Statement re AllBlue Exposure

RNS Number : 1779Z

BlueCrest AllBlue Fund Ltd

04 February 2014

 



4 February 2014        

BlueCrest AllBlue Fund Limited

AllBlue Exposure

As announced on the 26 March 2012, the Company redeemed a portion of its investment in each currency share class of AllBlue Limited (on a pro rata basis) on 1 April 2012 in order to generate a cash reserve (the "Cash Reserve") for the purposes of managing day-to-day cash flows, for meeting expenses of the Company and for funding any repurchases of Shares.

In order to maintain a substantially similar economic exposure to AllBlue in accordance with the Investment Objective, the Company has invested an appropriate amount of the redemption proceeds into shares in AllBlue Leveraged Feeder Limited ("AllBlue Leveraged"). AllBlue Leveraged invests all of its assets in the ordinary shares of AllBlue but with the addition of leverage of approximately 50 per cent. of its net asset value, giving investment exposure which is approximately 1.5 times that of AllBlue (excluding all fees and expenses attributable to such investments).

On 1 January 2013 the Company restructured the Cash Reserve and AllBlue Leveraged investments so that they were held solely within the Sterling class but so that the Cash Reserve remained available for use by all three share classes. 

The effect of these arrangements is intended to be that the Company's aggregate investment exposure to AllBlue will remain broadly the same whilst providing access to more immediate liquidity. 

The Board reviews the Cash Reserve on a quarterly basis to maintain a substantially similar economic exposure to AllBlue as redemptions from either AllBlue or AllBlue Leveraged are only permitted on a quarterly basis. Small variations are possible in the interim if shares are repurchased in the market or issued to the market as the case may be.  As part of the review of the provision of useful and timely information to shareholders the Board has determined that the investment exposure to AllBlue should be announced on a monthly basis using the latest confirmed NAV. Accordingly as at 31 December 2013 the Company's exposure to AllBlue was 104.3415 per cent.

It should be noted that this exposure is calculated based upon the assumption that AllBlue Leveraged has constant investment exposure of 1.5 times that of AllBlue.  AllBlue Leveraged may itself have variations in its leverage ratio although it is managed with the objective of 1.5 times.

Enquiries:

Gary Gould	Tel: [phone]
Jefferies Hoare Govett
Ravi Anand Dexion Capital plc	Tel: [phone]
JTC Fund Managers (Guernsey) Limited Secretary	Tel: [phone]

E&OE - in transmission

 

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