Holding in Company

FRM Credit Alpha Limited
27 March 2008


TR-1:               notification of major interests in shares

1. Identity of the issuer or the underlying issuer of existing             FRM Credit Alpha Limited
shares to which voting rights are attached:
2. Reason for the notification     (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in the acquisition of
shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify): Late Notification                                                            x
3. Full name of person(s) subject to the notification            Thornhill Investment Management Limited
obligation:
4. Full name of shareholder(s) (if different from 3.):           Adam & Company Nominees Limited A/c TIML -
                                                                 4,147,241 - 5.01%

                                                                 Adam & Company Nominees Limited A/c THORNPEP
                                                                 - 172,776 - 0.21%

                                                                 Adam & Company Nominees Limited A/c THORNISA
                                                                 - 257,691 - 0.31%

                                                                 Adam & Company Nominees Limited A/c TIMLCHAR
                                                                 - 282,713 - 0.34%

                                                                 Adam & Company International Nominees Limited
                                                                 A/c THL - 495,305 - 0.60%

                                                                 HSBC Global Custody Nominee (UK) Limited A/c
                                                                 999471 - 375,187 - 0.45%

                                                                 HSBC Global Custody Nominee (UK) Limited A/c
                                                                 946144 - 163,796 - 0.20%

                                                                 HSBC Global Custody Nominee (UK) Limited A/c
                                                                 635205 - 290,149 - 0.35%
5. Date of the transaction (and date on which the threshold is   18 June 2007
crossed or reached if different):
6. Date on which issuer notified:                                14 March 2008
7. Threshold(s) that is/are crossed or reached:                  5%
8. Notified details:
A: Voting rights attached to shares
Class/type of     Situation previous to the   Resulting situation after the triggering transaction
shares            Triggering transaction
                  Number of     Number of     Number of    Number of voting rights    % of voting rights
if possible using Shares        Voting Rights shares
the ISIN CODE                                 Direct       Direct        Indirect     Direct     Indirect
ISIN GG00B1QH6J27                                                        6,184,858               7.47%


NPV GBP Shares
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial    Expiration date Exercise/ Conversion     Number of voting rights    % of voting rights
instrument                           Period/ Date             that may be acquired if
                                                              the instrument is
                                                              exercised/ converted.

Total (A+B)
Number of voting rights                               % of voting rights
                      6,184,858                                                7.47%
         9. Chain of controlled undertakings through which the voting rights and/or the financial instruments
         are effectively held, if applicable :
         See 4) above
         Proxy Voting:
         10. Name of the proxy holder:
         11. Number of voting rights proxy holder will cease to
         hold:
         12. Date on which proxy holder will cease to hold voting
         rights:
         13. Additional information:            Figures based on shares in issue of 82,790,071

                                                The Indirect voting rights under (4) relate to shares held in
                                                client portfolios, managed by Thornhill Investment Management
                                                Limited, under discretionary investment management agreements.
         14. Contact name:                      Tim Freeman

                                                Chris Grove
         15. Contact telephone number:          ++44 207 491 5038

                                                ++44 207 491 5019

Annex Notification Of Major Interests In Shares
A: Identity of the person or legal entity subject to the notification obligation
Full name (including legal form for legal entities)        Thornhill Investment Management Limited
Contact address (registered office for legal entities)     77 South Audley Street

                                                           London W1K 1DX
Phone number                                               020 7629 0662
Other useful information (at least legal representative
for legal persons)
B:        Identity of the notifier, if applicable
Full name
Contact address
Phone number
Other useful information (e.g. functional relationship
with the person or legal entity subject to the
notification obligation)
C:        Additional information






This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.




                      This information is provided by RNS
            The company news service from the London Stock Exchange