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BlueCrest AllBlueFd (BABS)

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Friday 29 August, 2008

BlueCrest AllBlueFd

Interim Results

RNS Number : 3670C
BlueCrest AllBlue Fund Ltd
29 August 2008
 



The Board of Directors of BlueCrest AllBlue Fund Limited Announce Unaudited Half Year Results FOR THE SIX MONTHS ENDED 30 JUNE 2008


BlueCrest AllBlue Fund Limited is a closed-ended investment company incorporated in Guernsey on 21 April 2006 with an unlimited life. On 13 June 2008 the name of the Company was changed from Close AllBlue Fund Limited. 

As at 31 July 2008 (the last practicable date prior to the publication of the Report), the Company's total issued share capital consisted of 148,654,151 Ordinary Shares [the designations of which are 137,408,662 Sterling Ordinary Shares, 4,612,735 as Euro Ordinary Shares and 6,632,754 US$ Ordinary Shares] and 97,886,369 C Shares. 

Pursuant to the Company's admission document dated 13 May 2006 the Company offered its Shares for issue by means of a placing and on 26 May 2006 raised approximately £144.3 million by the issue of 135,283,599 Sterling Shares at a price of £1 each, 5,676,877 Euro Shares at a price of €1 each and 9,632,602 US$ Shares at a price of US$1 each which were admitted to trading on AIM on 26 May 2006. Following shareholder approval at the EGM of the Company held on 30 May 2008, the Company moved its listing from AIM to the Official List on 19 June 2008. Pursuant to a Registration Document and Securities Note dated 13 June 2008 the Company offered C Shares for issue by means of a placing and subscription on the 24 July 2008 and raised approximately £92.7 million by the placing and offer for subscription of 86,411,419 Sterling C Shares at a price of £1 each 1,930,000 Euro C Shares at a price of €1 each and 9,544,950 US$ C Shares at a price of $1 each on the 24 July 2008.

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. Accordingly, the Company's investment policy is consistent with that of AllBlue. 


AllBlue is a fund incorporated in the Cayman Islands with an investment objective to provide consistent long-term appreciation of its assets through investment in a diversified portfolio of Underlying Funds. Investors in the Company will, therefore, be offered an opportunity to participate indirectly in the same investment portfolio as that of AllBlue. 


AllBlue seeks to achieve its investment objective through investment in Underlying Funds, each of which on its own has a distinct investment objective and approach, and which collectively form a diversified basket of hedge fund investments. AllBlue currently invests in seven Underlying Funds comprising BlueCrest Capital International Limited, BlueTrend Fund Limited, BlueHaven Limited, BlueCrest Emerging Markets Fund Limited, BlueCrest Mercantile Fund Limited, BlueMatrix Fund Limited and BlueCrest Multi Strategy Credit Fund Limited, all of which are managed by BlueCrest. AllBlue may in the future exclude any or all of these funds or include any other investment fund established by BlueCrest or by managers with close links to BlueCrest, from time to time. 


BlueCrest is the appointed investment manager of AllBlue. BlueCrest seeks to construct a portfolio of investments for AllBlue, comprising the Underlying Funds, by utilising proprietary optimisation techniques as well as an in-depth understanding of underlying positions, correlations and risks. Both allocations and risks are closely monitored by BlueCrest's AllBlue committee, comprising a team of senior investment professionals of BlueCrest, on a monthly basis. BlueCrest reviews the allocation of AllBlue's assets amongst the Underlying Funds on a monthly basis and makes such adjustments as it deems appropriate. 


It is the policy of BlueCrest that the assets of AllBlue will be predominantly fully invested. However, AllBlue may hold certain assets in cash or cash equivalents from time to time, should it consider that this is required for efficient portfolio management or otherwise in the best interests of AllBlue.


General

The Company will comply with certain investment restrictions for so long as they remain requirements of the UK Listing Authority as set out below:


● neither the Company nor any of its subsidiaries will conduct any trading activity which is significant in the context of its group as a whole;


● the Company will avoid cross-financing between businesses forming part of its investment portfolio;


● the Company will avoid the operation of common treasury functions as between the Company and investee companies; and


● not more than 10 per cent., in aggregate, of the value of the total assets of the Company will be invested in other listed closed-ended investment funds other than closed-ended investment funds which themselves have published investment policies to invest no more than 15 per cent. of their total assets in other listed closed-ended investment funds. 


The Directors do not currently intend to propose any material changes to the Company's investment policy, save in the case of exceptional or unforeseen circumstances. As required by the Listing Rules, any material change to the investment policy of the Company will be made only with the approval of Shareholders.


BlueCrest

BlueCrest is an English limited partnership and acts through its general partner, BlueCrest Capital Management Limited, which was incorporated in England on 28 April 2000. BlueCrest Capital Management Limited is authorised and regulated by the Financial Services Authority of the United Kingdom and is registered with the Securities and Exchange Commission of the United States.

Company Policies

As AllBlue's base currency is the US Dollar, BlueCrest may from time to time enter into forward exchange contracts in order to hedge the US Dollar exposure of the assets attributable to its Sterling Shares and Euro Shares in order to neutralise, as far as possible, the impact of fluctuations in the exchange rates between Sterling or Euro, as the case may be, and the US Dollar. While hedging of currency exposure may occur within AllBlue, your Directors do not intend that the Company will ever carry out any additional hedging arrangements.

The Company has the power to borrow up to 10% of its net asset value at the time of drawdown but your Directors do not intend that the Company will engage in any structured borrowing for the purpose of gearing up investment in AllBlue. However, the Directors have procured a short term overdraft facility of £700,000 for the purpose of managing day-to-day cash flows when paying the ongoing operational expenses of the Company. Such an overdraft will be used in the expectation that the investment return on the Company's shares in AllBlue will exceed the carry cost of the overdraft which will periodically be repaid out of the partial redemption of the Company's shares in AllBlue.  The Company may also borrow monies on a short term basis to facilitate the buy back of its shares as explained below.

The Directors have authority to allot the authorised but unissued share capital of the Company and such authority shall only be exercised at prices which are not less than the prevailing net asset value of the relevant Share class at the time.

The Company does not have a fixed life and its Articles do not provide for a scheduled winding-up date.

