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Thursday 31 July, 2008

Morley Alt.Inv.Strat

Appointment of an Additional

RNS Number : 3747A
MorleyAlternativeInvStrat Fd PCC Ld
31 July 2008
 



Stock Exchange Announcement


For immediate release

31 July 2008



Morley Alternative Investment Strategy Fund PCC Limited

 

Convertible Bond Arbitrage Fund (the 'CBA Fund')


RE: Appointment of an Additional Prime Broker


The Directors of the Morley Alternative Investment Strategy Fund PCC Limited (The 'Fund') wish to announce that pursuant to a prime brokerage agreement between the CBA Fund and UBS Securities LLC ('UBS') dated July 25 2008, UBS will be appointed as Prime Broker to the CBA Fund in addition to the existing Prime Broker, Credit Suisse Securities (Europe) Limited. The Investment Manager of the CBA Fund will determine the allocation of the assets of the CBA Fund between the Guernsey Manager and the Prime Brokers.


UBS, an indirect wholly-owned subsidiary of UBS AG, organised under the laws of the State of Delaware. It is a registered broker and dealer under the Securities Exchange Act of 1934 and is a member of the New York Stock Exchange, Inc., the National Association of Securities Dealers, Inc. and other principal exchanges and is regulated by the SEC.


UBS has a credit rating of AA- from Standard & Poor's for long term debt; and A-1+ for short-term debt from Standard & Poor's. UBS has financial resources in excess of USD 200 million.


UBS Securities LLC has been appointed as a Prime Broker to the CBA Fund pursuant to a prime brokerage agreement (together, with the margin loan, securities loan and foreign exchange agreement and the exchange-traded derivatives annex (each a 'Component Document') the 'UBS Prime Brokerage Agreement'). In its capacity as Prime Broker, UBS Securities may, among other things, provide margin financing, clearing, settlement, stocklending and foreign exchange facilities to the Fund. The Fund may also utilize other brokers and dealers for the purposes of executing transactions for the Fund.


Pursuant to the UBS Prime Brokerage Agreement, UBS may hold certain investments, cash and other property (the 'Collateral') of the CBA Fund in custody as sub-custodian of the Guernsey Custodian, BNP Paribas Trust Company (Guernsey) Limited, and any such Collateral will be subject to a first priority security interest in favour of UBS (and which UBS will also hold as agent and bailee for the benefit of itself and all other UBS Entities (as such term is defined in the UBS Prime Brokerage Agreement, the 'UBS Entities')). In general, UBS Securities may attend to all matters in connection with the custody, sale, purchase and transfer of, and other dealings with respect to, the Collateral, and may, at its option, register Collateral in the name of any of the UBS Entities or its nominee or agent. At any time and without notice, the Collateral may be held in any UBS Entity's general account, and may be pledged, re-pledged, hypothecated or re-hypothecated, sold, lent, or otherwise transferred or used, separately or together with other amounts of Collateral, with all attendant rights of ownership, for the sum due to any of the UBS Entities.  


UBS may appoint sub-custodians of the assets of the Fund. UBS will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to the Fund for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodian services to the Fund, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate enquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged.


The Fund will indemnify and hold the UBS Entities harmless from any loss, claim, or expense, including reasonable attorney's fees and expenses, incurred in connection with the UBS Prime Brokerage Agreement, except to the extent that the same arises primarily from the UBS Entities' gross negligence or wilful misconduct.  


UBS and the other UBS Entities are service providers and are not responsible for the preparation of this announcement or the activities of the Fund and therefore accept no responsibility for the accuracy of any information contained in this document. Neither UBS nor any other UBS Entity will have any involvement in the management of the Fund or any decision-making discretion relating to the Fund's investments and neither UBS nor any other UBS Entity will be responsible for any losses suffered by the Fund.


It is the responsibility of the Fund (and not UBS) to ensure that assets of the Fund (other than margin deposits) are delivered to UBS as prime broker and custodian. UBS will not be responsible for monitoring the Fund's compliance with this obligation


UBS will be paid at normal commercial rates. The Agreement may be terminated by the Fund or UBS upon prior written notice.







Enquiries:


Goodbody Stockbrokers  


Therese Redmond      


+353 1 6419132  

  


This announcement has been issued through the Companies Announcement Service of


The Irish Stock Exchange





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