Highbridge Multi-Strategy Fd Ltd £ Net Asset Value(s) (1101Q)
November 24 2016 - 9:38AM
UK Regulatory
TIDMHMSF
RNS Number : 1101Q
Highbridge Multi-Strategy Fd Ltd £
24 November 2016
HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (the "Company")NET ASSET
VALUE ("NAV") OF SHARES
The NAV of an Ordinary Share in the capital of the Company (a
"Share"), calculated as at the close of business on Monday 31
October 2016 the "VP", being the valuation point is:
Shares NAV
Ordinary Shares GBP 2.0809
ISIN: GB00B13YVW48
This NAV has been calculated on the assets and liabilities
within the Company as at the VP, having regard to (i) the cash and
near cash items held, (ii) the net asset value of shares in
Highbridge Capital Corporation ("HCC") (as provided by the
Administrator of HCC) and (iii) the estimated net asset value of
estimated cash flows from AllBlue Limited ("AB") and AllBlue
Leveraged Feeder Limited ("ABL") (as provided by BlueCrest Capital
Management Limited). The exact timings and amounts of these
cashflows are not known.
The administrator of AB and ABL has informed the Company that it
will now provide AB and ABL net asset values on a monthly rather
than weekly basis. Accordingly, the NAV for a Share as presented
above has been prepared on the basis of a monthly confirmed NAV for
the Company's investment in Highbridge Capital Corporation as at
the end of October 2016 and a monthly confirmed NAV for AB and ABL
as at the end of October 2016.
At the request of shareholders and the Board, the Administrator
has prepared the below table providing further information about
the approximate asset exposure of both continuing shareholders
("Continuing Shareholders") in the Company, the asset exposure for
those former shareholders who participated in the cash exit
opportunity in February 2016 and remain creditors of the Company
("Cash Exit Creditors") and the asset exposure for those former
shareholders who participated in the tender offer in October 2016
and remain creditors of the Company ("Tender Creditors").
Continuing Shareholders
------------- ------------------------
Cash 1%
-------------- ------------------------
AB and ABL 6%
-------------- ------------------------
Highbridge 93%
-------------- ------------------------
Cash Exit Creditors
------------- ------------------------
Cash 0%
-------------- ------------------------
AB and ABL 6%
-------------- ------------------------
Distributed 94%
-------------- ------------------------
Tender Creditors
------------- ------------------------
Cash 1%
-------------- ------------------------
AB and ABL 6%
-------------- ------------------------
Highbridge 93%
-------------- ------------------------
Distributed 0%
-------------- ------------------------
Based on information received by the Company from AB and ABL as
to the residual value of their own creditor interests, the
Company's Administrator has calculated the unaudited estimated
residual payment due to the Cash Exit and Tender Creditors to be as
follows:
GBP Class USD Class
Cash Exit Creditors -
per Share GBP0.1234 $0.1166
Tender Creditors - per GBP2.0753
Share
The above values are included purely to provide an indication of
the potential redemption and / or tender proceeds, as applicable,
yet to be paid to each of the Cash Exit and Tender Creditors. The
actual proceeds that will be paid to Creditors are expected to
differ from the amounts indicated above.
This announcement of the estimated NAV of the Shares supersedes
the estimated NAV as at the VP announced on Friday 04 November
2016.
The above estimated NAV of Shares has been calculated using
information which, whilst being received from a reliable source, is
itself 'estimated' and accordingly the Company accepts no
responsibility for the accuracy of the estimated NAV figures given
and nor is any responsibility implied. This estimated NAV is
provided for indication purposes only.
Note: The Company is a closed-ended investment company
registered and incorporated in Guernsey. The Shares of the Company
have been admitted to the Official List and to trading on the
London Stock Exchange's Main Market for listed securities.
Note: Your attention is drawn to the Company's announcement of
the results of its extraordinary general meetings held on 24
February and 21 October, 2016 and all subsequent announcements
concerning the redemption and repurchase of shares and change of
investment policy. Investors should be aware that the amount
payable on a return of capital, whether on a winding-up of the
Company or otherwise, may differ materially from this
valuation.
24 November 2016
For further information about this announcement contact:
JTC (Guernsey) Limited
Secretary
Tel: 01481 702 400
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
END
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