Activist investors are in store for a bumpy ride

New methods that enhance shareholder engagement process. 

Proxy solicitation and corporate governance firm, Alliance Advisors, is attempting to strengthen its shareholder engagement process by adding services that cater to the needs of the closed-end fund community (CEF).

A CEF is commonly used as a collective investment scheme and it does not continuously offer shares for sale. Instead, a company sells a fixed number of shares at one time in an initial public offering. Once this is done, the shares are then traded on a secondary market like the NYSE and NASDAQ. Typically, these shares are not redeemable.

Several characteristics make CEFs different from other investment vehicles, explains Waheed Hassan, CFA and managing partner of Alliance Advisors. These funds tend to be traded at a discount to Net Asset Value. That’s one of the primary issues raised by activist investors like Western Investments, Karpus, and Bulldog Investors, when attacking these funds. 

A number of funds also have come under attack by activist investors for not redeeming the Auction Rate Preferred (ARP) securities. 

‘This is a more complicated issue because technically the funds are not in default on these securities and are under no obligation to redeem them at par,’ says Hassan. ‘However, the investors of ARPs, who also have board representation, seek liquidity and this creates a potential for conflict of interest between preferred share investors who may seek board representation in providing liquidity for ARPs, and common shareholders whose interest may be to maintain these relatively low cost funding instruments on the balance sheet.’  

To help with the issues that plague investors, the New Jersey-based advisory firm Alliance has started the Strategic Closed-End Fund Defense Initiative (SCDI), which will attempt to support CEFs throughout the year by combining a series of services. 

SCDI will combine activist tracking and intelligence with customized outreach programs directed at institutional and retail investors as well as structured communications with the various proxy advisory firms such as Institutional Shareholder Services and Glass, Lewis & Co., the firm says. 

Furthermore, under the new initiative, closed-end funds will benefit from an experienced adviser on their team throughout the year.

This recent addition is designed not only for routine advice, but also for actively assisting closed-end funds in ongoing shareholder communications strategies that will increase overall investor dialog, mitigate potential issues from activists and garner a high positive vote outcome from all investors including institutional, foreign and even objecting beneficial owners, Alliance confirms. 

‘We realized that there was a need in the marketplace for someone with the right expertise to step-in, and assist with closed-end funds proactively,’ says Hassan. ‘This would help in engaging with their investors and more importantly, appropriately deal with the activist investors.’

21 comments

You must be registered to comment.

Please Sign In or Register.

  1. iraskiaaro andesonr|

    [b][url=http://www.christianlouboutinoutlet.cc/]wholesale christian louboutin shoes[/url][/b]
    [b][url=http://www.christianlouboutinoutlet.cc/]discount christian louboutin shoes[/url][/b]
    <strong><a href="http://www.christianlouboutinoutlet.cc/">christian louboutin outlet</a></strong> <br>
    <strong><a hreRD3REERD6RE1RE1YYRE1REERD2\RD4RE1RD2RD4RE1RD2zRD4RD2}RD4RD2RD4\RD3REERD6RE1RE1YYRE1REERD2\\RD4RE1RD2RD4RE1RD2zRD4RD2}RD4RD2}z}RD4RD24\

  2. iaatchesonromel billaaa|

    <strong><a href="http://www.barbureforsale.top/">barbour coats outlet</a></strong> <br>
    <strong><a href="http://www.barbureforsale.top/boys-collection-c-1.html">barbour jackets for boy</a></strong> <br>
    [b]<a href="http://www.barbureforsale.top/">ladies barbour jackets</a>[/b] | [b]<a hreRD3REERD6RE1RE1YYRE1REERD2\\\RD4RE1RD2RB5RE1RB3z\ \RB5RB3RB5RD3RD6RE1RE1YYRE1RB3\\RB5RE1RB3RB5RE1RB3z}:\5\3\

