Information  X 
Enter a valid email address
  Print          More announcements

Friday 23 January, 2009

Tremont MasterStrat

Circular to Unitholders

RNS Number : 1865M
Tremont Master Strategies Trust
23 January 2009
 



This Circular is sent to you as a Unitholder of Tremont Master Strategies Trust (the 'Trust'). This document is important and requires your immediate attention. If you are in any doubt as to the action to be taken, you should immediately consult your stockbroker, solicitor or attorney or other professional advisor. If you sold or otherwise transferred your holding in the Trust, please send this Circular to the stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee as soon as possible.


This Circular has not been reviewed by the Irish Financial Services Regulatory Authority (the 'Financial Regulator') and it is possible that changes thereto may be necessary to meet the requirements of the Financial Regulator. The directors of Tremont Capital Management (Ireland) Limited, the manager of the Trust (the 'Manager') are of the opinion that there is nothing contained in this Circular nor in the proposals detailed herein that conflicts with the Guidance Notes issued by and regulations of the Financial Regulator.


The Directors of the Manager have taken all reasonable care to ensure that, as at the date of this Notice, the information contained in this Circular is in accordance with the facts and does not omit anything likely to affect the import of such information. The directors of the Manager (the 'Directors') accept responsibility for the information contained in this Circular. 


Unless otherwise indicated, all capitalised terms in this Circular shall have the same meaning as described in the prospectus for the Trust dated 30 April 2008 (the 'Prospectus').



Tremont Capital Management (Ireland) Limited 

Registered Office:

70 Sir John Rogerson's Quay

Dublin 2



23 January 2009


Dear Unitholder,

As you are aware, conditions in the financial markets have deteriorated significantly in recent months. Like many hedge funds, in an effort to treat Unitholders fairly, the Directors have considered putting in place appropriate measures to deal with illiquid investments or investments which cannot be valued with certainty to ensure that the Unitholders of the Trust and its sub-funds are protected. 


Further to that consideration the Directors are of the view that the most appropriate measure to be taken is to provide the Trust with the ability to side pocket assets where the Directors consider this action appropriate.


Amendment to Trust's trust deed to provide for side pocketing 


It is proposed therefore, to amend the trust deed for the Trust dated 27 April 2004 to permit the Manager to create, when necessary, separate portfolios of assets (the 'New Funds') to which illiquid assets of the sub-funds of the Trust (the 'Funds') can be deposited as side pockets. Each New Fund would be established with an initial special investment tranche - Tranche S1 Units, as defined in Annex I. The Tranche S1 Units would benefit from any interest, dividend or other income accruing to the side pocketed investment of this special investment tranche. 


In this regard the Manager proposes to add the following clause to the Trust's trust deed:


'43.    SPECIAL SITUATION INVESTMENTS

43.1    From time to time, a portion of the Trust's assets may consist of one or more illiquid investments that the Manager determines, in its sole discretion, to be subject to regulatory, contractual or legal restrictions on disposition (each such investment or portfolio of investments is referred to herein as a 'Special Situation Investment'). Each Unitholder who is a Unitholder at the time a Special Situation Investment is acquired, or at the time an existing investment or portfolio of investments becomes a Special Situation Investment, will be issued Tranche S Units of a new Special Investment Tranche (each a 'Special Investment Tranche'), which will be consecutively numbered ('Tranche S1', 'Tranche S2', 'Tranche S3', etc.) with regard to such Special Situation Investment. Upon identifying an investment or portfolio of investments as a Special Situation Investment, a pro-rata portion of each existing Unitholder's Units (and, if such Unitholder holds more than one Class of Units, pro-rata according to such Unitholder's holdings of such Units) will be converted to Tranche S Units of a new Special Investment Tranche by way of redemption and re-issue, without any obligation on the Unitholders or the Trust to take any other action pursuant to clauses 5 and 16 and without the requirement for any notice to be served on such Unitholder. 

43.2    Units which are redeemed and re-issued as Tranche S Units may include Units in respect of which a suspension of redemptions is in effect on the date on which such redemption and re-issue occurs and the entire holding of any relevant Unitholder on the Dealing Day prior to the implementation of the suspension of redemptions may be taken into account in calculating the pro rata portion of Units held by such Unitholder which are to be redeemed and re-issued as Tranche S Units. Each separate Tranche of Units will represent a separate portfolio of assets and liabilities of the Trust.  

