Update from Manager

RNS Number : 3103R

Highbridge Tactical Credit Fund Ltd

28 October 2019

 

28 October 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

Highbridge Tactical Credit Fund Limited

(the "Company")

Update from Manager

The Board has received an update from Highbridge, the Company's Investment Manager, in respect of progress made by Highbridge in managing down exposure in the Highbridge Multi-Strategy Fund following Highbridge's decision to refocus its business around its credit strategies.

The Company has to date received, through the return of cash and receipt of dividends-in-kind in the Highbridge Tactical Credit Fund, Ltd. ("TCF Feeder"), approximately 75% of the assets of the Highbridge Multi-Strategy Master Fund, L.P. attributable to the Company and to those former shareholders of the Company who redeemed their Shares pursuant to the Initial Cash Exit Offer and/or the Subsequent Cash Exit Offer ("2019 Cash Exit Offers").

In respect of investors' (including the Company's) remaining interest in Highbridge Multi-Strategy Fund, Highbridge has now confirmed that it expects to return the majority of investors' remaining capital by year-end. As a result, the Board expects that the substantial majority of the Company's capital will be invested into TCF Feeder by year-end and that the Company will, once a further cash distribution has been received from Highbridge, be able to make a further payment to former shareholders of the Company who redeemed their Shares pursuant to the 2019 Cash Exit Offers by no later than January 2020.

The update letter from Highbridge is available through the following link:

http://www.rns-pdf.londonstockexchange.com/rns/3103R_1-2019-10-28.pdf

Terms used and not defined in this announcement will bear the meanings given in the circular dated 28 August 2019.

For further information please contact:

Praxis Fund Services Limited

Company Secretary

Tel: [phone]

LEI: 213800397SYHLYFH5961

 

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