The Directors currently have shareholder authority to buy back up to 14.99 per cent. of each class of Ordinary Shares, such authority to expire at the conclusion of the Company's annual general meeting in 2008 and intend to seek annual renewal of this authority from Shareholders. Any buy back of Ordinary Shares will be made subject to all applicable legal and regulatory requirements and within guidelines established from time to time by the Board (which will take into account the income and cash flow requirements of the Company) and the making and timing of any buy backs will be at the absolute discretion of the Board. Purchases of Ordinary Shares will only be made through the market for cash at prices below the prevailing Net Asset Value of the relevant class of Ordinary Shares where the Directors believe such purchases will enhance Shareholder value. Ordinary Shares which are purchased may be cancelled or held in treasury. For the purpose of financing any buy back of shares the Directors have procured for the Company a short-term borrowing facility of £5 million, which in the event of any draw down, will eventually be repaid out of the proceeds of redemption of the required number of shares in AllBlue.

The Company's Articles incorporate a discount management provision (which applies to each class of Ordinary Shares individually) that will require a continuation vote to be proposed in respect of the particular class of Ordinary Shares at a class meeting of the relevant Shareholders (by way of ordinary resolution) if, over the previous 12 month rolling period commencing from 1 January 2008, the relevant class of Ordinary Shares has traded, on average (calculated by averaging the closing mid-market share price on the dates which are 5 Business Days after the date on which each estimated NAV announcement is made for each NAV Calculation Date over the period) at a discount in excess of 5 per cent. to the average Net Asset Value per Ordinary Share of that class (calculated by averaging the NAV per Ordinary Share of that class as at the NAV Calculation Date at the end of each month during the period).

In the event that a continuation vote is proposed as a result of the operation of such mechanism and subsequently passed for any class of Ordinary Shares, no further continuation vote will be capable of being proposed for that class for a further 12 months.

If such continuation vote is not passed, the Directors will be required to formulate redemption proposals to be put to the Shareholders of that class offering to redeem their Ordinary Shares at the relevant Net Asset Value on the NAV Calculation Date immediately preceding such redemption (less the costs of all such redemptions). However, where one or more such resolutions in respect of the same period is/are not passed and the class(es) of Ordinary Shares involved represent 75 per cent. or more of the Company's net assets attributable to all Ordinary Shares at the last NAV Calculation Date on or immediately preceding the date of the latest continuation resolution being defeated, the Directors may first (at their discretion) put forward alternative proposals to all Shareholders to offer to repurchase their Shares or to reorganise, reconstruct or wind up the Company. If, however, such alternative proposals are not passed by the necessary majority of Shareholders of the relevant class, the Directors must proceed to offer to redeem the relevant class(es) of Ordinary Shares on the terms described above. Where following redemption of any class of Ordinary Shares under the discount management provision, the number of Ordinary Shares of that class remaining in issue represent less than 25 per cent. of the Ordinary Shares of that class in issue immediately before such redemption or the listing for such class of Ordinary Shares on the Official List is withdrawn or threatened to be withdrawn or the Directors determine that the conditions for the continued listing of that class are not (or they believe will not be) met, then the Company may redeem the remaining issued Ordinary Shares of that class within 3 months of such determination at a redemption price equal to the Net Asset Value of Ordinary Shares of that class on the NAV Calculation Date selected by the Directors for such purpose (less the costs of such redemption). 

Investments

The Company's investments in AllBlue as at 30 June 2008 were:

INVESTMENT

Number


*Valuation in Source Currency


Valuation

£


Total Net Assets

%









AllBlue Limited Sterling Shares

1,296,711


£164,656,421


164,656,421


95.91%









AllBlue Limited Euro Shares

42,187


€5,346,891


4,228,001


2.46%









AllBlue Limited US Dollar Shares

59,781


$7,835,550


3,932,663


2.29%














172,817,085


100.67%

* Source AllBlue Limited

  Net Asset Value per Share 

As at 30 June 2008, the net asset values of the shares were:

Sterling Shares    £1.1904

Euro Shares    €1.1507

US$ Shares    US$1.1691


  Dear Shareholder


During the half year to 30 June 2008 the net asset value per Sterling Share in the Company rose to 119.04 pence, an increase of 6.55%. Although the Shares of all three classes were trading at a discount to net asset value at the beginning of the period , I am pleased to report that they are all currently trading at a premium.


The first half of 2008 was characterised by levels of volatility in the capital markets similar to those seen in the second half of 2007 and much above those observed in the first half of 2007. Elevated levels of volatility, together with the capital allocation changes undertaken in the second half of 2007 (and detailed in my year end statement) enabled the fund to perform within expected return and volatility parameters during a testing period for markets in general.


With the exception of the Emerging Market trading strategy (a 16% allocation) all components of AllBlue contributed positively to performance. The newly introduced High Frequency Equity trading business and the Credit Relative Value strategy both performed excellently. Trend Following Systematic trading took full advantage of the persistent and relatively large trends, which characterised the first quarter of the year. Mixed Arbitrage continued to provide a consistently profitable contribution to the fund's overall performance with low volatility. Further details of the contribution from each strategy can be found in the Investment Managers report, which is set out below.


Following approval from Shareholders at the EGM of the Company on 30 May 2008, the Company changed its name to BlueCrest AllBlue Fund Limited and, on 19 June 2008, the Company's Shares were cancelled from trading on AIM and listing on the Channel Islands Stock Exchange and admitted to the Official List and to trading on the Main Market of the London Stock Exchange.  


With effect from 31 July 2008,, we terminated the Shareholder Liaison Agreement with Close Investments Limited ('CIL') in consideration for the payment by the Company to CIL of an early termination fee of £325,000.


The Company also undertook a placing and offer for subscription of C shares which closed towards the end of July and raised £92.7 million across the three share classes. These funds were invested in AllBlue on 1 August 2008. There were significant additions to the shareholder register reflecting a widening of the shareholder base. We expect that the larger size of the Company will reduce costs per share and increase secondary market liquidity.


We thank you for your continued support and I look forward to reporting to you again at the end of the year.


