Preliminary Announcement of A

RNS Number : 5961W

Close AllBlue Fund Limited

12 June 2008

 



12 June 2008

CLOSE ALLBLUE FUND LIMITED ('THE 'COMPANY')

To be renamed BlueCrest AllBlue Fund Limited 

PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS FOR YEAR ENDED 31 DECEMBER 2007

The directors announce the Company's annual results for the year ended 31 December 2007 as follows:- 

Highlights

• 10.04% Sterling Share NAV return

• 8.19% Euro Share NAV return

• 9.50% USD Share NAV return

• Proposed migration to the Official List and to trading on the main market of the London Stock Exchange

• Change of name to Bluecrest AllBlue Fund Limited

• Appointment of two additional Board members

• Changes to the Company's advisers

Notes to Editors

The Company is a closed-ended investment company incorporated in Guernsey on 21 April 2006 with an unlimited life. The Company has three classes of shares in issue being Sterling Shares, Euro Shares and US$ Shares. On 25 May 2006 all three classes were admitted to trading on AIM and the Sterling Shares only were admitted to listing and trading on the Channel Islands Stock Exchange. On 30 May 2008, the Company received approval from Shareholders to change its name from Close AllBlue Fund Limited to BlueCrest AllBlue Fund Limited, and, conditional on the UK Listing Authority granting admission of the Shares to the Official List and the London Stock Exchange, to cancel admission of the Shares of the Company from trading on AIM and listing on the Channel Islands Stock Exchange. It is expected that the name change will take effect on the 13 June 2008 and the admission of the Shares to the Official List and the London Stock Exchange will occur on 19 June 2008.

Enquiries

Anson Fund Managers Limited                    00 44 1481 722260

Collins Stewart Europe Limited                    00 44 207 523 8350

Hugh Field

INVESTMENT OBJECTIVE AND POLICY

The investment objective of the Company is to seek to provide consistent long-term capital growth through an investment policy of investing substantially all of its assets in AllBlue Limited ('AllBlue') or any successor vehicle of AllBlue.  The proceeds raised from the issue of Sterling Shares are substantially invested in the Sterling share class of AllBlue.  The proceeds raised from the issue of Euro Shares are substantially invested in the Euro share class of AllBlue. The proceeds raised from the issue of US$ Shares are substantially invested in the US$ share class of AllBlue.

AllBlue is a fund of hedge funds incorporated in the Cayman Islands which seeks to provide consistent long-term appreciation of its assets through investment in a diversified portfolio of underlying funds, the majority of which are managed by BlueCrest Capital Management L.P. ('BlueCrest') and the remainder of which are managed by investment managers sharing close links with BlueCrest. 

Investors in the Company are therefore offered an opportunity to participate indirectly in the same investment portfolio as that of AllBlue.

The Company's investments as at 31 December 2007 were:

INVESTMENT		Valuation £		Total Net Assets %
AllBlue Limited Sterling Shares		£151,074,538		93.91%
AllBlue Limited Euro Shares		£4,542,181		2.82%
AllBlue Limited US Dollar Shares		£5,415,934		3.37%

CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2007

Since I wrote to you at the time of the first annual report, we saw the net asset value per Sterling Share in the Company rise to 111.72 pence, an increase of approximately 10.0% for the year. Although the share prices traded at a discount to Net Asset Value throughout most of the year all three classes are currently trading at a premium.

The year under review was marked by considerable volatility especially in the second half of the period within the markets that AllBlue invests in. This volatility provided a favourable backdrop for certain strategies whilst adversely affecting other strategies. BlueCrest acted swiftly to reduce or remove capital allocations within AllBlue where opportunities were believed to have deteriorated, for example long/short equity, which was reduced to zero from 17.4% of assets in the period.  

BlueCrest increased existing capital allocations or initiated new capital allocations within AllBlue in line with perceived market opportunities. In particular, BlueCrest increased the capital allocated to Systematic Trading from 19.7% to 25.4% and made initial allocations to Trade Finance trading, High Frequency equity trading and Credit Relative Value trading.

The Board has been advised by BlueCrest that the evolving nature of the markets within which AllBlue, and thus the Company, operates requires a flexible approach to capital allocation which implies that allocations to underlying funds will be varied and new funds added to the present group in the future. All capital allocation decisions are made with the intention of delivering consistent long-term capital growth for investors. 

