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FRM Diversified Alph (DIVA)

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Wednesday 24 December, 2008

FRM Diversified Alph

Continuation vote

RNS Number : 7613K
FRM Diversified Alpha Limited
24 December 2008
 






FRM DIVERSIFIED ALPHA LIMITED (the 'Company') 


24 December 2008 


Continuation Vote


Following the announcement on 28th November 2008, the Board of Directors of the Company have consulted with their advisers and a number of shareholders regarding the share price discount to net asset value.


The current share price discount is comparable with other funds of hedge funds in the closed ended sector and as a consequence given market conditions it may prove difficult to reduce the discount in the near term.


The Board therefore proposes to bring forward a continuation vote in June 2009 with the intention that a  circular and notice of an extraordinary general meeting be issued in April 2009.The shareholder notification will include a contingent resolution to place the Company into members' voluntary liquidation should the continuation vote not be passed. The circular will also include an indication as to the likely timing of distributions to shareholders in the event of liquidation.


In reaching this decision the Board believes that given the current low levels of liquidity in markets and the impact that this has on the company's investments this is the most effective solution for shareholders and also provides an opportunity for the Board to explore other options for enhancing shareholder value prior to the continuation vote.



Contacts: 


FRM

Greg Taylor                     020 79686206

Mark Shaw                     020 79686141


JPMorgan Cazenove       020 75882828



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