Richard Crowder 

Chairman


We confirm to the best of our knowledge:


(a) the Chairman's Statement and Interim Management Report include a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that the Company faces as required by the Disclosure and Transparency Rules; and


(b) the condensed half-yearly financial report for the period ended 30 June 2008 has been prepared in accordance with IAS 34 'Interim Financial Reporting', and gives a true and fair view of the assets, liabilities, financial position, profits and losses of the Company.



By order of the Board




Richard Crowder                    Paul Meader

Director                        Director









AllBlue Limited (US$ class) made 571 bp during the six month period to 30 June 2008. 


The level of volatility in the markets the fund trades was elevated and the level of volatility was itself volatile. Fixed income volatility, as represented by 6 month into five year at-the-money basis point volatility spent much of the first half at or close to five year highs (see chart 1 provided by JPM). High yield spreads, as proxied by BB spreads to treasuries were volatile between 400 and 550 over (see chart 1). High-Grade Credit as evidenced by both sovereign emerging market risk and investment grade corporate spreads to treasuries moved higher in tandem (see chart 2 from JPM) and ranged widely between 225bp and 350bp over the period. Equity volatility returned to a more normal range of 16% to 28% from extremely low levels of 2004 - 2006 period, see chart 3 (from JPM), FX volatility rose back towards more normal levels from all time (post Bretton Woods) lows of mid 2007. In general, these normal to elevated volatilities create opportunities for the underlying funds held by AllBlue to trade and create profits. 


Implied correlations dropped to very low levels during the period from a more normal 30% to sub 15% (see chart 4 from Bluecrest Capital Management Ltd). This reduction was driven by a fall in correlation between the high volatility Trend component and the larger of the low volatility relative value and volatility trading businesses (mixed arbitrage and Emerging Markets). The low correlations between pieces of AllBlue forced volatility below target (6%) annualised volatility for the first half was 458bp. 


Performance since the end of the period (up to end of July estimate) was 546bp with a volatility of 437bp. The external environment remained much the same as during the first half. 


Taking each strategy in turn:


Mixed Arbitrage contributed 121bp driven by positive contributions from interest rate volatility trading and FX volatility trading with good supporting performance from equity volatility trading and fixed income relative value. The allocation remained stable during the period at close to 30%.


Trend Following Systematic had an excellent first half producing 378bp for AllBlue with a volatility of 18.32%, within its 15% to 20% target range. Major positive contributors by sector were commodities, fixed income and FX. Margin to equity as a percentage of NAV remained within recent ranges and is presently at 10.5%, the lower end of the range. Allocations ranged over the period from 25% to 15% and ended the period at 18.2%. 


Low Beta systematic performed extremely well at 14bp on a tiny 1% allocation. Volatility was 17.59%. The allocation to this strategy remained stable during the period. 


Emerging market trading was difficult, the first half cost AllBlue 75bp whilst delivering a volatility of 715bp. Losses were sustained in Q1 and the profits in Q2 were not sufficient to get back to flat for the year at the half way stage. The primary source of losses was in emerging market equity trading single name vs. indices and the risk taken in this area was significantly reduced during Q1. The allocation to this strategy fell from 18% to 16% during the first half.


Credit Derivative trading produced modest positive returns for AllBlue (+7bp) with a volatility of 645bp. Both long credit volatility and long European correlation vs. US correlation made money for the fund. Allocations to Credit derivatives trading rose from 2% to 15% as the external allocation to a similar group of risks was removed (from 7.5% to 0). 


High frequency equity trading had a very good first half providing 26bp on a small allocation (rising slowly from 4% to 5% over the period). Volatility during the period was 7.1%, well inside expected parameters. 


Trade finance trading had a slow first half up 2% providing 22bp on AllBlue with its allocation rising from 4% to 12% during the period. Volatility was 3%. 


During the period under consideration AllBlue returned an annualised 11.43% in $ with a volatility of 4.58%. The target returns (12%-14%) and volatilities (6%) both remain reasonable.


BlueCrest Capital Management Limited







Notes


Sterling Share Class


Euro Share Class


US$ Share Class


Total





£



$


£

Net gain on financial assets at fair value through profit or loss



6



10,971,908



325,305



487,394



11,509,372












Operating expenses


2


(921,845)


(32,985)


(69,521)


(982,602)












Net gain for the period attributable to shareholders





10,050,063



292,320



417,873



10,526,770























Earnings per share for the period




Pence (£)


Cent ()


Cents ($)



  - Basic and Diluted


4


7.38


5.68


5.13




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

(£)


Cents

()


Cents

($)



Earnings per share for investment purposes






7.98



6.32



5.99



Adjustment to include expenses on an accruals basis





(0.60)



(0.64)



(0.86)



Earnings per share per the financial statements





7.38



5.68



5.13




In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they relate. The earnings per share in each currency has been adjusted for share conversions completed during the period. (see note 6).  


The earnings per share for investment purposes represents the earnings per share attributable to shareholders in accordance with the Prospectus.








The notes on pages 22 to 34 form an integral part of these financial statements.





Notes


Sterling Share Class


Euro Share Class


USD Share Class


Total







£



$


£












Net gain on financial assets at fair value through profit or loss



6



9,824,640



359,909



697,104



10,428,350












Operating expenses


2


(681,877)


(30,088)


(51,485)


(728,836)












Net gain for the period attributable to shareholders





9,142,763



329,821



645,619



9,699,514























Earnings per share for the period




Pence (£)


Cent ()


Cents ($)



  - Basic and Diluted


4


6.76


5.81


6.70




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






7.27



6.34



7.24



Adjustment to include expenses on an accruals basis





(0.51)



(0.53)



(0.54)



Earnings per share per the financial statements





6.76



5.81



6.70




In accordance with International Financial Reporting Standards, expenses are 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.









The notes on pages 22 to 34 form an integral part of these financial statements.