Further to the announcement on 18 January 2008 of the proposal to move the listing of the Company from AIM to the Official List, on 30 May 2008 the shareholders approved: 

• the proposal that the Company should cancel admission of its Shares to trading on AIM, de-list its Sterling Shares from the Channel Islands Stock Exchange and seek admission for all its Shares to the Official List and to trading on the Main Market of the London Stock Exchange; 

• a change of the Company's name to 'BlueCrest AllBlue Fund Limited';

• the adoption of new Articles of Association, including provisions to allow the issue of C Shares, provisions to purchase Shares into treasury and amendments to the discount management provisions; and

• the disapplication of the pre-emption rights contained in the new Articles of Association.

Following the general meeting on 30 May 2008, the Board also announced that the Company is considering, in the absence of unforeseen circumstances, a placing and offer for subscription of C Shares which it is currently expected will be completed in July.

The Directors believe that the migration to the main market should raise the profile of the Company, and therefore enhance the liquidity of the shares and broaden the investor base. The transitional costs of the migration will largely be borne by BlueCrest. The further capital raising should assist in meeting investor demand and will also provide a larger asset base across which the fixed costs of the company may be spread.

The Board has augmented its number by the appointment of Jonathan Hooley and Andrew Dodd as non-executive directors. Mr Hooley brings to the Company accounting and taxation expertise gained from working with a large number of investment funds, while Mr Dodd has a detailed knowledge of BlueCrest. Mr Hooley is to be appointed as the Chairman of the Audit Committee during this year.

On 19 March 2008, the Company announced that it had served protective notice on Close Investments Limited ('CIL') to terminate the Shareholder Liaison Agreement and that such agreement would, therefore, cease to be effective as of 28 February 2009. The Company has subsequently agreed with CIL to terminate the Shareholder Liaison Agreement with effect from 31 July 2008, in consideration for the payment by the Company to CIL of an early termination fee of £325,000.

On 30 April 2008, the Company appointed Hoare Govett as sole corporate broker to the Company with effect from the date of admission of its Shares to the Official List and to trading on the Main Market.

I look forward to reporting to you again in the half-yearly financial report and accounts for the half year ended 30 June 2008 and thank you for your continued support. 

