, cf. Article 13(4)
The wording of Article 6, (25), (29), (30), (32) and (33) have had the following added:
Based on suitability assessments carried out by the investment fund, and with the aim of ensuring an appropriate level of investor protection, fund has decided that subscriptions and redemptions shall be managed using the liquidity management tools selected below. For each tool, examples are provided of situations in which it may be activated or deactivated. For a detailed explanation of the framework and conditions governing the use of each tool, investors should consult the fund’s prospectus
Selected liquidity management tools for the fund:
- Swing pricing, cf. Article 13(2)
- Dual pricing, cf. Article 13(3)
- Anti‑dilution-levy, cf. Article 13(4)
The insertion of the new Article 13 entails editorial amendments to the subsequent section numbers and the cross‑references thereto.
The rationale for the proposal regarding liquidity management tools is a new statutory requirement set out in Article 74 and 74a of the Danish Investment Associations, etc. Act, which enters into force on 16 April 2026.
B.
That the age limit in Article 19(4) of the Articles of Association be removed, and that Article 19(5) and 19(6) consequently become Article 19(4) and 19(5).
The rationale for the proposal is a desire to avoid age discrimination.
C.
That an amendment be made to Article 6(1) of the Articles of Association, whereby the term ‘foreign’ is replaced with ‘international’, and that the following wording “and in unlisted corporate bonds denominated in foreign currency from US markets.
Unlisted US corporate bonds are of highly varying quality and therefore the fund invests only in bonds with:
- an outstanding volume representing at least USD 100m or its equivalent in another currency
- a credit rating that is higher than CC by Standard & Poor’s or Ca by Moody’s at the time of acquisition
- at least two of the internationally leading brokerage firms acting as daily market makers.
Is removed from the description of the fund Virksomhedsobligationer HY KL
The rationale for the proposal is a desire to clarify that the fund invests in corporate bonds from the international bond markets and no longer makes use of the option to invest in unlisted US corporate bonds.
D.
That an amendment be made to Article 6(2) of the Articles of Association, whereby the term ‘foreign’ is replaced with ‘international’, and that the following wording “and in unlisted corporate bonds denominated in foreign currency from US markets.
Unlisted US corporate bonds are of highly varying quality and therefore the fund invests only in bonds with:
- an outstanding volume representing at least USD 100m or its equivalent in another currency
- a credit rating that is higher than CC by Standard & Poor’s or Ca by Moody’s at the time of acquisition
- at least two of the internationally leading brokerage firms acting as daily market makers.
Is removed from the description of the fund Virksomhedsobligationer HY Screened KL
The rationale for the proposal is a desire to clarify that the fund invests in corporate bonds from the international bond markets and no longer makes use of the option to invest in unlisted US corporate bonds.
E.
That an amendment be made to Article 6(3), where the wording “ie investments are made in bonds that at the time of investment have a rating of BBB- or higher with Standard & Poor’s or a similar rating with another recognised credit rating agency.” is replaced with “This entails investing in bonds which, at the time of investment, are classified as BBB– or higher, based on credit ratings obtained from recognised credit rating agencies or from an external third party data provider that aggregates and distributes such ratings.” In the fund Virksomhedsobligationer IG KL.
The rationale for the proposal is the desire to refrain from naming specific rating agencies in the Articles of Association.
F.
That an amendment be made to Article 6(4), where the wording “ie investments are made in bonds that at the time of investment have a rating of BBB- or higher with Standard & Poor’s or a similar rating with another recognised credit rating agency.” is replaced with “This entails investing in bonds which, at the time of investment, are classified as BBB– or higher, based on credit ratings obtained from recognised credit rating agencies or from an external third party data provider that aggregates and distributes such ratings.” In the fund Virksomhedsobligationer IG Screened KL.
The rationale for the proposal is the desire to refrain from naming specific rating agencies in the Articles of Association.
G.
That an amendment be made to Article 6(9) of the Articles of Association, whereby the wording “expected to make a positive contribution to sustainable development” is removed from the description of the fund Formue Obligationer KL.
The rationale for the proposed amendment to the description of the fund follows from the fund’s earlier name change from Blandede Obligationer ESG KL to Formue Obligationer KL. The name change, and the subsequent shift in the fund’s strategy, may result in a reduced emphasis on sustainable development.
H.
That an amendment be made to Article 6(28) of the Articles of Association, whereby the term ‘foreign’ is replaced with ‘international’, and that the following wording “and in unlisted corporate bonds denominated in foreign currency from US markets.
Unlisted US corporate bonds are of highly varying quality and therefore the fund invests only in bonds with:
- an outstanding volume representing at least USD 100m or its equivalent in another currency
- a credit rating that is higher than CC by Standard & Poor’s or Ca by Moody’s at the time of acquisition
- at least two of the internationally leading brokerage firms acting as daily market makers.
Is removed from the description of the fund Virksomhedsobligationer HY Akkumulerende KL
The rationale for the proposal is a desire to clarify that the fund invests in corporate bonds from the international bond markets and no longer makes use of the option to invest in unlisted US corporate bonds.
4. Election of board members.
A description of nominated candidates is available at sydinvest.dk.
5. Appointment of auditor.
The Board of Directors proposes the reappointment of PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab.
6. Any other business.
Voting rights and agenda
Any unit-holder of the Investment Fund is entitled to attend the general meeting if the unit-holder has registered for the general meeting no later than five banking days prior to the general meeting by contacting Syd Fund Management. Voting rights may be exercised only in relation to units which have been registered in the name of the relevant unit-holder in the Investment Fund’s books one week prior to the general meeting. Voting rights may be exercised only in relation to units in the concerned classes of units under item 3 which have been registered in the name of the relevant unit-holder in the Investment Fund’s books one week prior to the general meeting.
The agenda and the annual report including the auditors’ report will be available for inspection by the unit-holders at the Investment Fund’s premises and website no later than eight days before the general meeting.
Registration
Registration for the general meeting can take place no later than on 17 March 2026 via the investor portal at sydinvest.dk or by contacting Syd Fund Management A/S at si@sydinvest.dk. If you do not wish to or are unable to attend the general meeting, you may issue a proxy to the Board of Directors or authorise a person to represent you at the general meeting. You can do so at www.sydinvest.dk/gf using MitID or MitID Erhverv or by contacting Syd Fund Management A/S by telephone +45 74 37 33 00 or email si@sydinvest.dk. Please note that the deadline for issuing proxies is 17 March 2026 at 23:59.
Please note that coffee and cake will be served at the general meeting.
Practical info
The general meeting will be held in Sydbank Salen at Sydbank’s head office at Peberlyk 4 in Aabenraa, Denmark. Please use the main entrance where staff will direct you to Sydbank Salen.
Parking is available via Solbæk where the barrier will be up on arrival and via Peberlyk (limited spaces). The barrier will be down at the Solbæk exit. When leaving, drive forward slowly and the barrier will go up automatically.
The parking spaces closest to the main entrance are shown in orange on the map but the entire parking area may be used.
Aabenraa, 3 March 2026
Board of Directors of
Investeringsforeningen Sydinvest
Linda Sandris Larsen
Chairman