Notes


Sterling Share Class


Euro Share Class


USD Share Class


Total







£



$


£

NON CURRENT ASSETS











Unquoted financial assets designated at fair value through profit or loss




6




164,656,421




5,346,891




7,835,550




172,817,084












CURRENT ASSETS











Receivables


7


18,375


665


1,384


19,596

Cash at bank




792


41


43


846
















19,167


706


1,427


20,442























CURRENT LIABILITIES











Bank overdrafts




461,202


16,698


34,731


491,836

Payables - due within one year


8


634,126


22,961


47,751


676,247
















1,095,328


39,659


82,482


1,168,083












NET CURRENT ASSETS / (LIABILITIES)





(1,076,161)



(38,953)



(81,055)



(1,147,641)












TOTAL ASSETS LESS CURRENT LIABILITIES





163,580,260



5,307,938



7,754,495



171,669,443












NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS





163,580,260



5,307,938



7,754,495



171,669,443












CAPITAL AND RESERVES











Share capital


9


-


-


-


-

Share premium


10


-


-


-


-

Purchase of own shares


11


-


-


-


-

Distributable reserves


12


163,580,260


5,307,938


7,754,495


171,669,443
















163,580,260


5,307,938


7,754,495


171,669,443












SHARES IN ISSUE




137,408,662


4,612,735


6,632,754














NAV PER SHARE




£1.1904


€1.1507


$1.1691




Reconciliation of NAV per share for investment purposes to NAV per share per the financial statements:





£



$



NAV per share for investment purposes





1.1983



1.1592



1.1813



Adjustment to include expenses on an accruals basis





(0.0079)



(0.0085)



 (0.0122)



NAV per share per the financial statements





1.1904



1.1507



1.1691




In accordance with International Financial Reporting Standards, expenses are 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 notes on pages 22 to 34 form an integral part of these financial statements.





Notes


Sterling Share Class


Euro Share Class


USD Share Class


Total







£



$


£

NON CURRENT ASSETS











Unquoted financial assets designated at fair value through profit or loss




6




151,074,538




6,180,091




10,750,087




161,032,653












CURRENT ASSETS











Receivables


7


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




-


-


-


-

Payables - due within one year


8


188,005


7,323


14,104


200,493
















180,005


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



160,888,140












CAPITAL AND RESERVES











Share capital


9


-


-


-


-

Share premium


10


-


-


-


-

Purchase of own shares


11


(202,023)


-


-


(202,023)

Distributable reserves


12


151,122,245


6,174,123


10,738,553


161,070,163
















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 per share for investment purposes to NAV per share 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 are to be attributable 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 notes on pages 22 to 34 form an integral part of these financial statements.







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Opening balance




150,920,222


6,174,123


10,738,553


160,868,140












Net gain for the period attributable to shareholders





10,050,063



292,320



417,873



10,526,770












Currency consolidation adjustment




-


-


-


274,533












Purchases of own shares




-


-


-


-












Share conversion




2,609,975


(1,158,505)


(3,401,931)


-












Closing balance




163,580,260


5,307,938


7,754,495


171,669,443




























The notes on pages 22 to 34 form an integral part of these financial statements.







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Opening balance




137,357,032


5,706,673


9,807,554


146,208,645












Net gain for the period attributable to shareholders





9,142,763



329,821



645,619



9,699,514












Currency consolidation adjustment




-


-


-


(135,310)












Purchases of own shares




(103,582)


-


-


(103,582)












Closing balance




146,396,213


6,036,494


10,453,173


155,669,267





























The notes on pages 22 to 34 form an integral part of these financial statements.







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Operating activities






















Net gain for the period attributable to shareholders





10,050,063



292,320



417,873



10,526,770












Less: Unrealised appreciation on financial assets at fair value through profit or loss






(10,971,908)




(325,305)




(487,394)




(11,,470,716)

Less: Interest income




(300)


(10)


(21)


(318)

Add: Interest expense




5,446


201


407


5,808

Add: Increase in accrued expenses




446,121


15,638


33,647


475,754

Less: (Increase) in prepayments and accrued income





(8,764)



(291)



(663)



(9,347)












Net cashflow from operating activities





(479,342)



(17,447)



(36,151)



(472,049)























Investing activities






















Interest received




300


10


21


318

Purchase of financial assets




-


-


-


-

Proceeds from sale of financial assets





-



-



-



-












Net cashflow from investing activities





300



10



21



318























Financing activities






















Interest paid




(5,446)


(201)


(407)


(5,808)












Net cashflow from financing activities





(5,446)



(201)



(407)



(5,808)























Cash at beginning of period




24,078


981


1,849


25,731












Exchange losses on currency balances





-



-



-



(39,182)

Decrease in cash and cash equivalents





(484,488)



(17,638)



(36,537)



(477,539)












Cash at end of period




(460,410)


(16,657)


(34,688)


(490,990)








The notes on pages 22 to 34 form an integral part of these financial statements.







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Operating activities






















Net gain for the period attributable to shareholders





9,142,763



329,821



645,619



9,699,514












Less: Unrealised appreciation on financial assets at fair value through profit or loss






(9,784,915)




(358,610)




(693,956)




(10,386,119)

Less: Interest income




(1,752)


(66)


(87)


(1,841)

Add: Interest expense




7,578


321


554


8,081

Add: Increase in accrued expenses




15,430


650


1,722


16,456

Less: (Increase) in prepayments and accrued income





(4,802)



(204)



(390)



(5,121)












Net cashflow from operating activities





(625,698)



(28,088)



(46,538)



(669,030)























Investing activities






















Interest received




1,752


66


87


1,841

Purchase of financial assets




(103,582)


-


-


(103,582)

Proceeds from sale of financial assets





804,275



35,701



59,853



858,139












Net cashflow from investing activities





702,445



35,767



59,940



756,398























Financing activities






















Interest paid




(7,578)


(321)


(554)


(8,081)












Net cashflow from financing activities





(7,578)



(321)



(554)



(8,0810)























Cash at beginning of period




(116,963)


(4,994)


(8,653)


(124,745)












Exchange losses on currency balances





-



-



-



1,346

Increase in cash and cash equivalents





69,169



7,358



12,848



79,287












Cash at end of period




(47,794)


2,364


4,195


(44,112)








The notes on pages 22 to 34 form an integral part of these financial statements.



1    ACCOUNTING POLICIES


(a)    Basis of preparation

The condensed consolidated set of financial statements are prepared in accordance with IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board. All accounting policies adopted for the period are consistent with International Financial Reporting Standards ('IFRS') issued by the IASB and as adopted by the European Union and applicable Guernsey law. The condensed consolidated set of financial statements have been prepared on an historical cost basis except for the measurement at fair value of certain financial instruments.


