Thames River Multi Hedge PCC Ltd REDEMPTION OF SHARES & EXTENSION FINANCIAL PERIOD (8254A)
25 Marzo 2013 - 10:50AM
UK Regulatory
TIDMTRMA TIDMTTM TIDMTTM
RNS Number : 8254A
Thames River Multi Hedge PCC Ltd
25 March 2013
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)
Redemption of shares AND EXTENSION OF FINANCIAL PERIOD
Return of capital
The Company today announces that it currently expects to return
approximately GBP13.7 million to shareholders at the end of April
2013 representing approximately 45% of the Company's net asset
value at the end of January 2013. This expectation is based on
information currently available and the Manager's estimate of cash
proceeds from the redemption of underlying investments.
The capital will be returned by way of a compulsory redemption
of Shares (the "Second Redemption") in accordance with the powers
granted to the Board at the Company's general meeting on 11
September 2012. The Company will make a further announcement in
April 2013 containing details of the actual percentage of Shares to
be redeemed, a timetable for the Second Redemption and for the
distribution of proceeds, and the Redemption Price per Share.
Liquidation and delisting
The Board is mindful of the significant costs which are being
incurred by the Company in relation to the listing of its Shares on
the Official List of the UKLA and their trading on the Main Market
of the London Stock Exchange. Taking into account the anticipated
size of the Company following the Second Redemption, the Board is
taking financial, legal and tax advice in relation to placing the
Company into liquidation and / or delisting the Shares in the third
quarter of this year.
Further, in order to reduce the Company's fixed cost base the
Board has further exercised its discretion to extend the financial
period end from 31 March 2013 to 30 September 2013 in accordance
with Guernsey Company Law. Shareholders should note that should the
Company be placed into liquidation prior to 30 September 2013 there
can be no guarantee that audited financial statements will be
published for the period. The Company will continue to publish
unaudited weekly Net Asset Value estimates and the half yearly
Interim Management Statements.
A further announcement will be made in due course.
Portfolio Update
On the basis of the Net Asset Value (NAV) of the portfolio as at
31 January 2013, the Investment Manager estimates that the sale of
the remaining investments will generate cash as follows:
Estimated cumulative
percentage of
NAV settled in cash
(%)
By 30 April 2013 45%
By 31 July 2013 88%
By 30 September 2013* 93%
Unknown ** 100%
* The timetable anticipates 5% of the NAV being settled in
August and September 2013. The majority of this settlement amount
is in relation to an investment in Newtonian China Real Estate
Offshore Fund Limited, which represented 4.6% of the Company's NAV
as at 31 January 2013. The Investment Manager is seeking to realise
this investment through a secondary market transaction but there is
no guarantee that this will be achieved nor that any sale may be
achieved at the current valuation.
** The table assigns 7% of the NAV to an unknown period. This
relates to investments in certain BlueCrest Funds. Shareholders
should note that these investments continue to be subject to
restrictions on transfer and the Board has no current indication
that such restrictions will be waived (in whole or part) in the
foreseeable future. The Board and the Investment Manager will
continue to seek to realise these assets for value, however, no
confirmation can be given as to if and when such a realisation will
be achieved.
This timetable is indicative only and is not a prediction or
forecast as to the timing or quantum of cash settlements from
investment redemptions or secondary market sale transactions or
cash distributions to Shareholders. It does not take into account
any redemption costs incurred in realising these investments nor
does it take into account any delays in cash settlement created by
the underlying investments.
No guarantee is given that the portfolio will be realised in
accordance with the above timetable and there is no guarantee that
the Company's assets will be realised at their 31 January net asset
value. It is possible that the Company may not be able to realise
some of its assets at any value.
Ken Kinsey-Quick
Ken Kinsey-Quick will be leaving his position as head of the
multi-manager alternative team at Thames River Capital LLP on 31
March 2013. The members of the F&C/Thames River investment team
will continue to manage Company's portfolio for the remainder of
the wind-down.
Queries to:
Tracy Fennell at Thames River Capital LLP: + 44 20 7011 4455
Stephen Rouxel at State Street (Guernsey) Limited: + 44 1481
704544
Dion Di Miceli at Cenkos Securities Plc : + 44 20 7397 1921
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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