CAEL Cazenove AB.

TIDMCAEL

RNS Number : 5532X

Cazenove Absolute Equity Limited

16 February 2012

Cazenove Absolute Equity Limited

Tender offer

16 February 2012

At the time of the last annual general meeting of the Company held on 24 June 2011, the Board set out its intention to undertake tender offers as part of a discount control mechanism in certain circumstances. The AGM Circular stated that, if, in any three month period ending 31 January, 30 April, 31 July and 31 October in each year, the average weekly discount to NAV at which the Shares trade exceeds five per cent., the Board may, in its absolute discretion, propose a tender offer allowing those Shareholders on the Register at the start of the relevant three month period to tender up to 25 per cent. of their holding at a tender price equivalent to NAV (as at the date of the tender) less the costs of the tender offer and less two per cent. Over the three month period to 31 January 2012 the average discount to NAV at which the shares traded has been 5.7 per cent.

The proposal of any tender is subject to the discretion of the Board, which will take into account various factors when determining whether or not to propose a tender in respect of the period in which the average discount limit has been breached. These factors include, but are not limited to, prevailing market conditions, liquidity of the underlying fund portfolio, the level of anticipated tender, the impact of costs of those tendering Shares and satisfaction of a statutory solvency test.

The Board having considered these factors has therefore decided to exercise its discretion to implement a tender offer. Each time that a tender is put to Shareholders it is necessary for the Board to seek a waiver from the Takeover Panel and to seek Shareholder authority for the increased buyback authority and for the waiver. A further announcement will be made in due course once the necessary regulatory approvals have been obtained.

Enquiries:

Company Secretary

Northern Trust International Fund Admin Services (Guernsey) Limited

01481 745388

David Benda/Hugh Jonathan

Numis Securities Limited

020 7260 1000

This information is provided by RNS

The company news service from the London Stock Exchange

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