43.3    All cash and Investments received by the Trust or allocated by the Manager to a Special Situation Investment and all liabilities, income, earnings, profits and proceeds thereof shall be segregated and kept separate from all other moneys of the Trust and such liabilities, assets and moneys shall be referred to as a 'Fund', there being one such Fund in respect of each Tranche of Units and books and records will be maintained accordingly.

43.4    Tranche S Units of a new Special Investment Tranche will be issued to a Unitholder in the Base Currency, or such other currency as the Manager determines in an amount equal to (i) the aggregate value of such Unitholder's Units divided by the aggregate value of all of the issued and outstanding Units (excluding for this purpose, any Tranche S Units then outstanding and in the event that a suspension of redemption is in effect on the date of such issue, calculated based on the Units in issue on the last Dealing Day on which no suspension of redemptions was in effect) multiplied by (ii) the book value of the Special Situation Investment attributable to the relevant Tranche S Units calculated in accordance with the provisions of clause 13 hereof. 

43.5    Unitholders who purchase Units after the Trust acquires a Special Situation Investment are not entitled to receive any Tranche S Units with respect to such Special Situation Investment or to participate in the gain, loss or income relating to such Tranche S Units.  

43.6    For the purpose of determining the number of Tranche S Units in a Special Investment Tranche to be issued to each Unitholder, the initial Net Asset Value per Tranche S Unit of such Special Investment Tranche shall be such amount as the Manager may determine. Tranche S Units may also be designated in the Base Currency of any Units which were redeemed in conjunction with the issue of such Tranche S Units, however, the currency exposure of any such Tranche S Units will not be hedged into the currency of the Tranche S Units (the 'Tranche S Units Currency') and holders of such Tranche S Units will bear the risk of any currency fluctuations between the relevant currency and the Tranche S Units Currency and will also bear the costs and expenses of any currency conversion in connection with distribution or redemption payments made to such Unitholder. Thereafter, the Net Asset Value of such Special Investment Tranche shall appreciate or depreciate in accordance with the valuation procedures described in clauses 12 and 13 hereof and for the avoidance of doubt appreciation or depreciation of the assets and liabilities attributable to each Special Investment Tranche shall not be attributable to any other class of Units in the Trust. 

43.7    For the purposes of clause 16.7 (i) hereof, the Net Asset Value of each Special Investment Tranche shall be excluded for the purposes of determining the Net Asset Value of all Units in issue on each Dealing Day. 

43.8    For the purposes of the Schedule hereof, each Special Investment Tranche shall be regarded as a separate class of Units.  

43.9    In the event the Manager (i) determines in its sole discretion that an investment or portfolio of investments of the Trust no longer constitutes a Special Situation Investment or (ii) liquidates a Special Situation Investment in whole or in part, then the Unitholders holding the Tranche S Units with respect to such Special Situation Investment shall receive in exchange for those Tranche S Units, a new series of Units of Tranche S or such other Class as may be agreed with the Trustee, in an amount representing such Unitholders' interests in the relevant Special Situation Investment (or the relevant portion thereof). The Manager may also distribute the proceeds of sale of any Special Situation Investment or any portion thereof to holders of the relevant Tranche S Units in accordance with the provisions of clause 20 hereof.'

Regulatory classification of the Trust 


In conjunction with the establishment of the Trust's facility to side pocket, it is proposed to convert the Trust from an open-ended umbrella unit trust to an umbrella unit trust permitted to establish open-ended and limited liquidity funds.


On a separate matter, the Directors of the Manager would like to advise you of the following additional proposed change.


Payment of Redemptions Proceeds  


In addition it is proposed to provide the Manager with the flexibility, if deemed appropriate, to make an initial redemption payment of 90% of the Net Asset Value of the Units being redeemed with the remainder of the redemption proceeds (if any) being paid to the relevant Unitholders within such number of Business Days of the completion of the Trust's audited accounts as the Manager shall determine, and set out in the Trust's prospectus.


Extraordinary General Meeting of Unitholders 


Attached at Annex I is a notice of a extraordinary general meeting of the Unitholders of the Trust (the 'Meeting') at which your approval will be sought for the proposals to amend the Trust's trust deed and provide greater flexibility in relation to the payment of redemption proceeds. The Meeting will be held at the offices of Matsack Trust Limited, 70 Sir John Rogerson's Quay, Dublin 2, Ireland, on 13 February 2009. A form of Proxy for the Meeting is enclosed as Annex II. To enable you to vote at the Meeting you are urged to complete and return the form of Proxy as soon as possible and in any event by no later than 10.00 am (Dublin time) on 11 February 2009, 48 hours prior to the Meeting. Please read the notes printed on the form, which will assist you in its completion and return. You may attend and vote at the Meeting even if you have appointed a proxy, but in such circumstances, the proxy is not entitled to vote. The quorum for the Meeting of the Trust is two Unitholders holding voting Units present in person or by proxy. If a quorum is not present within half an hour of the time appointed for the Meeting, it will be necessary to adjourn it. In that event, it will stand adjourned to 16 February 2009 at the same time and place. If you are a corporate entity you may wish to appoint a representative to attend and vote at the Meeting on your behalf. A form of letter of representation is enclosed in Annex III for this purpose.