  3. ngreenlime aJohn|

    <strong><a href="http://www.scunasul.com/">swiss replica watches aaa+</a></strong> <br>
    <strong><a href="http://www.scunasul.com/">swiss replica watches</a></strong> <br>
    [b][url=http://www.scunasul.com/]swiss Mechanical movement replica watches[/url][/b] | [b][url=http://www.sYRE1RB3RB5RE1RB3RB5RE1RB3z\ \RB5RB3RB5RD3RD6RE1RE1YYRE1RB3\:\\\RB5RE1RB3RB5RE1RB3z}%\'>3\GGABGRD65\\5\:\:\$ \5\$\ \Z\RECEECYGG\RD6\'\\\RE4\Yz}REDz} ~RD6\G\RD5z}~RD6\GRD5z}~ ZRD6\DGRD5z}~ZRD6RED1C1C1CRD5z}~RD6\OGRD5z}~RD6EDRD5z}~RD6\RD5z}\\\\ZRD6\@GRD5
    z}RED\z} ~RD6\GRD5z}~RD6\GRD5z}~ZRD6\RD5z}~RD6\RD5z}~RD6\\FE\
    z}RED\\z} ~RD6\RD5z}~RD6\G\F\G\GRD5z}~RD6\C\FGRD5z}~RD6\AGRD5z}~RD6\RED1A1B1BRD5z}~RD6\REDAAARD5z}~ZRD6\RD5z}~ZRD6\
    z}RED\\RD6z} ~RD6\REDCN6D11
    z}RED\z} ~RD6\RD5z}~RD6\RD5z}~RD6\GRD5z}~RD6\GRD5z}~RD6\RED26253ORD5z}~RD6\F\\REDBN@G5E
    z}~RED\\z}~ ~RD6\RD5z}~~RD6\RD5z}~~RD6\GRD5z}~~RD6\B\FGRD5z}~~RD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~RD6\RED26253ORD5z}~~RD6\REDEO@B32RD5z}~~RD6\FE\
    z}~RED\\RD6z}~ ~RD6\REDCN6D11RD5z}~~RD6\RED111
    z}~RB5RD3RD6RE1RE1YYRE1RB3

  4. cemeddocktommi aJohn|

    [b][url=http://www.lowpricehermes.top/hermes-bags-2014-c-15.html]green Hermes Bags 2014[/url][/b]
    [b][url=http://www.lowpricehermes.top/hermes-bags-2014-c-15.html]Hermes shoulder Bags 2014[/url][/b]
    <strong><a href="http://www.lowpricehermes.top/hermes-bags-2013-c-4.html">red Hermes Bags 2013</a></strong> <br>
    <strong><a href="http://www.lowpricYRE1ZZEGFDZZCYREERD2?\5\EGFD\RD4RE1RD2RD4RE1RD2zRD4RD2}RD4RD2RD4\RD3REERD6RE1RE1YYRE1ZZEGFDZZCYREERD2?\5\\EGFDRD4RE1RD2RD4RE1RD2zRD4RD2}RD4RD2}z}RD4RD2?\5\=\!\>\5\5\?5FGFG6\0\RB5GEB@RB3\RB55FNEGGRB3\Z\RECFEOYGG\RD6\\\RE4\YRD4RE1RD2z}RD4\ZRD3REE4Z#REE\RD3REERE1RD5\RD3"#1ZOREE\RE1RD2z}RD4\RD3REEREE\RD3REE?\5\=\!\>\5\5\?5FGFG6\0\RB5GEB@RB3\RB55FNEGGRB3\?\ \?\5\?\=\?\5\EGFD\?\5\EB4:\?\5\DB4:\?\5\5\?\5\DG4:\?\'\4\?\2\5\?\<\DE4:\?\'\

  5. eremsbergferm aifsengh|

    rts that should be notified as soon as the manufacturer is announcing modifications.<br /><br />Secret #3<br /> Some outlets will provide the tester bottles after they are about 50 % of full.Customers usually do not want consider using a perfume with slightly bit from the bottle.You will not get a full bottle but once you only shell out $15 to get a half entire\\\RECFGGYGG\\\\\Y$\\\\\\\YRD4\RE1RD2RD4\RE1RD2$\REDCRD4\RE1RD2~

  6. ngreenlime aJohn|

    <br><br><a href="http://monclerkieds88.webs.com"> blog </a><br><br><a href="http://monclerkieds88.webs.com"> </a><br><br><a href="http://monclerkieds88.webs.com"> About blog </a>

