BHCF Blackrk Hdge Fd

As a result of a recent transaction in the Company's cash fund shares the Company is no longer compliant in respect of those Shares with the free float requirement of the UK Listing Rules which, broadly, stipulates that 25 percent of the shares of each class in a listed company should be held by shareholders who are neither Directors nor holders who own more than a 5 percent holding each. The Board, through the Company's brokers, have discussed this development with the UK Listing Authority (`UKLA').

Shareholders should note that as a consequence of the Company failing to meet this listing requirement, the UKLA is entitled to withdraw the listing of the cash fund shares. In practice, however, we understand that the UKLA will allow the Company some time to restore the position to compliance with the UK Listing Rules. The Board are considering this issue with their advisers and with the UKLA and will make a further announcement as soon as practicable.

Shares in the UK Emerging Companies Share Class remain compliant with the UK Listing Rules and retain their listed status.

S Beynsberger
Secretary 
020 77432639