Net Asset Value(s)

RNS Number : 0866Y

Highbridge Multi-Strategy Fd Ltd £

12 May 2016

 

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

ESTIMATED NET ASSET VALUE ("NAV") OF SHARES 

These estimated NAVs are calculated as at the close of business on Friday 6 May 2016 the "VP", being the valuation point: 

Ordinary Shares	NAV
Sterling Shares                     ISIN: GB00B13YVW48	GBP 2.0097

This estimated NAV has been calculated on the assets and liabilities within the Company as at the VP having regard to (i) the cash and near cash items held and (ii) the estimated net asset value of Shares in HighBridge Multi-Strategy Fund (as provided by Highbridge Capital Management) (iii) the estimated net asset value of Shares in AllBlue Limited (AB) and AllBlue Leveraged Feeder Limited (ABL) (as provided by BlueCrest Capital Management Limited) duly amended using a discounted cashflow methodology based on the 12 month interbank swap rate for the relevant currency on a day count basis so as to reflect the anticipated pay-out of redemption proceeds by both AB and ABL.  However, the exact timings and amounts of these cashflows are not known with certainty.

The administrator to AB and ABL has informed the Company that it will now provide AB and ABL net asset values on a monthly rather than weekly basis. Accordingly the NAV for the Company as presented above has been prepared on the basis of a weekly NAV for HighBridge Multi-Strategy Fund as at 6 May 2016 and a monthly NAV for AB and ABL as at 29 April 2016.

Please be advised that as at the valuation point approximately 1% of the assets are held as cash, approximately 18% of the assets are attributable to AB and ABL and approximately 81% are shares in Highbridge Multi-Strategy Fund.

Investors may note that the 29 April Estimated Net Asset Valuation disclosed that approximately 11% of the Company's NAV was held as cash, 11% of the Company's NAV consisted of shares in AB and ABL and 78% was shares in Highbridge Multi-Strategy Fund.  The reason for the high proportion of the NAV showing as cash was due to the proceeds received from AB and ABL relating to cash exit shareholders being included and not being netted against the related liability to cash exit shareholders which was being applied solely to the interest in AB and ABL pending the confirmation of the distribution to cash exit shareholders announced on 6 May 2016.  Former shareholders who participated in the cash exit opportunity in February 2016 should continue to refer to the monthly confirmed NAV announcements for an estimate of the remaining proceeds due from AB and ABL.

The above estimated NAV of Sterling Shares has been calculated using information which, whilst being received from a reliable source, is itself 'estimated' and accordingly the Company accepts no responsibility for the accuracy of the estimated NAV figures given, and neither is any responsibility implied.  This estimated NAV of the Shares is provided for indication purposes only.

Note:  The Company is a closed-ended investment company registered and incorporated in Guernsey. The Shares of the Company are admitted to the Official List and to trading on the main market of the London Stock Exchange. 

Note:  Your attention is drawn to the Company's announcement of the results of its EGM on 24 February 2016 and all subsequent announcements concerning the redemption of shares and change of investment policy. Investors should be aware that the amount payable on a return of capital, whether on a winding-up of the Company or otherwise, may differ materially from this valuation.

12 May 2016

For further information about this announcement contact:

JTC (Guernsey) Limited

Secretary

Tel:  [phone]

E&OE - in transmission

 

END

 

 

NAVGGUMPAUPQGGP