The consolidated financial statements are presented in Sterling because that is the currency of the primary economic environment in which the Group operates. The consolidated financial statements are prepared to the nearest £1.


The same accounting policies and methods of computation are followed in the half-yearly financial report as were adopted in the annual financial statements.


(b)    Taxation

The Company has been granted exemption under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is charged an annual fee of £600.


(c)    Expenses

All expenses are accounted for on an accruals basis.


(d)    Interest income

Interest income is accounted for on an accruals basis.


(e)    Share issue costs

The share issue costs incurred amounted to £2,668,442 in the Sterling share class, 111,896 in the Euro share class and $189,593 in the US$ share class.  Since the Company's ordinary shares have no fixed redemption date the costs are written off through the statement of changes in equity.


(f)    Cash and Cash Equivalents

Cash and cash equivalents are defined as call deposit, short term deposits and highly liquid investments readily convertible to known amounts of cash and which are not subject to significant risk of changes in value, together with bank overdrafts. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and deposits at bank, together with bank overdrafts.


  

1    ACCOUNTING POLICIES (continued)


(g)    Investments

All investments have been designated as financial assets at 'fair value through profit or loss'. Investments are initially recognised on the date of purchase at cost, being the fair value of the consideration given, excluding transaction costs associated with the investments, with unrealised gains and losses on investments and impairment of investments recognised in the Statement of Operations. Investments are derecognised on disposal.


Realised gains or losses are determined on the disposal of investments and unrealised gains or losses are determined based on the change in value of investments since the prior period.


In order to assess whether any impairment of the unquoted investments has occurred and in order to determine the recoverable amount of the unquoted investments, the Directors consider the net asset value of the underlying investment in AllBlue Limited.


The Company's net asset value is based on valuations of unquoted investments. In calculating the net asset value and the net asset value per Share, the Administrator relies on valuations of the shares in AllBlue Limited supplied by the administrator of AllBlue Limited.


(h)    Foreign currency translation

The financial statements are presented in £, which is the Company's functional and presentation currency. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Operations.


Income and expense items are translated at the average exchange rates for the period. Exchange differences arising (where material) are classified as equity and recognised in the Statement of Changes in Equity. 



2    OPERATING EXPENSES






1 Jan 2008 to 30 Jun 2008





Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Shareholder liaison agent's fee





632,956



23,390



47,247



675,000

Administration fees




34,357


1,270


2,565


36,640

Directors' remuneration




67,987


2,512


5,075


72,503

Registration fees




7,547


279


563


8,048

Directors and Officers Insurance





6,978



258



521



7,442

Audit fees




3,751


139


280


4,000

Annual fees




5,513


204


412


5,880

Legal & Professional fees




140,657


5,198


10,499


150,000

Nominated Advisor fees




8,205


303


612


8,750

Printing of annual reports




(3,048)


(113)


(227)


(3,250)

Printing of interim reports




1,500


55


112


1,599

Bank Interest on Overdraft Facility





5,446



201



407



5,808

(Profit) / Loss on exchange





(796)



(1,110)



650



(1,326)

Other operating expenses




11,092


409


826


11,827
















922,145


32,995


69,542


982,920












Less: Bank interest earned





(300)



(10)



(21)



(318)












Total expenses for the period





921,845



32,985



69,521



982,602






































1 Jan 2007 to 30 Jun 2007





Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Shareholder liaison agent's fee





564,945



23,942



41,281



602,471

Administration fees




32,290


1,368


2,359


34,434

Directors' remuneration




24,381


1,033


1,781


26,000

Registration fees




7,685


326


562


8,196

Directors and Officers Insurance





7,923



336



579



8,449

Audit fees




9,403


399


687


10,028

Annual fees




4,617


196


337


4,924

Legal & Professional fees




1,125


48


82


1,200

Nominated Advisor fees




7,512


318


549


8,011

Printing of annual reports




3,772


160


276


4,023

Printing of interim reports




-


-


-


-

Bank Interest on Overdraft Facility





7,578



321



554



8,081

(Profit) / Loss on exchange





(646)



1,147



1,564



940

Other operating expenses




13,044


560


961


13,919
















683,629


30,154


51,572


730,677


2    OPERATING EXPENSES (continued)






1 Jan 2007 to 30 Jun 2007





Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Less: Bank interest earned





(1,752)



(66)



(87)



(1,841)












Total expenses for the period





681,877



30,088



51,485



728,836


3    DIRECTORS' REMUNERATION

For the period from 1 January 2008 to 19 June 2008, each director received a fee of £15,000 per annum from the Company, except for the Chairman who received £20,000 for the period. From 19 June 2008, each director receives a fee of £35,000 per annum from the Company, except for the Chairman, who receives £50,000 per annum. The Chairman of the Audit Committee is also paid an additional fee of £5,000 per annum (increased from £2,000 per annum on 19 June 2008). Upon migration to the LSE, each director also received additional remuneration in the sum of £10,000 each. Mr Dodd waived his entitlement to a fee.


4    EARNINGS PER SHARE

The earnings per each class of share is based on the net gain for the period of £10,050,063 (2007: £9,142,763) and 136,240,783 (2007: 135,183,599) shares in the Sterling share class, 292,320 (2007: 329,821) and 5,147,713 (2007: 5,676,877) shares in the Euro share class and $417,873 (2007: $645,619) and 8,140,874 (2007: 9,632,602) shares in the US$ share class, each being the weighted average number of shares in issue during the period.


5    RELATED PARTY TRANSACTIONS

Transactions with related parties are made on terms equivalent to those that prevail in an arm's length transaction.


Anson Fund Managers Limited is the Company's administrator and secretary, Anson Registrars Limited is the Company's registrar, transfer agents and paying agent and Anson Administration (UK) Limited is the Company's UK Transfer agent. John R Le Prevost is a director of Anson Fund Managers Limited, Anson Registrars Limited and Anson Administration (UK) Limited. £44,688 (2007: £42,630) of costs were incurred by the Company with these related parties in the period, of which £7,705 (2007: £6,843) was due to these related parties at 30 June 2008.


