Cash Exit Payment

RNS Number : 8343C

Highbridge Tactical Credit Fund Ltd

21 October 2020

 

21 October 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 Fifth 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 fifth dividend-in-kind distribution of approximately £0.91m of new shares in TCF Feeder. This distribution represents approximately 23% of the remaining 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.

Fifth Cash Distribution

The Company has received £3,223,235 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 23% 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 30 October 2020, approximately £3,212,000 is expected to be paid to Multi-Strat Creditors, equating to £0.039 per Share in respect of the 2019 Cash Exit Offers.

Multi-Strat Creditors are reminded that following this distribution they will receive future 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 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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