Highbridge Tactical Credit Fund Ltd Update from Manager (3103R)
October 28 2019 - 4:34AM
UK Regulatory
TIDMHTCF
RNS Number : 3103R
Highbridge Tactical Credit Fund Ltd
28 October 2019
28 October 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT. THIS
ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN.
Highbridge Tactical Credit Fund Limited
(the "Company")
Update from Manager
The Board has received an update from Highbridge, the Company's
Investment Manager, in respect of progress made by Highbridge in
managing down exposure in the Highbridge Multi-Strategy Fund
following Highbridge's decision to refocus its business around its
credit strategies.
The Company has to date received, through the return of cash and
receipt of dividends-in-kind in the Highbridge Tactical Credit
Fund, Ltd. ("TCF Feeder"), approximately 75% of the assets of the
Highbridge Multi-Strategy Master Fund, L.P. attributable to the
Company and to those former shareholders of the Company who
redeemed their Shares pursuant to the Initial Cash Exit Offer
and/or the Subsequent Cash Exit Offer ("2019 Cash Exit
Offers").
In respect of investors' (including the Company's) remaining
interest in Highbridge Multi-Strategy Fund, Highbridge has now
confirmed that it expects to return the majority of investors'
remaining capital by year-end. As a result, the Board expects that
the substantial majority of the Company's capital will be invested
into TCF Feeder by year-end and that the Company will, once a
further cash distribution has been received from Highbridge, be
able to make a further payment to former shareholders of the
Company who redeemed their Shares pursuant to the 2019 Cash Exit
Offers by no later than January 2020.
The update letter from Highbridge is available through the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/3103R_1-2019-10-28.pdf
Terms used and not defined in this announcement will bear the
meanings given in the circular dated 28 August 2019.
For further information please contact:
Praxis Fund Services Limited
Company Secretary
Tel: +44 (0) 1481 737 600
LEI: 213800397SYHLYFH5961
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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