Proposed Euro Class Closure

RNS Number : 7405K

BlueCrest AllBlue Fund Ltd

27 June 2014

 



BLUECREST ALLBLUE FUND LIMITED (the "Company")

PROPOSED EURO CLASS CLOSURE

In light of the relatively small size and liquidity of the Euro shares of the Company compared to the Sterling and US Dollar share classes, the Board is proposing to provide the Euro shareholders with a final conversion right into Sterling or US Dollar shares and thereafter redeem at NAV (less costs) any Euro shares not converted. The net asset value attributable to the Euro share class of the Company (ISIN number: GB00B13YXC81) was €14.8 million as at 20 June 2014, representing 1.43% of the aggregate net asset value of the Company at that date.

The Board anticipates publishing a circular to shareholders in late July which will include resolutions to amend the articles of incorporation of the Company (the "Articles") in order to enable the mandatory redemption of the entire Euro share class and to approve the cancellation of the listing of the Euro share class from the Official List. It is anticipated that meetings of both shareholders of the Company and Euro class shareholders will be held in August 2014.

For those Euro class shareholders wishing to remain invested in the Company, the last monthly conversion date for conversion into either the Sterling or US Dollar share classes will be 1 August 2014, which requires conversion forms to be submitted to the Company by 12 noon on 18 July 2014.

Pursuant to Article 35(1) of the Company's articles of incorporation, the Board may determine at its discretion whether it wishes to offer a monthly conversion facility in respect of any share class. In light of the proposals above to close the Euro share class, the Board announces the suspension of all future conversions of Sterling and US Dollar shares into Euro shares. For the avoidance of doubt, any valid conversion requests previously submitted in relation to the 1 July conversion date will be duly processed.

The Board confirms that it will continue to offer the monthly conversion facility between Sterling shares and US Dollar shares and, as noted above, for the 1 August 2014 conversion date only, from Euro shares into Sterling and/or US Dollar shares.

The redemption of the Euro share class holding in AllBlue Fund Limited is expected to be effected with a redemption date of 1 October 2014. Subject to receipt of the necessary shareholder approvals, it is expected that the redemption proceeds will be payable to holders of Euro shares in November 2014.

27 June 2014

For further information about this announcement contact:

JTC Fund Managers (Guernsey) Limited

Secretary

Tel:  [phone]

E&OE - in transmission

 

END

 

 

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