  

6    INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS






As at 30 June 2008



UNQUOTED FINANCIAL ASSETS




Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Portfolio cost brought forward





130,773,126



5,492,777



9,319,964



139,505,585












Unrealised appreciation on valuation brought forward






20,301,412




687,314




1,430,123




21,527,068












Valuation brought forward




151,074,538


6,180,091


10,750,087


161,032,653












Movements in the period:






















 - Adjustment to opening    valuation for share conversion






2,609,975




(1,158,505)




(3,401,931)


-

 - Purchases at cost




-


-


-


-

 - Sales - proceeds




-


-


-


-

 - Exchange (losses) / gains   on currency balances






-




-




-




275,059












Portfolio carried forward




133,383,101


4,334,272


5,918,033


139,780,644












Unrealised appreciation on valuation carried forward






31,273,320




1,012,619




1,917,517




33,036,440












Valuation carried forward





164,656,421



5,346,891



7,835,550



172,817,084












Realised gains on sales




-


-


-


-












Increase in unrealised appreciation





10,971,908



325,605



487,394



11,509,372












Gains on investments




10,971,908


325,305


487,394


11,509,372


  

6    INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)






As at 31 December 2007



UNQUOTED FINANCIAL ASSETS




Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Portfolio cost brought forward





132,291,000



5,551,000



9,419,000



140,839,371












Unrealised appreciation on valuation brought forward






5,461,831




172,515




417,851




5,791,376












Valuation brought forward




137,752,831


5,723,515


9,836,851


146,630,747












Movements in the period:






















  - Purchases at cost




-


-


-


-

  - Sales - proceeds




(1,517,874)


(58,223)


(99,036)


(1,610,560)

  - Exchange (losses) / gains on currency balances






-




-




-




276,776












Portfolio cost carried forward





130,773,126



5,492,777



9,319,964



139,505,585












Unrealised appreciation on valuation carried forward






20,301,412




687,314




1,430,123




21,527,068












Valuation carried forward





151,074,538



6,180,091



10,750,087



161,032,653























Realised gains on sales




97,644


2,303


5,824


102,271












Increase in unrealised appreciation





14,839,581



514,799



1,012,272



15,735,692












Gains on investments




14,937,225


517,102


1,018,096


15,837,963


  

7    RECEIVABLES






30 Jun 2008







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Prepayments




18,375


665


1,384


19,596





















31 Dec 2007







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Prepayments




9,611


374


721


10,249


  

8    PAYABLES (amounts falling due within one year)






30 June 2008







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Accrued shareholder liaison agent's fee





468,856



16,976



35,306



500,000

Accrued LSE migration costs





140,657



5,093



10,592



150,000

Accrued administration fees





5,905



214



445



6,297

Accrued registration fees




1,320


48


99


1,408

Accrued broker fees




1,542


56


99


1,644

Accrued audit fees




3,751


136


282


4,000

Accrued directors fees




3,702


134


279


3,948

Accrued printing costs




8,393


304


632


8,950
















634,126


22,961


47,751


676,247



























31 December 2007







Sterling Share

Class


Euro Share Class


USD

Share Class


Total







£



$


£












Accrued shareholder liaison agent's fee





164,100



6,392



12,310



175,000

Accrued LSE migration costs





-



-



-



-

Accrued administration fees





5,415



211



406



5,755

Accrued registration fees




1,048


41


79


1,118

Accrued broker fees




-


-


-


-

Accrued audit fees




7,502


292


563


8,000

Accrued directors fees




-


-


-


-

Accrued printing costs




9,940


387


746


10,600
















188,005


7,323


14,104


200,493


  

9    SHARE CAPITAL


Authorised

An unlimited number of Unclassified shares of no par value each.




Issued




Sterling Share

Class


Euro Share Class


USD

Share Class




Total












Number of shares in issue at 30 June 2008





137,408,662



5,147,713



8,140,874



150,697,250












Issue price per share




£1


€1


$1














The issue of shares took place as follows:




Number of Sterling Shares


Number of Euro Shares


Number of US$ Shares



Date of issue











21 April 2006




2


-


-



25 May 2006




135,283,597


5,676,877


9,632,602



Conversion 1 April 2008




2,323,063


(1,064,142)


(2,999,848)


















137,606,662


4,612,735


6,632,754




As detailed in Note 11, 100,000 Sterling Shares were purchased by the Company on 12 June 2007 for £103,528 and a further 98,000 were purchased on 30 August 2007 for £98,441. These shares were cancelled on 19 May 2008.


In the event of return of capital on a winding-up or otherwise, shareholders are entitled to participate in the distribution of capital after paying all the debts and satisfying all the liabilities attributable to the relevant share class.


The holders of shares of the relevant share class shall be entitled to receive by way of capital any surplus assets of the share class in proportion to their holdings. In the event that the share class has insufficient funds or assets to meet all the debts and liabilities attributable to that share class, any such shortfall shall be paid out of funds or assets attributable to the other share classes in proportion to the respective net assets of the relevant share classes as at the date of winding-up.


10    SHARE PREMIUM

The Company has passed a shareholder resolution to cancel the amount standing to the credit of its share premium account (less any formation expenses set off against the share premium account). The Directors obtained from the Court in Guernsey an order confirming such cancellation of the share premium account in accordance with the Companies Laws. The reserve created is available as distributable profits to be used for all purposes permitted by the Companies Laws, including the buy back of shares and the payment of dividends.


11    PURCHASE OF OWN SHARES








Sterling Share

Class


Euro Share Class


USD

Share Class




Total





£



$


£












Balance as at 1 January 2008




202,023


-


-


202,023

Cancelled in the period




(202,023)


-


-


(202,023)












Balance as at 30 June 2008




-


-


-


-


  

11    PURCHASE OF OWN SHARES (continued)


The treasury shares reserve represented 198,000 Sterling Shares purchased in the market at £1.02 per share and held by the Company for cancellation. These shares were cancelled on 19 May 2008.


