Cash Exit Payment

RNS Number : 4988Z

Highbridge Tactical Credit Fund Ltd

10 January 2020

 

10 January 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

Highbridge Tactical Credit Fund Limited

(the "Company")

Receipt of Shares in the Tactical Credit Fund and Second Cash Exit Payments

Further to the Company's circulars to Shareholders dated 31 July 2019 and 28 August 2019, the Company has received confirmation from Highbridge that it is to receive its second dividend-in-kind distribution of £5.78m of new shares in TCF Feeder. This distribution represents approximately 50% of the assets of the HMS Master Fund attributable to the Continuation Portfolio.

Further announcements will be made when further distributions are received. The Company will continue to be a shareholder of the Highbridge Multi-Strategy Fund Corporation (HCC) until all of the assets of the HMS Master Fund have been liquidated.

Second Cash Distribution

The Company has  received £20,570,509 from Highbridge in connection with realisation of assets comprised in the Initial Redemption Portfolio (created following the Initial Cash Exit Offer) and the Redemption Portfolio (created following the Subsequent Cash Exit Offer). This amount represents approximately 50% of the remaining assets of the HMS Master Fund attributable to former shareholders of the Company who redeemed Shares pursuant to the Initial Cash Exit Offer and/or the Subsequent Cash Exit Offer ("2019 Cash Exit Offers" and "Multi-Strat Creditors" as applicable).

Accordingly, on or around 17 January 2020, approximately £ 20,570,509, is expected to be paid to Multi-Strat Creditors, equating to £0.25 per Share in respect of the 2019 Cash Exit Offers.

Multi-Strat Creditors are reminded that they will receive the redemption proceeds as a number of cash payments following receipt by the Company of the redemption proceeds from HCC, and further announcements will be made when any further cash payment is to be made following the realisation of any other assets comprised in the Redemption Portfolio.

For further information please contact:

Praxis Fund Services Limited

Company Secretary

Tel: [phone]

LEI: 213800397SYHLYFH5961

 

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