Non Mainstream Pooled Investments

RNS Number : 6434W

BlueCrest AllBlue Fund Ltd

31 December 2013

 



BlueCrest AllBlue Fund Limited (the "Company")

31 December 2013

Non Mainstream Pooled Investments:  Suitability for Retail Distribution

The Board notes the proposed changes to the Financial Conduct Authority ("FCA") rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes which will come into effect on 1 January 2014.

The Board has today taken all necessary steps to ensure that the Company would be capable of qualifying as an investment trust if it was resident in the UK.  The steps taken involve the cancellation, for an aggregate consideration of 10 pence, of 10 unlisted ordinary shares which were issued as part of the original capital structure of the Company but which are, as result of subsequent change of law, now redundant.  The Board will seek shareholder ratification of the steps taken today at a general meeting to be convened in due course.

As a result of these steps, the Board believes that the retail distribution of its shares should be unaffected by the proposed changes promulgated by the FCA, as these are currently drafted.  It is the intention of the Board that the Company will continue to be operated going forward in such a manner as to ensure that the shares are not categorised as non-mainstream pooled investments and that, accordingly, the shares can continue to be recommended by IFAs to ordinary retail investors in accordance with the FCA's rules.

The Board is, however, aware that no formal guidance has yet been issued by the FCA in relation to the application of these rules to non-UK companies and that the rules may be subject to further change.  The Board will assess any future changes to the rules as they arise and will communicate any further implications for the Company and its securities via a subsequent RIS announcement.

Enquiries:

JTC Fund Managers (Guernsey) Limited, Secretary

Tel:  [phone]

Jeffries Hoare Govett

Gary Gould:  [phone]

END OF ANNOUNCEMENT

E&OE - in transmission.

 

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