Net Asset Value(s)

RNS Number : 1101Q

Highbridge Multi-Strategy Fd Ltd £

24 November 2016

 

HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (the "Company")NET ASSET VALUE ("NAV") OF SHARES 

The NAV of an Ordinary Share in the capital of the Company (a "Share"), calculated as at the close of business on Monday 31 October 2016 the "VP", being the valuation point is:         

Shares	NAV
Ordinary  Shares                     ISIN: GB00B13YVW48	GBP 2.0809

This NAV has been calculated on the assets and liabilities within the Company as at the VP, having regard to (i) the cash and near cash items held, (ii) the net asset value of shares in Highbridge Capital Corporation ("HCC") (as provided by the Administrator of HCC) and (iii) the estimated net asset value of estimated cash flows from AllBlue Limited ("AB") and AllBlue Leveraged Feeder Limited ("ABL") (as provided by BlueCrest Capital Management Limited). The exact timings and amounts of these cashflows are not known.

The administrator of AB and ABL has informed the Company that it will now provide AB and ABL net asset values on a monthly rather than weekly basis. Accordingly, the NAV for a Share as presented above has been prepared on the basis of a monthly confirmed NAV for the Company's investment in Highbridge Capital Corporation as at the end of October 2016 and a monthly confirmed NAV for AB and ABL as at the end of October 2016.

At the request of shareholders and the Board, the Administrator has prepared the below table providing further information about the approximate asset exposure of both continuing shareholders ("Continuing Shareholders") in the Company, the asset exposure for those former shareholders who participated in the cash exit opportunity in February 2016 and remain creditors of the Company ("Cash Exit Creditors") and the asset exposure for those former shareholders who participated in the tender offer in October 2016 and remain creditors of the Company ("Tender Creditors"). 

		Continuing Shareholders
Cash		1%
AB and ABL		6%
Highbridge		93%
		Cash Exit Creditors
Cash		0%
AB and ABL		6%
Distributed		94%
		Tender Creditors
Cash		1%
AB and ABL		6%
Highbridge		93%
Distributed		0%

Based on information received by the Company from AB and ABL as to the residual value of their own creditor interests, the Company's Administrator has calculated the unaudited estimated residual payment due to the Cash Exit and Tender Creditors to be as follows:

	GBP Class	USD Class
Cash Exit Creditors - per Share	£0.1234	$0.1166
Tender Creditors - per Share	£2.0753

The above values are included purely to provide an indication of the potential redemption and / or tender proceeds, as applicable, yet to be paid to each of the Cash Exit and Tender Creditors. The actual proceeds that will be paid to Creditors are expected to differ from the amounts indicated above.

This announcement of the estimated NAV of the Shares supersedes the estimated NAV as at the VP announced on Friday 04 November 2016.

The above estimated NAV of Shares has been calculated using information which, whilst being received from a reliable source, is itself 'estimated' and accordingly the Company accepts no responsibility for the accuracy of the estimated NAV figures given and nor is any responsibility implied.  This estimated NAV is provided for indication purposes only.

Note: The Company is a closed-ended investment company registered and incorporated in Guernsey. The Shares of the Company have been admitted to the Official List and to trading on the London Stock Exchange's Main Market for listed securities. 

Note: Your attention is drawn to the Company's announcement of the results of its extraordinary general meetings held on 24 February and 21 October, 2016 and all subsequent announcements concerning the redemption and repurchase of shares and change of investment policy. Investors should be aware that the amount payable on a return of capital, whether on a winding-up of the Company or otherwise, may differ materially from this valuation.

24 November 2016

For further information about this announcement contact:

JTC (Guernsey) Limited

Secretary

Tel:  [phone]

E&OE - in transmission

 

END

 

 

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