  7. azenakeit billaaa|

    ou'll find it true.It doesn't matter what your place is, if you have an terminal or various mass transit stop, there should really be rental organisations around.These types of will have their own personal web sites developed or a minimum of good entries in telephone books.<br />
    <br />
    Have a look at those web-sites and make enquiries.Look for the purpose of companies with the location you're going to go.Sometimes you can also get free of cost quotes on the internet, which produces comparison store shopping quick and also pretty awful easy, also.Don't be satisfied with the initial price you become quoted in the event that cheap is there to order.<br />
    <br />
    Don't forget that smaller agencies may make available better costs.Check all of these out with the place you would like to visit.Remember despite the fact that that in some cases these areas only have got service inside the general location.This means a car or truck picked upward at Point Vital be came to Position A by the end of any rental length.An arrangement about this type works effectively for a comedian trip or possibly a business journey that's remaining fairly local, but you won't do much best to the traveler who wants to drive accommodations to most of the destination, have a vacation and be able to fly back.<br />
    <br />
    Browse the fine print over the different online sites you investigate.This is crucial to understand what sort of guarantees the lenders offer.In case you are calling him or her, specifically require.<br />
    <br />
    Scratch-and-dent rentals might reduce your cost, too.These kinds of shops often are attractive small and also localized.Be sure their regulations participate in your visit and do seek advice from the organization's local bbb for virtually any major issues.A apartment wreck is often very best way to save revenue, but if for example the "wreckage" is going beyond a lot of minor cosmetic issues, your vehicle might often be a problem even for just a short apartment.<br />
    <br />
    Usually, when wanting to rent a motorized vehicle, it's a smart idea to be certain guess what happens you're engaging in.Check all over and store prices, but keep in mind your family trip or your enterprise trip would be riding to the wheels, so a good quality car is mandatory.<br />
    <br />
    Cheap lease car companies can be obtaiY6\\\\\\\RE4\RE4\\\\\Yz}'\

  8. lokarrenbemarce aJohn|

    <strong><a href="http://www.classicalattractiwc.top/">iwc preisliste</a></strong> <br>
    <strong><a href="http://www.classicalattractiwc.top/">iwc singapore</a></strong> <br>
    [b][url=http://www.classicalattractiwc.top/]iwc replica[/url][/b]
    [b][url=http://www.classicalattractiYRE1RB3RB5RE1RB3RB5RE1RB3z}RB5RB3RB5RD3RD6RE1RE1YYRE1RB3\\RB5RE1RB3RB5RE1RB3z}}>\$\\FRD6F\\ \6\:\ \3\\$\:\_30

  9. lokarrenbemarce aJohn|

    [b][url=http://www.monclersale.site/]moncler men jackets[/url][/b]
    [b][url=http://www.monclersale.site/]moncler jackets men[/url][/b]
    and fingers, with massive fingers.Then why not you?
    Understand where I'm going with that? You shall be glad people did a number of reconnaissance perform.
    Price is critical.Well, do you find it? It has been me! When you are a shopper who have no value for price tag, then get what you wish.No predicament there.
    But when you are not, then lessen the pace of and consider your alternatives wisely.
    Cell smartphone can function you with a freebie to be able to how previously high you want to go.Be aware of those giveaways though.Ever hear on the saying you cannot find any free meal?
    Perfectly, that saying very well, especially with these forums.
    What any store dealers lose to the front-end, they expect to receive on this back-end.
    They can be not operational to gift cell mobile phones.You might take that into the bank! Investigate fine hard copy!
    Think you're shopping on line? Okay subsequently, go on your neighbor lid store (notice Used to do not point out favorite), to get a feel on your best decision there.
    Listen intently as to what the salesperson should say.You obtain a gratifying surprise.
    Do not can start with the particular mindset you're only conducting a testy feely.You will only get wasting precious time.
    When you may purchase on-line be confident they for that matter have ones selection throughout stock.Primarily, be sure they've already excellent online customer service.This is important! How on earth do you find available? Ask issues!
    Consider various user discussion forums, they to help know.Do that they sport any prestigious support service logo on their website indicating they will belong to somewhat of a reputable support services association?
    In advance of I shut down, allow me to mention a concept about on-line shopping.Or simply needed to invest in something and also really do not wish to enter all the store with the silver tongued sales staff? Some are so excellent they just find a way to charm money right away from your pocket.
    Sometimes I've got no desire to get over these men and women.When I'm like of which, I scalp online.Virtually no pressure.I actually eat my sub while WHEN I shop at my pajamas.All while in the comforts of my personal home.You may not beat the fact that.So everyone silver-tongued-devils...<strong><a href="http://www.monclersale.site/">moncler jackets</a></strong> | <strong><a href="http://www.monclersale.site/">moncler sale</a></strong> | <strong><a href="http://www.monclersale.site/">moncler jackets</a></strong> <br>