12    DISTRIBUTABLE RESERVES








Sterling Share

Class


Euro Share Class


USD

Share Class




Total





£



$


£












Balance as at 1 January 2008





151,122,245



6,174,123



10,738,553



161,070,163

Net gain for the period attributable to shareholders






10,050,063




292,320




417,873




10,526,770

Cancellation of treasury shares





(202,023)



-



-



(202,023)

Share conversion




2,609,975


(1,158,505)


(3,401,931)


-

Currency consolidation adjustment





-



-



-



274,533












Balance as at 30 June 2008





163,580,260



5,307,938



7,754,495



171,669,443


13    FINANCIAL INSTRUMENTS


The Company's main financial instruments comprise:


(a)    Cash and cash equivalents that arise directly from the Company's operations; and


(b)    Shares held in AllBlue Limited.


14    FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES


The main risks arising from the Company's financial instruments concerns its shares in AllBlue Limited and the risks attaching to those shares which are market price risk, credit risk, liquidity risk and interest rate risk as explained below.


So far as the Company is concerned the only risk the Board can really monitor and control is the liquidity risk attaching to its ability to realise shares in AllBlue Limited for the purpose of meeting ongoing expenses of the Company. Thereafter the Board recognised that the Company has via its holding of shares in AllBlue Limited an indirect exposure to the risks summarised below though it must be noted that there is little or nothing which the Board can do to manage each of these risk within AllBlue Limited (the 'Fund') or the underlying funds owned by the Fund (the 'underlying fund(s)').


(a)    Price Risk

The success of AllBlue's, the underlying funds' and, therefore, the Company's activities, will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls and national and international political circumstances. These factors may affect the level and volatility of securities' prices and the liquidity of the underlying funds' investments. Volatility or illiquidity could impair the underlying funds' profitability or result in losses.


Details of the Company's Investment Objectives and Policy are given on page 3


14    FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES


(a)    Price Risk (continued)


Price sensitivity

The Company invests substantially all its assets in AllBlue and does not undertake any significant borrowing or hedging activity at the Company level. Its performance is therefore directly linked to the net asset value of AllBlue, which itself is driven by the net asset values of the underlying funds, each of which hold a large number of positions in listed and unlisted securities.


At 30 June 2008, if the net asset value of AllBlue had been 5% higher with all the other variables held constant, the net gain attributable to shareholders for the year would have been £8,640,854 (2007: £7,801,104) greater, arising due to the increase in the fair value of financial assets at fair value through profit or loss.


If the net asset value of AllBlue had been 5% lower with all the other variables held constant, the net gain attributable to shareholders for the year would have been £8,640,854 (2007: £7,801,104) lower, arising due to the decrease in the fair value of financial assets at fair value through profit or loss.


The sensitivity is higher in 2008 than in 2007 because of an increase in the net financial assets and liabilities at fair value through profit or loss at the balance sheet date.


(b)    Credit Risk

The nature of commercial arrangements made in the normal course of business between many prime brokers and custodians means that in the case of any one prime broker or custodian defaulting on its obligations to AllBlue or any of the underlying funds, the effects of such a default may have negative effects on other prime brokers with whom AllBlue or such underlying fund deals. The underlying funds and, by extension, AllBlue and the Company may, therefore, be exposed to systemic risk when AllBlue or an underlying fund deals with prime brokers and custodians whose creditworthiness may be interlinked.


The assets of AllBlue and the underlying funds may be pledged as margin with prime brokers or other counterparties or held with prime brokers or banks. In the event of the default of any of these prime brokers, banks or counterparties, AllBlue or the underlying funds may not receive back all or any of the assets pledged or held with the defaulting party.


The maximum credit risk to which the Company was exposed at the year end was £172,817,084 (2007: £156,022,071).


The main concentration of risk for the Company relates to the investments in AllBlue, as these are the only investments the Company has.


(c)    Liquidity Risk

In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. Accordingly, an underlying fund's ability to respond to market movements may be impaired and, consequently, the underlying fund may experience adverse price movements upon liquidation of its investments which may in turn affect the value of AllBlue and hence the Company's investment in AllBlue. Settlement of transactions may be subject to delay and administrative uncertainties.


There can be no assurance that the liquidity of the investments of AllBlue and the underlying funds will always be sufficient to meet redemption requests as, and when, made. Any such lack of liquidity may affect the ability of the Company to realise its shares in AllBlue and the value of Shares in the Company. For such reasons AllBlue's treatment of redemption requests may be deferred in exceptional circumstances including if a lack of liquidity may 


14    FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES


(c)    Liquidity Risk (continued)

result in difficulties un determining the net asset value and the net asset value per share in AllBlue. This in turn would limit the ability of the Directors to realise the Company's investments in AllBlue should they consider it appropriate to do so and may result in difficulties in determining the net asset value of a Share in the Company.


The market prices, if any, for such illiquid investments tend to be volatile and may not be readily ascertainable and the relevant underlying fund may not be able to sell them when it desires to do so or to realise what it perceives to be their fair value in the event of a sale. The size of the underlying funds' positions may magnify the effect of a decrease in market liquidity for such instruments. Changes in overall market leverage, deleveraging as a consequence of a decision by the counterparties with which the underlying funds enter into repurchase/reverse repurchase agreements or derivative transactions, to reduce the level of leveraging available, or the liquidation by other market participants of the same or similar positions, may also adversely affect the underlying funds' portfolios.


The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. The underlying funds may not be able readily to dispose of such liquid investments and, in some cases, may be contractually prohibited from disposing of such investments for a specified period of time. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale.


The Company's shares in issue may be traded on the Main Market of the London Stock Exchange. However, in certain circumstances there may be a limited market for the shares and it may not be possible for investors to achieve liquidation of their holding within a short time period or for the investor to realise the full anticipated value of the shares.


The Company has the use of an overdraft facility in order to settle share redemptions at times when no cash funds are available.


(d)    Interest Rate Risk

The prices of securities tend to be sensitive to interest rate fluctuations. Unexpected fluctuations in interest rates could cause the corresponding prices of long positions and short positions adopted to move in directions which were not originally anticipated. In addition, interest rate increases generally increase the interest or carrying costs of investments.


The Company is not materially exposed to interest rate risk as cash and cash equivalents are held on floating interest rate deposits with banks.


