Proposals for managed wind-down (8740F)
21 Junio 2012 - 5:35AM
UK Regulatory
TIDMTRMA TIDMTRMU TIDMTTM
RNS Number : 8740F
Thames River Multi Hedge PCC Ltd
21 June 2012
THAMES RIVER MULTI HEDGE PCC LIMITED
(a closed-ended umbrella investment protected cell company
incorporated with limited liability under the laws of Guernsey with
registered number 41511)
Proposals for change to investment policy and managed
wind-down
The Company was incorporated on 6 January 2004 with an objective
of seeking attractive absolute returns. In the period since
incorporation, the Net Asset Value ("NAV") of the Sterling Shares
has increased by 32%.
Notwithstanding the above, market conditions remain difficult.
They continue to impact the Company's performance, the ongoing
market rating of the Company's Shares (despite extensive use of
buy-backs and implementation of the Company's redemption facility)
and secondary trading liquidity in the Company's Shares, which has
further deteriorated since completion of the tender offer for 50%
of the Company's shares earlier this year.
As at 20 June 2012, the market capitalisation of the Company was
GBP49 million and the discount at which its Shares traded was 12.9%
for the Sterling Shares, 11.2% for the Euro Shares and 11.3% for
the Dollar Shares.
Taking into account the above factors and the views of a number
of shareholders, the Board has now determined to recommend to
Shareholders that the Company should commence a managed wind-down
of its portfolio with a view to realising its investments in a
manner consistent with the principles of prudent investment
management and returning capital to Shareholders.
This proposal constitutes a material change to the Company's
investment policy and requires Shareholder approval before it can
be implemented. The Company is currently taking legal and financial
advice and a circular convening an Extraordinary General Meeting to
seek such approval and containing further details of the managed
wind-down process will be circulated to Shareholders as soon as
practicable.
Enquiries:
Thames River Capital LLP
Ed Morse Tel: +44 (0) 20 7360 1270
Cenkos Securities plc
Charlie Ricketts Tel: +44 (0) 20 7397 1910
Dion Di Miceli Tel: +44 (0) 20 7397 1921
Northern Trust International Fund Administration Services
(Guernsey) Limited
Fraser Hiddelston Tel: +44 (0) 1481 745738
The Company is an authorised closed-ended investment scheme
domiciled in Guernsey. As an existing closed-ended fund the Company
is deemed to be granted an authorisation declaration in accordance
with section 8 of the Protection of Investors (Bailiwick of
Guernsey) Law 1987, as amended and rule 6.02 of the Authorised
Closed-ended Investment Schemes Rules 2008 on the same date as the
Company obtained consent under the Control of Borrowing (Bailiwick
of Guernsey) Ordinance 1959 to 1989.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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