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RNS Number : 1344M
Thames River Multi Hedge PCC Ltd
20 August 2013
THAMES RIVER MULTI HEDGE PCC LIMITED
(the "Company")
(a closed-ended, umbrella investment, protected cell company
incorporated with limited liability under the laws of Guernsey with
registered number 41511)
Interim Management Statement
For the period 1 January 2013 to 21 August 2013
This statement has been prepared to provide final portfolio
information to shareholders as a body (a) to meet the relevant
requirements of the UK Listing Authority's Disclosure and
Transparency Rules and (b) to act as a closing statement should the
Company's shareholders vote in favour of the Company entering into
voluntary liquidation at its EGM to be held on 21 August 2013 at
10:00am. This statement should not be relied upon by any other
party for any other purpose beyond those stated above.
Managed Wind-Down
Following the passing of the resolution at the EGM held on the
11 September 2012, to put the Company into Managed Wind Down, the
Company's investment objective changed to become:
The Company will be managed with the intention of realising all
remaining assets in the Portfolio, in a manner consistent with the
principles of prudent investment management and spread of
investment risk, with a view to returning capital to the
Shareholders in an orderly manner.
The Company will not make any new investments, however, this
will not preclude the Company from switching an existing investment
to a new share class or new vehicle should this enhance the
prospects of that particular investment's future realisation.
Any cash received by the Company as part of the realisation
process but prior to its distribution to Shareholders will be held
by the Company as cash on deposit and/or as cash equivalents.
The Company will not have any new borrowings other than for
short-term working capital or currency hedging purposes.
The Company appointed Thames River Capital LLP, a limited
liability partnership incorporated in England and Wales on the 10
January 2005, as "Manager". The Manager had responsibility for the
day to day discretionary management of the Managed Wind Down in
accordance with the Company's investment objective and policy,
subject to the overall supervision of the Directors.
Thames River Capital LLP is a subsidiary undertaking of Thames
River Capital (UK) Limited, which became a wholly-owned subsidiary
of F&C Asset Management Plc on 1 September 2010.
Subject to the Company's shareholders voting in favour of the
Company entering into voluntary liquidation at its EGM to be held
on 21 August 2013 at 10:00am., the Manager's contract will be
terminated and the Liquidator will take control of the Company (as
set out in the Circular issued by the Company on 26 July 2013). For
contact details of the Liquidator please see below.
Key Fund Data 31 December 2012 16 August 2013*
Total Net Asset Value (NAV) US$93.16m US$4.40m
equivalent to: GBP57.31m GBP2.82m
Sterling Shares (see below)
Shares in issue 40,764,369 2,269,806
NAV per share GBP1.6255 GBP1.2425
PORTFOLIO
As at the Latest Practicable Date, the Portfolio comprised the
following investments:
Fund Strategy Nominal Holding Fair Value % of NAV
(US$ '000s)
BlueCrest Strategic
Limited Other 74,606.39 1,900 43.2
BlueCrest Special
Situations Fund
Limited Other 57,844.45 833 18.9
Newtonian China
Real Estate Offshore
Fund Limited Real Estate 80,378,013 0 0
Sector Exspec Resources 29,777.85 560 12.7
Cash & Accruals 1,110 25.2
Pounds Sterling GBP 11,392,912.77 17,788
Euro EUR -1,789.37 -2
US Dollars USD -632,633.38 -633
Redemption Proceeds GBP -10,275,000.00 -16,043
Total Net Asset
Value NAV 4,403 100.0
The Board has been advised by the Investment Manager that
proceeds from Sector Exspec have been delayed and are not expected
to be received by the fund until the end of the year.
BlueCrest Strategic Limited ("BlueCrest Strategic") and
BlueCrest Special Situations Fund Limited ("BlueCrest Special
Situations") (together the "BlueCrest Funds") are in the process of
being wound down. The Company's investments in the BlueCrest Funds
remain subject to restrictions on transfer. Efforts by the Board
and the Manager to date to seek an exit from the Company's
investment in the BlueCrest Funds have been unsuccessful and
accordingly no indication can be given as to if and when any
realisation of these holdings will be achieved. The Board, as
advised by the Manager, believes that the BlueCrest Funds will take
at least five years and potentially longer for complete realisation
given the illiquid nature of their residual investment portfolios.
