Update on Proposed Return of Capital

RNS Number : 7898H

BlueCrest AllBlue Fund Ltd

02 December 2015

 



BlueCrest AllBlue Fund Limited (the "Company")

2 December 2015

Update on Proposed Return of Capital

Further to the Company's announcement yesterday in relation to the proposed return of capital by AllBlue Limited ("AllBlue"), the Board wishes to provide further detail regarding the following:

All shareholders will be given an opportunity to receive an amount representing the net realisation proceeds from the AllBlue redemptions as soon as practicable following receipt by the Company.  It is proposed that all cash distributions to shareholders, net of costs, will be effected as capital distributions.  Further details with regard to the timing and amounts of such distributions will be provided in due course.

The Board will explore the feasibility of offering shareholders an opportunity to consider maintaining their investment in the Company or another vehicle with a different investment strategy, provided that this can be achieved in a way which is tax efficient for shareholders.  Any costs associated with any such proposals will not impact the cash amounts receivable by shareholders not wishing to participate.  The Board emphasises that at this point no alternative proposals are under active consideration and no approaches have been received which might represent a viable continuation option for shareholders.  Accordingly, it may not prove possible to provide such an option for shareholders.

In light of the proposed return of capital to shareholders, it is likely that the continuation votes for both classes of the Company's shares will not proceed as planned.

The Board also announces the suspension of all future conversions between the Sterling and US Dollar shares, with effect from 1 December 2015, pursuant to Article 35(1) of the Company's articles of incorporation. 

In addition, the Board has suspended the Company's share buy-back programme until further notice.

In view of recent developments, the Board is not proposing to implement any changes in the near term.  Accordingly, John Le Prevost will no longer be standing down as a director on 31 December 2015.

For further information contact:

JTC (Guernsey) Limited, Secretary

Tel:  [phone]

Jefferies International Limited

Gary Gould/ Alex Collins

Tel: + 44 (0) 20 7029 8000

Dexion Capital Plc

Robin Bowie/ Katie Standley

Tel: [phone]

 

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