If the proposals are approved by 50% of the votes cast at the meeting, it will be binding on all Unitholders irrespective of how (or whether) they voted. In view of the importance of the proposals, the chairman will demand that a poll be taken. If the proposal regarding the amendment to the Trust trust's deed is approved, the trust deed will be amended as soon as practicable thereafter in compliance with the requirements of the Irish Financial Services Regulatory Authority. You will be notified following the Meeting of its outcome.


Administration Fees 


We also wish to advise you that the minimum monthly fee exclusive of out-of-pocket expenses of the administrator has been increased by US$4,000 per sub-fund. The increase reflects the result of negotiation with the administrator following their review of competitor pricing levels and the current size of the Trust's Funds. 


The Directors are of the opinion that the proposed changes are in the best interests of the Unitholders as a whole, and accordingly recommend that you vote in favour of the resolutions set out in the Notice of Meeting. The Directors accept responsibility for the information contained in this Circular. If you have any queries please consult with your professional advisers. A revised and marked up draft copy of the newly Trust's trust deed will be available for inspection from the date of dispatch of the Circular at 70 Sir John Rogerson's Quay, Dublin 2, Ireland , Ireland and for at least 15 minutes prior to and during the Meeting.


Should you have any questions, please do not hesitate to call your Client Relationship Manager.




Yours faithfully



----------------------------

For and on behalf of

TREMONT CAPITAL MANAGEMENT (IRELAND) LIMITED  

  Annex I


Notice of an Extraordinary General Meeting
of

Tremont Master Strategies Trust (the 'Trust')


Notice is hereby given that a Meeting of the Unitholder of the Trust and its sub-funds will be held at 70 Sir John Rogerson's Quay, Dublin 2, Ireland on 13 February, 2009 at 10.00 am (Irish time), to consider and, if thought fit, to pass the following resolutions to take effect immediately: 

Extraordinary Resolutions 

1.    That the following be included as a new clause 43 in the Trust's trust deed:

'43.    SPECIAL SITUATION INVESTMENTS

43.1    From time to time, a portion of the Trust's assets may consist of one or more illiquid investments that the Manager determines, in its sole discretion, to be subject to regulatory, contractual or legal restrictions on disposition (each such investment or portfolio of investments is referred to herein as a 'Special Situation Investment'). Each Unitholder who is a Unitholder at the time a Special Situation Investment is acquired, or at the time an existing investment or portfolio of investments becomes a Special Situation Investment, will be issued Tranche S Units of a new Special Investment Tranche (each a 'Special Investment Tranche'), which will be consecutively numbered ('Tranche S1', 'Tranche S2', 'Tranche S3', etc.) with regard to such Special Situation Investment. Upon identifying an investment or portfolio of investments as a Special Situation Investment, a pro-rata portion of each existing Unitholder's Units (and, if such Unitholder holds more than one Class of Units, pro-rata according to such Unitholder's holdings of such Units) will be converted to Tranche S Units of a new Special Investment Tranche by way of redemption and re-issue, without any obligation on the Unitholders or the Trust to take any other action pursuant to clauses 5 and 16 and without the requirement for any notice to be served on such Unitholder. 

43.2    Units which are redeemed and re-issued as Tranche S Units may include Units in respect of which a suspension of redemptions is in effect on the date on which such redemption and re-issue occurs and the entire holding of any relevant Unitholder on the Dealing Day prior to the implementation of the suspension of redemptions may be taken into account in calculating the pro rata portion of Units held by such Unitholder which are to be redeemed and re-issued as Tranche S Units. Each separate Tranche of Units will represent a separate portfolio of assets and liabilities of the Trust.  

43.3    All cash and Investments received by the Trust or allocated by the Manager to a Special Situation Investment and all liabilities, income, earnings, profits and proceeds thereof shall be segregated and kept separate from all other moneys of the Trust and such liabilities, assets and moneys shall be referred to as a 'Fund', there being one such Fund in respect of each Tranche of Units and books and records will be maintained accordingly.