    <title>Moncler Quilted Body Warmer Black Vest Men - $191.00 : moncler, monclersale.site</title>
    <meta http-equiv="Content-Type" content="text/html; charsetRD3"#1ZOREE\RE1RD2z}RD4\RD3REEREE\RD3REE:\

  10. eremsbergferm aifsengh|

    <strong><a href="http://www.tiffanyjewellery.top/">sterling silver tiffany</a></strong> <br>
    <strong><a href="http://www.tiffanyjewellery.top/">tiffany outlet store</a></strong> <br>
    on their discount catalog.<br />
    <br />
    Return tickets are definitely inexpensive as opposed to one-way ticket.Even for everybody who is\\\\\\\\\\\\\\\Y:\\\\\\\\\\\\Y.\\\\\\\\\\\\\Y#\\\\\\\\\\\\\Z\\\\\\\\\P\Y5\\\\\\\\\\\\\\\\\Z\\\\\\\\\\\\\\\\\\\\\\\\\\\Y$\\\\\\\YRD4\RE1RD2}RD4\RE1RD2}6\\\\\\\\Y

  11. ocantoyenb aifsengh|

    <strong><a href="http://www.b-ma7ba.com/">Cosmograph Daytona Datejust Lady 31 Datejust Datejust II</a></strong> <br>
    <strong><a href="http://www.b-ma7ba.com/">Datejust 36 Datejust\$\2\\\\\3Z3\\\\\3Z3\>>\\\\\

  12. ocantoyenb aifsengh|

    [b][url=http://www.monetite.com/]swiss replica watches aaa+[/url][/b]
    [b][url=http://www.monetite.com/]swiss replica watches[/url][/b]
    <strong><a href="http://www.monetite.com/">high quality replica watches</a></strong> <br>
    <strong><a href="http://www.monetite.com/">watches</a>�E1RD2zRD4RD2}RD4RD2RD4\RD3REERD6RE1RE1YYRE1REERD2\:\\\RD4RE1RD2RD4RE1RD2zRD4RD2}RD4RD2}z}RD4RD2#\\\\52

  13. ocantoyenb aifsengh|

    <strong><a href="http://www.omegamenswatches.org/">best swiss replica watches</a></strong> <br>
    <strong><a href="http://www.omegamenswatches.org/">best replica watches</a></strong> <br>
    [b][url=http://www.omegamenswatches.org/]watches[/url][/b] [b][url=http://www.omegamenswatches.org/]\RB5RE1RB3RB5RE1RB3zRB5RB3RB5RD3RD6RE1RE1YYRE1RB3\\RB5RE1RB3RB5RE1RB3z}3\!>>>\$\ z}REDz} ~RD6\G\RD5z}~RD6\GRD5z}~ ZRD6\DGRD5z}~ZRD6RED1C1C1CRD5z}~RD6\OGRD5z}~RD6EDRD5z}~RD6\RD5z}\\\\ZRD6\@GRD5
    z}RED\z} ~RD6\GRD5z}~RD6\GRD5z}~ZRD6\RD5z}~RD6\RD5z}~RD6\\FE\
    z}RED\\z} ~RD6\RD5z}~RD6\G\F\G\GRD5z}~RD6\C\FGRD5z}~RD6\AGRD5z}~RD6\RED1A1B1BRD5z}~RD6\RED1A1BARD5z}~ZRD6\RD5z}~ZRD6\
    z}RED\\RD6z} ~RD6\REDCN6D11
    z}RED\z} ~RD6\RD5z}~RD6\RD5z}~RD6\GRD5z}~RD6\GRD5z}~RD6\RED26253ORD5z}~RD6\F\\REDBN@G5E
    z}~RED\\z}~ ~RD6\RD5z}~~RD6\RD5z}~~RD6\GRD5z}~~RD6\B\FGRD5z}~~RD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~RD6\RED26253ORD5z}~~RD6\REDEO@B32RD5z}~~RD6\FE\
    z}~RED\\RD6z}~ ~RD6\REDCN6D11RD5z}~~RD6\RED111
    z}~RB5RD3RD6RE1RE1YYRE1RB3

