BlackRock Hedge Selector Ltd (the "Company")
Cash Exit Results
On 17 December 2012, the Company
provided Cash Fund Shareholders with details of the terms and
conditions for participating in a Cash Fund Shares Exit.
The deadline for Cash Fund Shareholders wishing to participate
to submit their Redemption Notices, as extended by an announcement
of 29 January 2013, was 1.00 p.m. (Jersey time) on 4 February 2013.
Redemption requests have been received from shareholders in
respect of 7,281,871 Cash Fund Shares. Payment of the redemption
proceeds (based on the Net Asset Value of Cash Fund Shares as at
31 January 2013, less the costs of
implementing such disposal and any other deductions as the
Directors, in their absolute discretion, deem appropriate) in
respect of these redemption requests will be made to Cash Fund
Shareholders on or around 11 February
2013, in the case of uncertificated Cash Fund Shareholders,
and commencing 18 February 3013 in
the case of Cash Fund Shareholders.
In the announcement made on 17 December
2012, Cash Fund Shareholders were informed that if they did
not participate in the Cash Exit, any Cash Fund Shares remaining in
issue following the Cash Exit would be COMPULSORILY CONVERTED to UK
Emerging Companies Shares, pursuant to the powers contained in the
Company's Articles. Holders of 31,631 Cash Fund Shares did not
elect to participate in the Cash Exit, and these shares will
therefore be compulsorily converted into UK Emerging Companies
Shares. This conversion will be implemented on or shortly after
11 February 2013. The number of UK
Emerging Companies Shares that a Shareholder will receive as a
result of a conversion will be equal to:
A
-
B
where:
A = the aggregate Net Asset Value of the Cash Fund Shares to be
converted as at 31 January 2013 less:
(i) the costs and expenses of effecting the conversion and (ii)
such other amount as the Directors may, in their absolute
discretion, determine is appropriate to ensure fair treatment of
the existing holders of UK Emerging Companies Shares.
B = the Net Asset Value per Share of the UK Emerging Companies
Shares as at 31 January 2013.
Following this conversion the Company will seek the necessary
clearances to delist the Cash Fund shares in due course.
New discount management arrangements
As previously announced, the Board recognises the importance
that shareholders place on liquidity and discount control. The
Board is currently taking legal, financial and taxation advice in
relation to potential discount control mechanisms and will make a
further announcement in due course.
Enquiries:
Ian Webster - 01534 600 802
BlackRock Investment Management (Channel Islands) Limited
Will Rogers - 020 7397 1920
Sapna Shah - 020 7397 1922
Cenkos Securities plc
Date: 5 February 2013