(e)    Leverage by Underlying Funds

Certain underlying funds in which the Company may have an economic interest operate with a substantial degree of leverage and are not limited in the extent to which they either may borrow or engage in margin transactions. The positions maintained by such underlying funds may in aggregate value be in excess of the net asset value of AllBlue. This leverage presents the potential for a higher rate of total return but will also increase the volatility of AllBlue and, as a consequence, the Company, including the risk of a total loss of the amount invested.


(f)    Capital Management

The investment objective of the Company is to provide shareholders with consistent long-term capital growth through an investment policy of investing substantially all of its assets in AllBlue Limited ('AllBlue') or any successor vehicle to AllBlue.




14    FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES


(f)    Capital Management

As the Company's Ordinary Shares are traded on the London Stock Exchange, the Ordinary Shares may trade at a discount to their Net Asset Value per Share on occasion. However, in structuring the Company, the Directors have given detailed consideration to the discount risk and how this may be managed.


Upon Admission, the Directors were granted authority to buy back up to 14.99 per cent of the Ordinary Shares in issue following Admission. The Company's authority to make purchases of its own issued Ordinary Shares will expire at the conclusion of the annual general meeting of the Company. A renewal of such authority to make purchases of Ordinary Shares will be sought from the Shareholder meeting of the Company. The timing of any purchases will be decided by the Board.


The Directors intend that purchases will only be made pursuant to this authority through the market, for cash, at prices below the prevailing Net Asset Value per Share where the Directors reasonably believe such purchases will result in an increase in the Net Asset Value per Share of the remaining Ordinary Shares. Any Ordinary Shares bought back by the Company will be cancelled.


Following approval of the Court in Guernsey, the Company resolved to cancel the amount standing to the credit of its share premium account following Admission. The amount released on cancellation has been credited as a distributable reserve in the books of account and may be used by the Company for the purpose of funding purchases of its Ordinary Shares as described above and the payment of dividends.


The Company's authorised share capital is such that further issues of new Ordinary Shares could be made. Subject to prevailing market conditions, the Board may decide to make one or more further such issues or reissues of Ordinary Shares for cash from time to time. Any further issues of new Ordinary Shares will rank pari passu with Ordinary Shares in issue.


There are no provisions of the Companies Laws or the Articles of Association of the Company providing pre-emption rights for existing Shareholders on the allotment of equity securities for cash.


Unless authorised by Shareholders, the Company will not issue further Ordinary Shares.


The Company monitors capital on the basis of the carrying amount of equity as presented on the face of the balance sheet. Capital for the reporting periods under review is summarised as follows:






30 Jun 2008

Company


30 Jun 2007

Company









£


£
















Distributable reserves




171,669,443


155,772,849
















Total




171,669,443


155,772,849








SECURITIES PORTFOLIO




NUMBER


VALUATION SOURCE


VALUATION

£


TOTAL NET ASSETS %







CURRENCY
















AllBlue Limited Sterling Shares




1,296,711


£164,656,421


£164,656,421


95.91%












AllBlue Limited Euro Shares




42,187


€5,346,891


£4,228,001


2.46%












AllBlue Limited US Dollar Shares




59,781


$7,835,550


£3,932,663


2.29%




















£172,817,085


100.67%




SECURITIES PORTFOLIO




NUMBER


VALUATION SOURCE


VALUATION

£


TOTAL NET ASSETS %







CURRENCY
















AllBlue Limited Sterling Shares




1,274,783


£151,074,538


£151,074,538


93.91%












AllBlue Limited Euro Shares




51,920


6,180,991


£4,542,181


2.82%












AllBlue Limited US Dollar Shares




86,820


$10,750,087


£5,415,934


3.37%




















£161,032,653


100.10%


All the Company's Shares are admitted on to the Official List and to trading on the Main Market of the London Stock Exchange. All Shares may be dealt in directly through a stockbroker or professional adviser acting on an investor's behalf. The buying and selling of Shares may be settled through CREST.

Approximately 20 business days after the end of each month the confirmed net asset value for each class of Share is announced to a regulatory information service provider of the London Stock Exchange.

The ISIN, SEDOL and the London Stock Exchange mnemonic of each share class is:

    ISIN    SEDOL    LSE mnemonic

Sterling share class    GB00B13YVW48    B13YVW4     BABS

Euro share class    GB00B13YXC81    B13YXC8    BABE

US$ share class    GB00B13YXH37    B13YXH3    BABU

Sterling share class    GG00B2RJ9K64    B2RJ9K6     BABC

Euro share class    GG00B2RJ9P10    B2RJ9P1    BABF

US$ share class    GG00B2RJ9R34    B2RJ9R3    BABV

Shareholder Enquiries

The Company's CREST compliant registrar is Anson Registrars Limited in Guernsey who maintains the Company's register of shareholders. They may be contacted by telephone on (44) 01481 711301.

Further information regarding the Company can be found on its website at www.bluecrestallblue.co.uk.

For information about investing in the Company contact BlueCrest Capital Management Limited (Investor Relations) on + 44 (0) 203 180 3000. 


  

Directors

Richard Crowder

Paul Meader

John Reginald Le Prevost

Jonathan Hooley

Andrew Dodd

Registered Office of the Company

Anson Place

Mill Court

La Charroterie

St Peter Port

Guernsey

GY1 1EJ

Telephone +44 (0)1481 722260

Corporate Broker

RBS Hoare Govett Limited
250 Bishopsgate

London

England

EC2M 4AA 

Telephone +44 (0)20 7678 8000

Administrator and Company Secretary

Anson Fund Managers Limited

PO Box 405

Anson Place

Mill Court

La Charroterie

St Peter Port

Guernsey

GY1 3GF

Registrar, Paying Agent and Transfer Agent

Anson Registrars Limited

PO Box 426

Anson Place

Mill Court

La Charroterie

St Peter Port

Guernsey

GY1 3WX

UK Transfer Agent


Anson Administration (UK) Limited

3500 Parkway

Solent Business Park

Whiteley

Fareham

Hampshire

England

PO15 7AL


Auditor

Ernst & Young LLP

PO Box 9

14 New Street

St Peter Port

Guernsey

GY1 4AF



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