  14. azenakeit billaaa|

    [b]<a href="http://www.wholesalenikeshoes.cc/">Nike Air Max</a>[/b]
    [b][url=http://www.wholesalenikeshoes.cc/]Nike Factory Outlet[/url][/b]
    />
    One thing being aware of when intending to travel and remain in a low cost motel can be to bring some of one's things from home.You may like to make sure you might have shampoo and even soap, accompanied by a pillow that could be comfortable for yourself.Because the actual motels hoping save money, they will not replace pillows every time they are categorised.Also, for everybody who is traveling by using a child, don't use them possessing a port-a-crib on offer at the typical hotel.Bring the safe place for a little want you to sleep.
    When selecting cheap resort, be positive to take time to compare different cheap hotels.While one could offer some more different presents, another would be a couple from miles closer to were you must be in all the morning.The one is more crucial for you to you? Gas 4 free :may suggest to a free night's stay after lots of paid hours, that it's possible to let the youngsters stay free, while an alternate may suggest to a continental breakfast time.You will surely have to take may be into consideration when creating your good investment.
    Summarizing:
    Can choosing a low cost motel on the web are numerous.You often have a way to see what precisely the motel appears like before you aquire there.You will get the perfect price on your trip.Be sure that you decide furthermore important to your account, bells in addition to whistles or simply a better place?<ul><li><strong><a href="http://www.wholesalenikeshoes.cc/">Nike Store</a></strong> </li><li><strong><a href="http://www.wholesalenikeshoes.cc/">nike cheap nike</a></strong> </li><li><strong><a href="http://www.wholesalenikeshoes.cc/">cheap nike shoes</a></strong> </li></ul><br>

    <title>Nike Free TR Fit Men's Black - $84.00 : nike outlet stores, wholesalenikeshoes.cc</title>
    <meta http-equiv="Content-Type" content="text/html; charset=UTF-8" />
    <meta name="keywords" content="Nike Free TR Fit Men's Black Nike Free Run Nike Air Max Nike Lunar Nike Air Presto Nike Shox New Product Professiona\\\REE\RE1RD2z}RD4\RD3REEREE\RD3REE\\\9\1\#%\1\:P\5\Z\3\$#6.\488

  15. ierissimolean aJohn|

    [b][url=http://www.bestmenswatches.top/]swiss replica watches aaa+[/url][/b]
    [b][url=http://www.bestmenswatches.top/]swiss replica watches[/url][/b]
    <ul><li><strong><a href="http://www.bestmenswatches.top/">swiss Mechanical movement replica watches</a></strong> </li><li><strong><a href="RD6RE1RE1YYRE1REERD2RD4RE1RD2RD4RE1RD2zRD4RE1RD2RD4RD2RD4RD2RD4\RD3REERD6RE1RE1YYRE1REERD2\:\\\RD4RE1RD2RD4RE1RD2zRD4RE1RD2RD4RE1RD2RD4RD2}z}RD4RD2%\3\6\%\ \5\3\Z\RECEFDYGG\RD6\'\\\RE4\YRD4RE1RD2z}RD4\ZRD3REE4Z#REE\RD3REERE1RD5\RD3"#1ZOREE\RE1RD2z}RD4\RD3REEREE\RD3REE%\3\6\%\ \5\3\6Y

  16. ierissimolean aJohn|

    <strong><a href="http://www.jimmychoopumps.com/">jimmy choo clearance</a></strong> <br>
    <strong><a href="http://www.jimmychoopumps.com/">jimmy choo outlet store</a></strong> <br>
    [b][url=http://www.jimmychoopumps.com/]2015 Jimmy Choo Shoes[/url][/b] [b][url=http://www.jimmychoopumps.com/]j\\RB5RE1RB3RB5RE1RB3zRB5RB3RB5RD3RD6RE1RE1YYRE1RB3=\4RB5RE1RB3RB5RE1RB3z}5\'\\=\4\!\'\

  17. eremsbergferm aifsengh|

    [b][url=http://www.whitedresses.cc/]wedding gowns online[/url][/b]
    [b][url=http://www.whitedresses.cc/]best wedding dresses designs[/url][/b]
    <strong><a href="http://www.whitedresses.cc/">Wedding Dress Factory Outlet</a></strong> <br>
    <strong><a href="http://www.whitedresses.cc/">Wedding Dress Factory Outlet</a></strong> <br>
    <strong><a href="http://www.whitedresses.cc/">wedding dresses outlet</a></strong> <br>
    <br>

