Investor Communication from AllBlue Limited

RNS Number : 1148A

Highbridge Multi-Strategy Fd Ltd £

21 December 2017

 

HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (the "Company")

Investor Communication from AllBlue Limited

The Company has received a further letter from the Board of AllBlue Limited, which is extracted below for shareholders' and creditors' information.

Until February 2016, the Company's investment objective was to invest substantially all of its assets into AllBlue Limited and AllBlue Leveraged Feeder Limited.  The Company remains a creditor of AllBlue Limited and AllBlue Leveraged Feeder Limited.

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"To investors in: ALLBLUE LIMITED (the "Fund'')

Dear Investor,

Return of Capital to Investors

Further to the investor circular dated 25 July 2017, we are writing to provide an update on the return of capital to holders of interests in the Fund ("Investors").

Redemption Distributions to Date

Approximately $6.09bn has been returned to Investors since 1 January 2016, equating to total capital distributions of approximately 98% of the Fund's Net Value at 31 December 2015. The following table shows the distributions made since 1 January 2016:

Date of Distribution	Capital Distributed to Investors (nearest million)
1 Jan -31 Dec 2016	$5,936m
W/c 23 January 2017	$40m
W/c 20 February 2017	$31m
W/c 27 March 2017	$18m
W/c 24 April 2017	$2m
W/c 27 June 2017	$58m
Total	$6,085m

"Net Value" represents the estimated value of the Fund's remaining assets, less liabilities, through to liquidation of the Fund, prepared in accordance with applicable accounting standards.

Future Distributions

The timing of distribution payments will continue to be governed by the availability of liquidation proceeds. In addition, the Fund will retain an appropriate cash reserve for actual and contingent residual fees, costs and liabilities through to formal liquidation of the fund entity, at which time any remaining balance will be returned to investors as a final distribution. The timing of the Fund's liquidation will be determined by its directors following completion of the return of assets by each of the underlying master funds in which the Fund is ultimately invested (the "Master Funds"). The current estimated timetable for future distributions is as follows:

	Q1 2018
Approximate total distribution amount	$51m

The above estimated timetable is determined by a number of factors relating to the residual assets and liabilities of the Master Funds. Actual proceeds may therefore be higher or lower and it is possible that the liquidation of all assets may be completed earlier or later than as set out above.

Master Fund Updates

The Fund has completely liquidated its holdings in the following four Master Funds (subject to any reserve amounts held back for liquidation or audit purposes): BlueCrest Emerging Markets Master Fund Limited, BlueCrest Equity Strategies Master Fund Limited, BlueCrest Quantitative Equity Master Fund Limited and BlueTrend 2x Leveraged Master Fund Limited. The three Master Funds in which the Fund continues to hold investments are as follows:

BlueCrest Capital International Master Fund Limited - We are pleased to report that the fund has received a residual payment of approximately $0.4m in final settlement of the U.S. credit default swap litigation matter described in our previous communications (the "CDS Class Action"), bringing the total settlement amount to $6.1m. This payment was distributed to investors in the third quarter of 2017, together with the release of a further $0.4m from the fund's cash reserve. The remaining cash reserve will be released to investors as a final distribution (after deduction of any residual liabilities) as part of the formal fund liquidation process. BlueCrest is continuing the process of terminating trading accounts and establishing final assets and liabilities in preparation for the fund's liquidation, which is currently anticipated to commence in the first half of 2018. We appreciate investors' patience whilst this detailed process is being concluded.

BlueCrest Multi Strategy Credit Master Fund Limited - We are pleased to report that the sale of a significant bond position enabled distributions to investors of approximately $31m during the third quarter of 2017, reducing the fund's assets under management to approximately $28m at 30 November 2017. The distributions also included a payment of approximately $4.9m received in final settlement of the CDS Class Action, bringing the total settlement amount to $65.9m. The fund's remaining fully funded bond position is no longer subject to trading restrictions and is expected to be divested within the next quarter, subject to market conditions. That being the case, we expect a distribution to investors of approximately $22m in the first quarter of 2018. The residual cash reserve will be released to investors as a final distribution (after deduction of any residual liabilities) as part of the formal fund liquidation process.

BlueCrest Mercantile Master Fund Limited - The fund continues to hold a cash reserve which will be released to investors as a final distribution (after deduction of any residual liabilities) as part of the formal fund liquidation process. BlueCrest is continuing the process of terminating trading accounts and establishing final assets and liabilities in preparation for the fund's liquidation, which is currently anticipated to commence in the first half of 2018. We appreciate investors' patience whilst this detailed process is being concluded.

Investor Communications

Investors will continue to receive the following communications until further notice:

·      Monthly Net Value statements, typically during the last week of each month (relating to the previous month end).

·      Payment notification emails from BlueCrest on or before each redemption distribution, with corresponding contract notes made available by the Fund's administrator following finalisation of the previous month end Net Value.

·      Monthly account statements made available by the Fund's administrator following finalisation of the previous month end Net Value.

·      Investor circulars provided by the Fund's board of directors on an ad hoc basis as new information becomes available."

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For further information about this announcement contact:

JTC Fund Solutions (Guernsey) Limited Secretary

Tel: [phone]

E&OE - in transmission

 

END

 

 

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