Richard Crowder

Chairman

CLOSE ALLBLUE FUND LIMITED
STATEMENT OF OPERATIONS
for the year ended 31 December 2007
				Sterling		Euro		US$
				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
Net gain on financial assets at fair value through profit or loss
				14,937,225		517,102		1,018,096		15,837,963
Operating expenses				(1,172,012)		(49,652)		(87,097)		(1,249,310)
Net gain for the year attributable to shareholders				13,765,213		467,450		930,999		14,588,653
Earnings per share for the year				Pence (£)		Cent (€)		Cents ($)
	- Basic and Diluted			10.19		8.23		9.67
In arriving at the results for the financial year, all amounts above relate to continuing operations.
There are no recognised gains or losses for the year other than those disclosed above.
Reconciliation of earnings per share for investment purposes to earnings per share per the financial statements:
				Pence (£)		Cent (€)		Cents ($)
Earnings per share for investment purposes				11.06		9.11		10.57
Adjustment to include expenses on an accruals basis				(0.87)		(0.88)		(0.90)
Earnings per share per the financial statements				10.19		8.23		9.67
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they relate.
The earnings per share for investment purposes represents the earnings per share attributable to shareholders in accordance with the Prospectus.
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF OPERATIONS
for the period from incorporation on 21 April 2006 to 31 December 2006
				Sterling		Euro		US$
				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
Net gain on financial assets at fair value through profit or loss
				5,461,831		172,515		417,851		5,791,376
Operating expenses				(719,956)		(31,150)		(52,822)		(769,061)
Net gain for the period attributable to shareholders				4,741,875		141,365		365,029		5,022,315
Earnings per share for the period				Pence (£)		Cent (€)		Cents ($)
	- Basic and Diluted			3.51		2.49		3.79
In arriving at the results for the financial period, all amounts above relate to continuing operations.
There are no recognised gains or losses for the period other than those disclosed above.
Reconciliation of earnings per share for investment purposes to earnings per share per the financial statements:
				Pence (£)		Cent (€)		Cents ($)
Earnings per share for investment purposes				4.04		3.04		4.34
Adjustment to include expenses on an accruals basis				(0.53)		(0.55)		(0.55)
Earnings per share per the financial statements				3.51		2.49		3.79
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they relate.
The earnings per share for investment purposes represents the earnings per share attributable to shareholders in accordance with the
the Prospectus.
CLOSE ALLBLUE FUND LIMITED
BALANCE SHEET				Sterling		Euro		US$
as at 31 December 2007				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
FIXED ASSETS
Unquoted financial assets designated at fair value through profit or loss
				151,074,538		6,180,091		10,750,087		161,032,653
CURRENT ASSETS
Debtors				9,611		374		721		10,249
Cash at bank				24,078		981		1,849		25,731
				33,689		1,355		2,570		35,980
CURRENT LIABILITIES
Bank overdrafts				-		-		-		-
Creditors - due within one year				188,005		7,323		14,104		200,493
				188,005		7,323		14,104		200,493
NET CURRENT ASSETS / (LIABILITIES)				(154,316)		(5,968)		(11,534)		(164,513)
TOTAL ASSETS LESS CURRENT LIABILITIES				150,920,222		6,174,123		10,738,553		160,868,140
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS				150,920,222		6,174,123		10,738,553		160,868,140
Represented by:
CAPITAL AND RESERVES
Share capital				-		-		-		-
Share premium				-		-		-		-
Purchase of own shares				(202,023)		-		-		(202,023)
Retained earnings				151,122,245		6,174,123		10,738,553		161,070,163
TOTAL ASSETS LESS CURRENT LIABILITIES				150,920,222		6,174,123		10,738,553		160,868,140
SHARES IN ISSUE				135,085,599		5,676,877		9,632,602
NAV PER SHARE				£1.1172		€1.0876		$1.1148
Reconciliation of NAV for investment purposes to NAV per the financial statements:
				£		€		$
NAV per share for investment purposes				£1.1184		€1.0886		$1.1160
Adjustment to include expenses on an accruals basis				(£0.0012)		(€0.0010)		($0.0012)
NAV per share per the financial statements				£1.1172		€1.0876		$1.1148
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they relate.
The NAV per share for investment purposes represents the NAV per share attributable to shareholders in accordance with the
Prospectus.
The financial statements were approved by the Board of Directors on 11 June 2008 and are signed on its behalf by:
Director			Director
CLOSE ALLBLUE FUND LIMITED
BALANCE SHEET				Sterling		Euro		US$
as at 31 December 2006				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
FIXED ASSETS			Notes
Unquoted financial assets designated at fair value through profit or loss
				137,752,831		5,723,515		9,836,851		146,630,747
CURRENT ASSETS
Debtors				13,718		583		1,016		14,629
Cash at bank		Bank overdrafts		1,100		23		88		1,160
				14,818		606		1,104		15,789
CURRENT LIABILITIES
Bank overdrafts				118,063		5,017		8,741		125,905
Creditors - due within one year				292,554		12,431		21,660		311,986
				410,617		17,448		30,401		437,891
NET CURRENT ASSETS / (LIABILITIES)				(395,799)		(16,842)		(29,297)		(422,102)
TOTAL ASSETS LESS CURRENT LIABILITIES				137,357,032		5,706,673		9,807,554		146,208,645
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS				137,357,032		5,706,673		9,807,554		146,208,645
Represented by:
CAPITAL AND RESERVES
Share capital				-		-		-		-
Share premium				-		-		-		-
Purchase of own shares				-		-		-		-
Retained earnings				137,357,032		5,706,673		9,807,554		146,208,645
TOTAL ASSETS LESS CURRENT LIABILITIES				137,357,032		5,706,673		9,807,554		146,208,645
SHARES IN ISSUE				135,283,599		5,676,877		9,632,602