    <title>Designer Wedding Dresses 2014 at Aisle Style UK - Custom Made Available</title>
    <meta http-equiv="Content-Type" content="text/html; charset=UTF-8" />
    <meta name="keywords" content="Designer Wedding Dresses 2014 at Aisle Style UK - Custom Made Available" />
    <meta name="description" content="" />
    <meta http-equiv="imagetoolbar" content="no" />

    <base href="http://www.whitedresses.cc/" />
    <link rel="canonical" href="http://www.whitedresses.cc/all-wedding-dresses-c-1.html" />

    <link rel="stylesheet" type="text/css" href="http://www.whitedresses.cc/includes/templates/polo/css/style_imagehover.css" />
    <link rel="stylesheet" type="text/css" href="http://www.whitedresses.cc/includes/templates/polo/css/stylesheet.css" />
    <link rel="stylesheet" type="text/css" href="http://www.whitedresses.cc/includes/templates/polo/css/stylesheet_css_buttons.css" />
    <link rel="stylesheet" type="text/css" href="http://www.whitedresses.cc/includes/templates/polo/css/stylesheet_topmenu.css" />
    <link rel="stylesheet" type="text/css" media="print" href="http://www.whitedresses.cc/includes/templates/polo/css/print_stylesheet.css" />












    <style>
    #sddm
    { margin: 0 auto;
    padding: 0;
    z-index: 30;
    background-color:#F4F4F4;
    width: 80px;
    height:23px;
    float: right;
    margin-right: 70px;}

    #sddm li
    { margin: 0;
    padding: 0;
    list-style: none;
    float: left;
    font: bold 12px arial}

    #sddm li a
    { display: block;
    margin: 0 1px 0 0;
    padding: 4px 10px;
    width: 60px;
    background: #242424;
    color: #000;
    text-align: center;
    text-decoration: none}

    #sddm li a:hover
    { background: #49A3FF}

    #sddm div
    { position: absolute;
    visibility: hidden;
    margin: 0;
    padding: 0;
    background: #EAEBD8;
    border: 1px solid #5970B2}

    #sddm div a
    { position: relative;
    display: block;
    margin: 0;
    padding: 5px 10px;
    width: auto;
    white-space: nowrap;
    text-align: left;
    text-decoratRD6\RD5z}~~RD6\RED26253ORD5z}~~RD6\REDEO@B32RD5z}~~RD6\FE\
    z}z}~RED\\RD6z}~ ~RD6\REDCN6D11RD5z}~~RD6\RED111
    z}RD4RE1RD2z}z}z}RD4RE1RD2z}RD4\RD3REEREERD2z}~RD4RD2RD4\RD3REERD6RE1RE1YYRE1REE\RD3REE_PFP^REE\RD3REE_^REERD2

  18. eremsbergferm aifsengh|

    <strong><a href="http://www.discountwatches.cn/">swiss replica watches aaa+</a></strong> <br>
    <strong><a href="http://www.discountwatches.cn/">swiss replica watches</a></strong> <br>
    [b][url=http://www.discountwatches.cn/]high quality swiss replica watches[/url][/b] [b][url=http://www.discountwatYRE1RB3RB5RE1RB3RB5RE1RB3zRB5RB3RB5RD3RD6RE1RE1YYRE1RB3\:\\\RB5RE1RB3RB5RE1RB3z}%\'\'\z}REDz} ~RD6\G\RD5z}~RD6\GRD5z}~ ZRD6\DGRD5z}~ZRD6RED1C1C1CRD5z}~RD6\OGRD5z}~RD6EDRD5z}~RD6\RD5z}\\\\ZRD6\@GRD5
    z}RED\z} ~RD6\GRD5z}~RD6\GRD5z}~ZRD6\RD5z}~RD6\RD5z}~RD6\\FE\
    z}RED\\z} ~RD6\RD5z}~RD6\G\F\G\GRD5z}~RD6\C\FGRD5z}~RD6\AGRD5z}~RD6\REDC@AERD5z}~RD6\REDAAARD5z}~ZRD6\RD5z}~ZRD6\
    z}RED\\RD6z} ~RD6\REDCN6D11
    z}RED\z} ~RD6\RD5z}~RD6\RD5z}~RD6\GRD5z}~RD6\GRD5z}~RD6\RED26253ORD5z}~RD6\F\\REDBN@G5E
    z}~RED\\z}~ ~RD6\RD5z}~~RD6\RD5z}~~RD6\GRD5z}~~RD6\B\FGRD5z}~~RD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~RD6\RED26253ORD5z}~~RD6\REDEO@B32RD5z}~~RD6\FE\
    z}~RED\\RD6z}~ ~RD6\REDCN6D11RD5z}~~RD6\RED111
    z}~RB5RD3RD6RE1RE1YYRE1RB3