43.4    Tranche S Units of a new Special Investment Tranche will be issued to a Unitholder in the Base Currency, or such other currency as the Manager determines in an amount equal to (i) the aggregate value of such Unitholder's Units divided by the aggregate value of all of the issued and outstanding Units (excluding for this purpose, any Tranche S Units then outstanding and in the event that a suspension of redemption is in effect on the date of such issue, calculated based on the Units in issue on the last Dealing Day on which no suspension of redemptions was in effect) multiplied by (ii) the book value of the Special Situation Investment attributable to the relevant Tranche S Units calculated in accordance with the provisions of clause 13 hereof. 

43.5    Unitholders who purchase Units after the Trust acquires a Special Situation Investment are not entitled to receive any Tranche S Units with respect to such Special Situation Investment or to participate in the gain, loss or income relating to such Tranche S Units.  

43.6    For the purpose of determining the number of Tranche S Units in a Special Investment Tranche to be issued to each Unitholder, the initial Net Asset Value per Tranche S Unit of such Special Investment Tranche shall be such amount as the Manager may determine. Tranche S Units may also be designated in the Base Currency of any Units which were redeemed in conjunction with the issue of such Tranche S Units, however, the currency exposure of any such Tranche S Units will not be hedged into the currency of the Tranche S Units (the 'Tranche S Units Currency') and holders of such Tranche S Units will bear the risk of any currency fluctuations between the relevant currency and the Tranche S Units Currency and will also bear the costs and expenses of any currency conversion in connection with distribution or redemption payments made to such Unitholder. Thereafter, the Net Asset Value of such Special Investment Tranche shall appreciate or depreciate in accordance with the valuation procedures described in clauses 12 and 13 hereof and for the avoidance of doubt appreciation or depreciation of the assets and liabilities attributable to each Special Investment Tranche shall not be attributable to any other class of Units in the Trust. 

43.7    For the purposes of clause 16.7 (i) hereof, the Net Asset Value of each Special Investment Tranche shall be excluded for the purposes of determining the Net Asset Value of all Units in issue on each Dealing Day. 

43.8    For the purposes of the Schedule hereof, each Special Investment Tranche shall be regarded as a separate class of Units.  

43.9    In the event the Manager (i) determines in its sole discretion that an investment or portfolio of investments of the Trust no longer constitutes a Special Situation Investment or (ii) liquidates a Special Situation Investment in whole or in part, then the Unitholders holding the Tranche S Units with respect to such Special Situation Investment shall receive in exchange for those Tranche S Units, a new series of Units of Tranche S or such other Class as may be agreed with the Trustee, in an amount representing such Unitholders' interests in the relevant Special Situation Investment (or the relevant portion thereof). The Manager may also distribute the proceeds of sale of any Special Situation Investment or any portion thereof to holders of the relevant Tranche S Units in accordance with the provisions of clause 20 hereof.'

2.    That in conjunction with the establishment of the Trust's facility to side pocket, the Trust be converted from an open-ended umbrella unit trust to an umbrella unit trust permitted to establish open-ended and limited liquidity funds.

3.    That the Manager has the flexibility, if deemed appropriate, to make an initial redemption payment of 90% of the Net Asset Value of the Units being redeemed with the remainder of the redemption proceeds (if any) being paid to the relevant Unitholders within such number of Business Days of the completion of the Trust's audited accounts as the Manager shall determine, and set out in the Trust's prospectus. 

4.    That the trust deed of the Trust be and it is hereby amended by replacing the existing trust deed with the amended trust deed presented to the meeting and that the trust deed in the form of the trust deed presented to the meeting be and is thereby adopted as a new trust deed of the Trust and shall supersede all prior trust deeds of the Trust.


As a holder of Units, we request that you complete the enclosed proxy and return it by fax to Matsack Trust Limited, 70 Sir John Rogerson's Quay, Dublin 2, Ireland. Telephone No. + 353 1 232 2000, Fax No. + 353 1 232 3333 (marked for the attention of Gavin Coleman) as soon as possible and in any event not later than 48 hours prior to the Meeting or attend in person at the Meeting in order to vote upon the Resolutions.