The Board has been advised by the Manager that the residual
investment portfolio of BlueCrest Strategic is substantially
invested in BlueCrest Special Situations. It is expected that the
Liquidator will review any remaining investments at three, five and
seven year intervals from his appointment. Should the Liquidator
decide at any of these points that there is no realistic prospect
of realising any further value from the Portfolio, the Liquidator
will write off the remaining holdings and finalise the
Liquidation.
Newtonian China Real Estate Offshore Fund Limited ("Newtonian")
invests in real estate in China. It currently holds land in the
Dandong Special Development Zone of Liaoning Province with two
building developments for residential and commercial use and for
which it is currently seeking further funding. The Company has been
unable to secure any bids for a secondary sale of Newtonian and the
Board believes there may be material uncertainties relating to the
long-term financing of the underlying properties held by this fund,
which could impact the Company's ability to crystallise any value
from this holding through a sale of the underlying properties. The
Board continues to believe that it is appropriate for this
investment to be held at nil value.
Statement of Results
Further to the announcement made on the 25 March 2013, the Board
exercised its discretion to extend the Company's financial period
end from 31 March 2013 to 30 September 2013 in accordance with
Guernsey Company Law in order to reduce its fixed cost base.
Shareholders should note that the Company will be placed into
liquidation following a successful vote at the EGM tomorrow and as
such no audited financial statements will be published for the
period.
Block Listing Facility
The Company did not issue any shares from its block listing
facility during the period.
Total Voting Rights
Following all conversions and redemptions in the period the
total voting rights at 21 August 2013 are 2,269,806.
Significant Events
The following significant events have occurred in the period
since 1 January 2013:
-- 4 February 2013 - First Redemption completed and Conversion
of all Euro Shares and Dollar Shares to Sterling Shares. Currency
hedging ceased.
-- 25 March 2013 - Second Redemption, Extension of Financial
Period and proposed delisting and liquidation announced.
-- 3 May 2013 - Second Redemption completed.
-- 26 June 2013 - Third redemption and delisting and liquidation initial timetable announced.
-- 26 July 2013 - Liquidation Circular issued to shareholders.
-- 20 August 2013 - Third Redemption completed.
Suspension and Liquidation
As set out in the circular posted to Shareholders on 26 July
2013 the listing of the Shares on the Official Lists of the UKLA
and CISX will be suspended with effect from 7.30am on 21 August
2013 and, subject to the passing of the Resolutions by Shareholders
at the EGM to be held that day, will be cancelled from 8am on 20
September 2013.
Subject to the passing of the Special Resolution at the EGM on
21 August 2013, the Company will appoint Nicholas Vermeulen of
PricewaterhouseCoopers CI LLP (the "Liquidator") to effect the
Liquidation with effect from the passing of the Special Resolution.
The Board will resign as directors following the appointment of the
Liquidator, with the exception of Victor Holmes who will remain to
assist the Liquidator with the Liquidation. For contact details of
the Liquidator please see below.
For any further information please contact:
Nicholas Vermeulen of PricewaterhouseCoopers CI LLP: +44 1481
752098
Hugh Potter at F&C: + 44 207 011 5183
Stephen Rouxel at State Street (Guernsey) Limited: + 44 1481
704544
The Company is an authorised closed-ended investment scheme
domiciled in Guernsey. As an existing closed-ended fund the Company
is deemed to be granted an authorisation declaration in accordance
with section 8 of the Protection of Investors (Bailiwick of
Guernsey) Law 1987, as amended and rule 6.02 of the Authorised
Closed-ended Investment Schemes Rules 2008 on the same date as the
Company obtained consent under the Control of Borrowing (Bailiwick
of Guernsey) Ordinance 1959 to 1989. The Company's authorisation by
the Guernsey Financial Services Commission will be suspended
following its entry into voluntary liquidation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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