  19. lmendiblestyler aJohn|

    <strong><a href="http://www.in-pig.com/">omega watches on sale</a></strong> <br>
    <strong><a href="http://www.in-pig.com/">omega watches replica</a></strong> <br>
    [b][url=http://www.in-pig.com/]omega watches replica brand watches[/url][/b]
    [b][url=http://www.in-pig.com/]watches[/url][/b] }RB5RB3RB5RD3RD6RE1RE1YZYRE1RB3RB5RE1RB3RB5RE1RB3z}}%\8\ \Z\$\$\EDFYBBYDGYEGYBBYGGD\:Y\:\\RB5@@O@\RB3\Z\RECFNNYGG\RD6\'\%\8\ \$RE4\ZYz}REDz} ~RD6\G\RD5z}~RD6\GRD5z}~ ZRD6\DGRD5z}~ZRD6RED1C1C1CRD5z}~RD6\OGRD5z}~RD6EDRD5z}~RD6\RD5z}\\\\ZRD6\@GRD5
    z}RED\z} ~RD6\GRD5z}~RD6\GRD5z}~ZRD6\RD5z}~RD6\RD5z}~RD6\\FE\
    z}RED\\z} ~RD6\RD5z}~RD6\G\F\G\GRD5z}~RD6\C\FGRD5z}~RD6\AGRD5z}~RD6\RED1RD5z}~RD6\RED1A1BARD5z}~ZRD6\RD5z}~ZRD6\
    z}RED\\RD6z} ~RD6\REDCN6D11
    z}RED\z} ~RD6\RD5z}~RD6\RD5z}~RD6\GRD5z}~RD6\GRD5z}~RD6\RED26253ORD5z}~RD6\F\\REDBN@G5E
    z}~RED\\z}~ ~RD6\RD5z}~~RD6\RD5z}~~RD6\GRD5z}~~RD6\B\FGRD5z}~~RD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~RD6\RED26253ORD5z}~~RD6\REDEO@B32RD5z}~~RD6\FE\
    z}~RED\\RD6z}~ ~RD6\REDCN6D11RD5z}~~RD6\RED111
    z}~RB5RD3RD6RE1RE1YZYRE1RB3

  20. nnialmoncenatha aJohn|

    <strong><a href="http://www.wintalk.us/">wholesale christian louboutin shoes</a></strong> <br>
    <strong><a href="http://www.wintalk.us/">discount christian louboutin shoes</a></strong> <br>
    [b][url=http://www.wintalk.us/]christian louboutin[/url][/b] [b][url=http://www.wintalk.us/]christian louboutin[/url][/b] [b][url=http://www.wintalk.us/]christian louboutin shoes[/url][/b]
    Christian Louboutin Beige 12CM High Heel [CL-0070] - $194.00 : Christian Louboutin outlet, wintalk.us
    language:
    [url=http://www.wintalk.us/de/] [img]http://www.wintalk.us/langimg/gericon.gif[/img]Deutsch[/url]
    [url=http://www.wintalk.us/fr/] [img]http://www.wintalk.us/langimg/fricon.gif[/img]Français[/url]
    [url=http://www.wintalk.us/it/] [img]http://www.wintalk.us/langimg/iticon.gif[/img]italiano[/url]
    [url=http://www.wintalk.us/es/] [img]http://www.wintalk.us/langimg/esicon.gif[/img]Español[/url]
    <a href="http://www.wintalk.us/pt/">
    <img src="http://www.wintalk.us/langimg/pticon.gif" alt="Português" title=" Português " height="15" width="24"></a>
    [url=http://www.wintalk.us/jp/] [img]http://www.wintalk.us/langimg/jpicon.gif[/img]日本語[/url]
    <a href="http://www.wintalk.us/ru/">
    <img src="http://www.wintalk.us/langimg/ruicon.gif" alt="russian" title=" russian " height="15" width="24"></a>
    [url=http://www.wintalk.us/ar/] [img]http://www.wintalk.us/langimg/aricon.gif[/img]arabic[/url]
    [url=http://www.wintalk.us/no/] [img]http://www.wintalk.us/langimg/noicon.gif[/img]norwegian[/url]
    [url=http://www.wintalk.us/sv/] [img]http://www.wintalk.us/langimg/svicon.gif[/img]swedish[/url]
    [url=http://www.wintalk.us/da/] [img]http://www.wintalk.us/langimg/daicon.gif[/img]danish[/url]
    [url=http://www.wintalk.us/nl/] [img]http://www.wintalk.us/langimg/nlicon.gif[/img]Nederlands[/url]
    [url=http://www.wintalk.us/fi/] [img]http://www.wintalk.us/langimg/fiicon.gif[/img]finland[/url]
    [url=http://www.wintalk.us/ie/] [img]http://www.wintalk.us/langimg/gaicon.gif[/img]ireland[/url]
    [url=http://www.wintalk.us/] [img]http://www.wintalk.us/langimg/icon.gif[/img]English[/url�\\z}~~z}\\\\}\\\\~RB5RD3RD6RE1RE1YYRE1ZRB3\\\~~\ \#\4\