_____________________________________


by order of MATSACK TRUST Limited

Company Secretary


Dated: 23 January 2009


REGISTERED OFFICE

70 Sir John Rogerson's Quay

Dublin 2

Ireland


  Annex II


Proxy Card


Tremont Master Strategies Trust (the 'Trust')


I/We, ____________________________________________________ having our registered office at/ of ________________________________________________________________ (see note 1 below) 


being (a) holder(s) of Units in the Trust, hereby appoint the Chairman as chairman of the Extraordinary General Meeting of the Trust, or failing him/her, Paul Farrell, or failing him, Flavien Corolleur, or failing him, Gavin Coleman, or failing him, Oisin McClenaghan, or failing him/her, ___________________of________________________________________________________


as my/our proxy to vote for me/us and on my/our behalf at the Extraordinary General Meeting of the Unitholders, to be held at 70 Sir John Rogerson's Quay, Dublin 2, Ireland on 13 February 2009, at 10.00 am (Irish time) or at any adjournment thereof.


Please indicate with an 'X' in the space below how you wish your votes to be cast in respect of the Resolution. If no specific direction as to voting is given the proxy will vote or abstain from voting at his/her discretion.


RESOLUTION:  

For

Against

1.  

That the following be included as a new clause 43 in the Trust's trust deed:

'43.    SPECIAL SITUATION INVESTMENTS

43.1    From time to time, a portion of the Trust's assets may consist of one or more illiquid investments that the Manager determines, in its sole discretion, to be subject to regulatory, contractual or legal restrictions on disposition (each such investment or portfolio of investments is referred to herein as a 'Special Situation Investment'). Each Unitholder who is a Unitholder at the time a Special Situation Investment is acquired, or at the time an existing investment or portfolio of investments becomes a Special Situation Investment, will be issued Tranche S Units of a new Special Investment Tranche (each a 'Special Investment Tranche'), which will be consecutively numbered ('Tranche S1', 'Tranche S2', 'Tranche S3', etc.) with regard to such Special Situation Investment. Upon identifying an investment or portfolio of investments as a Special Situation Investment, a pro-rata portion of each existing Unitholder's Units (and, if such Unitholder holds more than one Class of Units, pro-rata according to such Unitholder's holdings of such Units) will be converted to Tranche S Units of a new Special Investment Tranche by way of redemption and re-issue, without any obligation on the Unitholders or the Trust to take any other action pursuant to clauses 5 and 16 and without the requirement for any notice to be served on such Unitholder. 

43.2    Units which are redeemed and re-issued as Tranche S Units may include Units in respect of which a suspension of redemptions is in effect on the date on which such redemption and re-issue occurs and the entire holding of any relevant Unitholder on the Dealing Day prior to the implementation of the suspension of redemptions may be taken into account in calculating the pro rata portion of Units held by such Unitholder which are to be redeemed and re-issued as Tranche S Units. Each separate Tranche of Units will represent a separate portfolio of assets and liabilities of the Trust.  

43.3    All cash and Investments received by the Trust or allocated by the Manager to a Special Situation Investment and all liabilities, income, earnings, profits and proceeds thereof shall be segregated and kept separate from all other moneys of the Trust and such liabilities, assets and moneys shall be referred to as a 'Fund', there being one such Fund in respect of each Tranche of Units and books and records will be maintained accordingly.

43.4    Tranche S Units of a new Special Investment Tranche will be issued to a Unitholder in the Base Currency, or such other currency as the Manager determines in an amount equal to (i) the aggregate value of such Unitholder's Units divided by the aggregate value of all of the issued and outstanding Units (excluding for this purpose, any Tranche S Units then outstanding and in the event that a suspension of redemption is in effect on the date of such issue, calculated based on the Units in issue on the last Dealing Day on which no suspension of redemptions was in effect) multiplied by (ii) the book value of the Special Situation Investment attributable to the relevant Tranche S Units calculated in accordance with the provisions of clause 13 hereof. 

43.5    Unitholders who purchase Units after the Trust acquires a Special Situation Investment are not entitled to receive any Tranche S Units with respect to such Special Situation Investment or to participate in the gain, loss or income relating to such Tranche S Units.  

43.6    For the purpose of determining the number of Tranche S Units in a Special Investment Tranche to be issued to each Unitholder, the initial Net Asset Value per Tranche S Unit of such Special Investment Tranche shall be such amount as the Manager may determine. Tranche S Units may also be designated in the Base Currency of any Units which were redeemed in conjunction with the issue of such Tranche S Units, however, the currency exposure of any such Tranche S Units will not be hedged into the currency of the Tranche S Units (the 'Tranche S Units Currency') and holders of such Tranche S Units will bear the risk of any currency fluctuations between the relevant currency and the Tranche S Units Currency and will also bear the costs and expenses of any currency conversion in connection with distribution or redemption payments made to such Unitholder. Thereafter, the Net Asset Value of such Special Investment Tranche shall appreciate or depreciate in accordance with the valuation procedures described in clauses 12 and 13 hereof and for the avoidance of doubt appreciation or depreciation of the assets and liabilities attributable to each Special Investment Tranche shall not be attributable to any other class of Units in the Trust. 

