Update re Return of Capital

RNS Number : 5016P

BlueCrest AllBlue Fund Ltd

18 February 2016

 

BlueCrest AllBlue Fund Limited (the "Company")

18 February 2016

The Company has today received a notification from BlueCrest Capital Management Limited in connection with the return of capital by AllBlue Limited.  The full text of the notification is set out below:  

"February 18, 2016

Notice from BlueCrest Capital Management Limited: CDS Settlement

Dear Investor,

We are writing to inform you of a positive development that we believe will affect the BlueCrest managed funds listed below.

As you may have read in the press, there has been a recent settlement of a U.S. civil litigation matter regarding the pricing transparency of certain credit default swaps. It is anticipated that each of the BlueCrest managed funds listed below will receive an award from this settlement, either directly or indirectly, and certain of these awards are expected to be significant.

We believe that the award proceeds will be received by the funds in early 2017, although payment may be received earlier or later. Payment levels will also be dependent on a number of factors, some of which are currently unknown. In accordance with joint approvals received from the board of each fund (or its general partner, where applicable) and the board of each fund's investment manager, the BlueCrest managed funds that receive an award will generally distribute the award proceeds, minus any applicable fees, on a pro rata basis to their respective investors as of the point immediately prior to the compulsory redemptions/withdrawals effected on 4 January 2016.

We anticipate that over 90% of the total awards received will be for the benefit of the BlueCrest Multi Strategy Credit Master Fund. By current estimates, that award could be as high as approximately $90 million. As of 4 January 2016, the AllBlue group of funds owned over 95% of the Credit Fund and thus, the vast majority of the award received by the Credit Fund will ultimately be for the benefit of the AllBlue investors.

We expect that BlueCrest Capital International Master Fund will also receive a significant award, which could be up to approximately $6 million.

By way of example and based on the size of the fund as at 31 December 2015, we estimate that AllBlue Limited could stand to gain up to approximately 1%, on a net basis, as a result of these developments.

As stated above, precise amounts will not be known until the process has run its course.

 
We are delighted to share this news with you and will continue to provide updates as more information becomes available. In the meantime, please contact us at [e-mail] if you have any questions.

 Sincerely,
 BlueCrest Capital Management Limited and the Board of Directors of each of the following funds and general partner entities: 

BlueCrest Multi Strategy Credit Master Fund Limited
BlueCrest Multi Strategy Credit Fund Limited
BlueCrest GP II Limited, in its capacity as general partner of BlueCrest Multi Strategy Credit Fund L.P.
BlueCrest Capital International Master Fund Limited
BlueCrest Capital International Limited
BlueCrest Capital Ltd., in its capacity as managing general partner of BlueCrest Capital L.P.
AllBlue Limited
BlueCrest GP I Limited, in its capacity as general partner of AllBlue L.P.
AllBlue Leveraged Feeder Limited
AllBlue Multi Strategy Fund SPC
AllBlue Multi Strategy Master Fund Limited
BlueCrest Emerging Markets Master Fund Limited
BlueCrest Emerging Markets Fund Limited
BlueCrest GP I Limited, in its capacity as general partner of BlueCrest Emerging Markets Fund L.P.
BlueCrest Mercantile Master Fund Limited
BlueCrest Mercantile Fund Limited
BlueCrest GP I Limited, in its capacity as general partner of BlueCrest Mercantile Fund L.P."

For further information contact:

JTC (Guernsey) Limited, Secretary

Tel:  [phone]

 

END

 

 

STRBSGDDLDBBGLI