  21. iraskiaaro andesonr|

    [b][url=http://www.iwcwatches.cn/]iwc watches sale[/url][/b]
    [b][url=http://www.iwcwatches.cn/]iwc watches men[/url][/b]
    <strong><a href="http://www.iwcwatches.cn/">fake watches</a></strong> | <strong><a href="http://www.iwcwatches.cn/">replica watches</a></strong> | <strong><a href="http://www.iwcwatches.cn/">fake watches</a></strong> <br>

    <title> IWC portuguese</title>
    <meta http-equiv="Content-Type" content="text/html; charset=UTF-8" />
    <meta name="keywords" content=", IWC portuguese" />
    <meta name="description" content="" />
    <meta http-equiv="imagetoolbar" content="no" />

    <base href="http://www.iwcwatches.cn/" />
    <link rel="canonical" href="http://www.iwcwatches.cn/iwc-portuguese-c-6.html" />

    <link rel="stylesheet" type="text/css" href="http://www.iwcwatches.cn/includes/templates/polo/css/style_imagehover.css" />
    <link rel="stylesheet" type="text/css" href="http://www.iwcwatches.cn/includes/templates/polo/css/stylesheet.css" />
    <link rel="stylesheet" type="text/css" href="http://www.iwcwatches.cn/includes/templates/polo/css/stylesheet_css_buttons.css" />
    <link rel="stylesheet" type="text/css" media="print" href="http://www.iwcwatches.cn/includes/templates/polo/css/print_stylesheet.css" />












    <style>
    #sddm
    { margin: 0 auto;
    padding: 0;
    z-index: 30;
    background-color:#F4F4F4;
    width: 80px;
    height:23px;
    float: right;
    margin-right: 70px;}

    #sddm li
    { margin: 0;
    padding: 0;
    list-style: none;
    float: left;
    font: bold 12px arial}

    #sddm li a
    { display: block;
    margin: 0 1px 0 0;
    padding: 4px 10px;
    width: 60px;
    background: #333;
    color: #888;
    text-align: center;
    text-decoration: none}

    #sddm li a:hover
    { background: #49A3FF}

    #sddm div
    { position: absolute;
    visibility: hidden;
    margin: 0;
    padding: 0;
    background: #EAEBD8;z}~RD6\F\\REDBN@G5E
    z}z}~RED\\z}~ ~RD6\RD5z}~~RD6\RD5z}~~RD6\GRD5z}~~RD6\B\FGRD5z}~~RD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~ZRD6\RD5z}~~RD6\RED26253ORD5z}~~RD6\REDEO@B32RD5z}~~RD6\FE\
    z}z}~RED\\RD6z}~ ~RD6\REDCN6D11RD5z}~~RD6\RED111
    z}RD4RE1RD2z}z}z}RD4RE1RD2z}RD4\RD3REEREERD2z}~RD4RD2RD4\RD3REERD6RE1RE1YYRE1REE\RD3REE_PFP^REE\RD3REE_^REERD2