43.7    For the purposes of clause 16.7 (i) hereof, the Net Asset Value of each Special Investment Tranche shall be excluded for the purposes of determining the Net Asset Value of all Units in issue on each Dealing Day. 

43.8    For the purposes of the Schedule hereof, each Special Investment Tranche shall be regarded as a separate class of Units.

43.9    In the event the Manager (i) determines in its sole discretion that an investment or portfolio of investments of the Trust no longer constitutes a Special Situation Investment or (ii) liquidates a Special Situation Investment in whole or in part, then the Unitholders holding the Tranche S Units with respect to such Special Situation Investment shall receive in exchange for those Tranche S Units, a new series of Units of Tranche S or such other Class as may be agreed with the Trustee, in an amount representing such Unitholders' interests in the relevant Special Situation Investment (or the relevant portion thereof). The Manager may also distribute the proceeds of sale of any Special Situation Investment or any portion thereof to holders of the relevant Tranche S Units in accordance with the provisions of clause 20 hereof.'

 


2. 

That in conjunction with the establishment of the Trust's facility to side pocket, the Trust be converted from an open-ended umbrella unit trust to an umbrella unit trust permitted to establish open-ended and limited liquidity funds.



3. 

That the Manager has the flexibility, if deemed appropriate, to make an initial redemption payment of 90% of the Net Asset Value of the Units being redeemed with the remainder of the redemption proceeds (if any) being paid to the relevant Unitholders within such number of Business Days of the completion of the Trust's audited accounts as the Manager shall determine, and set out in the Trust's prospectus.



4.

That the trust deed of the Trust be and it is hereby amended by replacing the existing trust deed with the amended trust deed presented to the meeting and that the trust deed in the form of the trust deed presented to the meeting be and they are thereby adopted as a new trust deed of the Trust and shall supersede all prior trust deeds of the Trust.



Dated             2009.


___________________________            _____________________________

Name and Address of unitholder            Signature of unitholder

  

Notes:


  • A Unitholder must insert his full name and registered address in type or block letters. In the case of joint accounts the names of all holders must be stated.

  • If it is desired to appoint some other person as proxy, the name of the proxy must be inserted in the space provided instead of the option provided which should be deleted.

  • The Proxy Card must:

in the case of an individual Unitholder be signed by the Unitholder or his attorney; and

in the case of a corporate Unitholder be given either under its common seal or signed on its behalf by an attorney or by a duly authorised officer of the corporate Unitholder.

In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted by the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the register of members in respect of the joint holding.

To be valid this proxy and any power of attorney under which it is signed must reach Matsack Trust Limited, 70 Sir John Rogerson's Quay, Dublin 2, Ireland, 48 hours before the time appointed for the holding of the meeting. Proxy Cards may be returned in the first instance by facsimile to + 353 1 232 3333 marked for the attention of Gavin Coleman. However, the original Proxy Card should be forwarded by mail, to the address set out above.

(e)    A proxy need not be a Unitholder of the Fund in the Trust but must attend the meeting in person to represent you.

  Annex III


Letter of Representation


To:        Tremont Capital Management (Ireland) Limited

    70 Sir John Rogerson's Quay

    Dublin 2

    Ireland



Dear Sirs


We, _____________________________________________________________________________ 

of _______________________________________________________________________________

_________________________________________________________________________________

(the 'Company') being a Unitholder of a fund in Tremont Master Strategies Trust (the 'Trust') hereby notify you that pursuant to a resolution of the board, __________________________________________ has been appointed as the Company's representative to attend and vote on the Company's behalf at the Extraordinary General Meeting of the Trust to be held at 70 Sir John Rogerson's Quay, Dublin 2, Ireland on 13 February 2009 at the time set out in Annex II or any adjournment thereof.


Such person so appointed shall be entitled to exercise the same powers at any such meeting in respect of our units in the Trust as we could exercise if we were an individual unitholder and is empowered to sign any necessary consents in connection with any such General Meeting referred to above on behalf of the Company.



Signed        

Duly Authorised Officer

For and on behalf of





____________________











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
 
END
 
 
ISECKNKKABKDDDB

a d v e r t i s e m e n t