Open-ended investment company
An open-ended investment company is a special purpose vehicle designed to handle the collective investment in transferable securities. OEICs quote a single price rather than a bid and offer price and they are governed by company law rather than trust law. Most new open-ended funds launched today are established as OEICs and it is expected that, over time, most unit trusts will convert to OEICs.
Oeics (also known, misleadingly, as the “St. Hellier espievie”) an animal long rumoured to inhabit the Guernsey scrublands, but which had never previously been verified before its discovery in the wild by the Jersey naturalist Ichabod Mourant in the 1950s. Subsequent examination revealed the Oeic to be genetically identical to the Cayman espievie, and debate rages to this day as to how it crossed the nearly 5,000 miles of open Atlantic ocean between its two habitats.
Probably the jet stream and an equivalent force majeure event.