NAV PER SHARE				£1.0153		€1.0052		$1.0182
Reconciliation of NAV for investment purposes to NAV per the financial statements:
				£		€		$
NAV per share for investment purposes				£1.0183		€1.0082		$1.0212
Adjustment to include expenses on an accruals basis				(£0.0030)		(€0.0030)		($0.0030)
NAV per share per the financial statements				£1.0153		€1.0052		$1.0182
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they relate.
The NAV per share for investment purposes represents the NAV per share attributable to shareholders in accordance with the
Prospectus.
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2007
				Sterling		Euro		US$
				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
Opening balance				137,357,032		5,706,673		9,807,554		146,208,645
Issue of shares				-		-		-		-
Share issue costs										-
Net gain for the year attributable to shareholders				13,765,213		467,450		930,999		14,588,653
Currency consolidation adjustment				-		-		-		272,865
Purchase of own shares				(202,023)		-		-		(202,023)
Closing balance				150,920,222		6,174,123		10,738,553		160,868,140
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CHANGES IN EQUITY
for the period from incorporation on 21 April 2006 to 31 December 2006
				Sterling		Euro		US$
				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
Issue of shares				135,283,599		5,676,877		9,632,602		144,304,622
Share issue costs				(2,668,442)		(111,569)		(190,077)		(2,847,898)
Net gain for the period attributable to shareholders				4,741,875		141,365		365,029		5,022,315
Currency consolidation adjustment				-		-		-		(270,394)
Closing balance				137,357,032		5,706,673		9,807,554		146,208,645
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CASH FLOWS
for the year ended 31 December 2007
				Sterling		Euro		US$
				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
Operating activities
Net gain for the year attributable to shareholders				13,765,213		467,450		930,999		14,588,653
Less: Unrealised appreciation on financial assets at fair value through profit or loss
				(14,839,581)		(514,799)		(1,012,272)		(15,735,692)
Less: Interest income				(3,796)		(132)		(213)		(3,993)
Add: Interest expense				12,110		500		930		12,914
Less: Decrease in accrued expenses				(104,549)		(5,108)		(7,556)		(111,493)
Add: Decrease in prepayments and accrued income				4,107		209		295		4,380
Net cashflow from operating activities				(1,166,496)		(51,880)		(87,817)		(1,245,230)
Investing activities
Interest received				3,796		132		213		3,993
Proceeds from sale of financial assets				1,517,874		58,223		99,036		1,610,562
Net cashflow from investing activities				1,521,670		58,355		99,249		1,614,554
Financing activities
Proceeds of issue of shares				-		-		-		-
Share issue costs				-		-		-		-
Purchase of own shares				(202,023)		-		-		(202,023)
Interest paid				(12,110)		(500)		(930)		(12,914)
Net cashflow from financing activities				(214,133)		(500)		(930)		(214,937)
Cash at beginning of period				(116,963)		(4,994)		(8,653)		(124,745)
Exchange losses on currency balances				-		-		-		(3,911)
Increase in cash and cash equivalents				141,041		5,975		10,502		154,387
Cash at end of period				24,078		981		1,849		25,731
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CASH FLOWS
for the period from incorporation on 21 April 2006 to 31 December 2006
				Sterling		Euro		US$
				Share		Share		Share
				Class		Class		Class		Total
				£		€		$		£
Operating activities
Net gain for the period attributable to shareholders				4,741,875		141,365		365,029		5,022,315
Less: Unrealised appreciation on financial assets at fair value through profit or loss
				(5,461,831)		(172,515)		(417,851)		(5,791,376)
Less: Interest income				(79,725)		(1,439)		(4,402)		(83,033)
Add: Interest expense				595		25		42		634
Add: Increase in accrued expenses				292,554		12,431		21,660		311,986
Less: (Increase) in prepayments and accrued income				(13,718)		(583)		(1,016)		(14,629)
Net cashflow from operating expenses				(520,250)		(20,716)		(36,538)		(554,103)
Investing activities
Interest received				79,725		1,439		4,402		83,033
Purchase of financial assets				(132,291,000)		(5,551,000)		(9,419,000)		(140,839,373)
Net cashflow from investing activities				(132,211,275)		(5,549,561)		(9,414,598)		(140,756,340)
Financing activities
Proceeds of issue of shares				135,283,599		5,676,877		9,632,602		144,304,624
Share issue costs				(2,668,442)		(111,569)		(190,077)		(2,847,898)
Purchase of own shares				-		-		-		-
Interest paid				(595)		(25)		(42)		(634)
Net cashflow from financing activities				132,614,562		5,565,283		9,442,483		141,456,092
Cash at beginning of period				-		-		-		-
Currency consolidation adjustment				-		-		-		(270,394)
Increase in cash and cash equivalents				(116,963)		(4,994)		(8,653)		145,649
Cash at end of period				(116,963)		(4,994)		(8,653)		(124,745)

Please note that this preliminary statement does not comprise the full annual report and accounts of the Company for the year to 31 December 2007.  The full report and accounts is expected to be posted to shareholders on or by 16 June2008 and will also be available to download in pdf format on the Company's website immediately.

Close AllBlue Fund Limited is a closed-end Guernsey Investment Company listed on the Channel Islands Stock Exchange (CAB) and traded on AIM, a subsidiary of the London Stock Exchange. For further information about the fund and its investment strategies, please visit; www.closeallbluefund.com

For further information contact:

Anson Fund Managers Limited

00 44 1481 722260

Collins Stewart Europe Limited

Nominated Advisor

Hugh Field

00 44 207 523 8350

12 June 2008

E&OE - in transmission

 

END

 

 

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