Net Asset Value(s)

RNS Number : 8343K

Highbridge Multi-Strategy Fd Ltd £

26 September 2016

 

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

ESTIMATED NET ASSET VALUE ("NAV") OF SHARES 

The estimated NAV is calculated as at the close of business on Wednesday 31 August 2016 the "VP", being the valuation point:            

Ordinary Shares	NAV
Sterling Shares                     ISIN: GB00B13YVW48	GBP 2.0619

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 monthly confirmed NAV for Highbridge Multi-Strategy Fund as at the end of August 2016 and a monthly confirmed NAV for AB and ABL as at the end of August 2016.

At the request of shareholders and the Board, the Administrator has prepared the below table providing further information about the approximate asset exposure of both continuing shareholders ("Continuing shareholders") in the Company and also the asset exposure for those former shareholders who participated in the cash exit opportunity in February 2016 and remain creditors of the Company ("Exited shareholders"). 

		Continuing shareholders
Cash		3%
AB and ABL		10%
Highbridge		87%

		Exited shareholders
Cash		2%
AB and ABL		10%
Distributed		88%

Based on information received by the Company from AB and ABL as to the residual value of their own shares, the Company's Administrator has calculated the unaudited estimated residual payment due to the shareholders having elected the Cash Exit option to be £0.2353 per exiting Sterling share and US$0.2186 per exiting US Dollar share. These creditors may choose to take this as indicative of the potential realisation proceeds yet to be paid to them.

This announcement of the NAV of the Shares supersedes the estimated NAV as at the VP based on the estimated net asset value of the respective currency classes of Shares in AllBlue Limited and AllBlue Leveraged Feeder Limited announced on day 5 September 2016.

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 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.

26 September 2016

For further information about this announcement contact:

JTC (Guernsey) Limited

Secretary

Tel:  [phone]

E&OE - in transmission

 

END

 

 

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