Class Meetings

RNS Number : 6540V

BlueCrest AllBlue Fund Ltd

15 July 2009

 



15 July 2009

BLUECREST ALLBLUE FUND LIMITED (the 'Company')

Continuation Resolutions

Introduction 

The Company has today published a Circular to Shareholders in connection with the Continuation Resolutions of the Company's Sterling Shares, Euro Shares and US Dollar Shares.  

Notices convening the Class Meetings of the Company to be held from 11.00 a.m. on 12 August 2009 are set out in the Circular. At each of the Class Meetings an ordinary class resolution will be proposed that such class will continue in issue.

Share Price Rating 

In the first eight months of 2008 the Sterling Shares traded at an average premium to their NAV of 0.91% per cent. However, in the period from September to December 2008, extreme conditions in global financial markets and an associated flight to cash led to the share price discount to NAV widening considerably across all three classes of Ordinary Shares, a phenomenon experienced generally across the listed hedge fund sector.

Over the 12 month periods ended 28 February 2009, 31 March 2009 and 30 April 2009, the Euro Shares, US Dollar Shares and Sterling Shares respectively traded, on average, at a discount to their respective NAVs of 5.1 per cent., 5.4 per cent. and 5.1 per cent. Accordingly, the Board is required under the Articles to propose Continuation Resolutions in respect of all three classes of Ordinary Shares.

The Company's share price rating has improved significantly in 2009. As at 13 July 2009, being the latest practicable date prior to the issue of the Circular, the Sterling, Euro and US Dollar Shares were trading at discounts to their prevailing estimated NAV of 2.74 per cent., 4.79 per cent. and 3.21 per cent. respectively, amongst the narrowest discounts to NAV across the London listed hedge fund sector.

Performance of the Company 

As at 31 May 2009, the Company had estimated aggregate net assets of approximately £303 million. The following table shows the NAV performance of the Ordinary Shares as at 31 May 2009 and the corresponding levels of volatility as compared with a widely used composite hedge funds index and traditional equity and government bond indices over the last 12 months and since the Company's inception:

Performance to 31 May 2009	Sterling Shares1	Euro Shares1	US Dollar  Shares1	HFRI Fund Weighted Composite Index2	MSCI World  Index Gross  (total  return)1	Barclays Capital Global Aggregate Government Index  (total  return)1
Annualised NAV returns
Last 12 months	15.95%	15.39%	13.76%	-11.42%	-34.38%	7.13%
Since inception3	12.84%	11.21%	11.43%	1.13%	-6.79%	6.17%
Annualised Volatility 4
Last 12 months	3.38%	3.15%	3.26%	12.10%	32.37%	4.15%
Since inception 3	5.62%	5.43%	5.41%	8.46%	20.92%	3.17%

1. Source: Bloomberg. The MSCI World Index and the Barclays Capital Global Aggregate Government Index are US Dollar based indices. 2. Source: Hedge Fund Research Inc. The HFRI Weighted Composite Index is a US$ based index. 3. For the period from 25 May 2006. 4. Assumptions for calculation methodology for volatility: If Ri are the monthly returns then annualised volatility = stdev(Ri) * √12.

Further Information

Further details of the Continuation Resolutions are set out in the Circular.  

Expected Timetable

Latest time and date for receipt of blue Forms of Proxy for the Sterling Meeting	11.00 a.m. on 10 August 2009
Latest time and date for receipt of pink Forms of Proxy for the Euro Meeting	11.05 a.m. on 10 August 2009
Latest time and date for receipt of yellow Forms of Proxy for the US Dollar Meeting	11.10 a.m. on 10 August 2009
Sterling Meeting of the Company	11.00 a.m. on 12 August 2009
Euro Meeting of the Company	11.05 a.m. on 12 August 2009
US Dollar Meeting of the Company	11.10 a.m. on 12 August 2009

Enquiries: 

Gary Gould RBS Hoare Govett Limited	Tel: [phone]
Secretary Anson Fund Managers Limited	Tel: [phone]

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular dated 15 July 2009.

A copy of the Circular will shortly be available for public inspection at the Document Viewing Facility, the Financial Services Authority, 25 North Colonnade, Canary Wharf, London E14 5HS.

END OF ANNOUNCEMENT

E&OE - in transmission.

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END

 

 

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