TIDMALSL
RNS Number : 0520P
Alternative Liquidity Solutions Ltd
19 October 2012
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION
CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR
SALE INCLUDING IN AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. THE
INFORMATION CONTAINED HEREIN IS NOT AN OFFER OF SECURITIES FOR SALE
IN THE UNITED STATES OR TO U.S. PERSONS. SECURITIES MAY NOT BE
OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT
REGISTRATION OR AN EXEMPTION FROM REGISTRATION. ANY PUBLIC OFFERING
OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS
OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER OR SELLING
SECURITY HOLDER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT
THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.
For Immediate Release
19 October 2012
Alternative Liquidity Solutions Limited
(the "Company")
Final Net Asset Value as at 30 September 2012 and update on
expected timetable of proposed Placing
As previously reported, the Company adopted a valuation
methodology (which was first used for the Company's net asset value
at 30 June 2012) which the Directors believe is more conservative
than is the industry norm amongst other listed funds holding hedge
fund assets. Rather than simply reporting the value of the
Company's portfolio based upon valuations provided by underlying
managers and their administrators, the valuation methodology
considers among other factors, the present value of expected future
recoveries, discounted at a rate appropriate for the level of
uncertainty over quantum and timeframe. Further details of the
valuation methodology are set out in the Company's prospectus dated
9 October 2012.
Based on this valuation methodology, as at the close of business
on 30 September 2012, the Company's final net asset value per share
was as follows:
Ordinary Shares
46.33p
The net asset value per share as at 30 September 2012 reflects
an increase of 2.8% versus the net asset value per share on 31
August 2012, comprising a positive 2.9% return in local currency
terms and a negative 0.1% foreign exchange translation effect.
The net asset value represents an 18% discount to what the net
asset value per share would have been if its calculation had been
based on the valuations provided by the underlying managers, and an
investment portfolio valuation that is 28% lower. This is
illustrated by the table below:
Weighted
average Discount
Investments Estimated estimated to underlying
at managers' Nominal recovery Discount Present managers'
valuations Recovery period rate value value
Redeemable Funds GBP5,430,804 GBP5,420,728 0.3 20% GBP5,101,339 6%
Long Lock Funds GBP6,076,811 GBP6,017,766 3.4 20% GBP3,250,892 47%
Liquidation Share
Classes GBP1,640,111 GBP1,598,000 1.4 30% GBP1,118,103 32%
Investment Portfolio
Valuation GBP13,147,726 GBP13,036,494 GBP9,470,334 28%
Cash GBP7,163,197 GBP7,163,197 GBP7,163,197
Other Net Liabilities -GBP41,532 -GBP41,532 -GBP41,532
Net Asset Value GBP20,269,390 GBP20,158,158 GBP16,591,998 18%
============== ============== ==============
Net Asset Value
per share 56.60p 56.29p 46.33p
Change 0.92% 0.65% 2.82%
As at 30 September 2012 the Company had a cash balance of
GBP7,163,197 and outstanding capital commitments of GBP905,692 (@
30 September 2012 exchange rates).
Other
As at 30 September 2012, approximately 65% of the Company's net
assets were invested in EUR denominated assets, 14% in $
denominated assets and 21% in GBP denominated assets.
These valuations, which have been prepared in good faith by the
Company's administrator, are for information purposes only and are
based on the unaudited estimated valuations supplied to the
administrators or managers of the Company's underlying investments.
Such estimates may be subject to little verification or other due
diligence and may not comply with generally accepted accounting
practices or other generally accepted valuation principles. In
addition, some of those estimates may not be supplied on a regular
or timely basis with the result that the values of such investments
are based on the latest available estimates which may be some time
before the date set out above. Other risk factors which may be
relevant to this valuation are set out in the Company's prospectus
dated 9 October 2012.
Update on expected timetable of proposed Placing
In connection with the proposed placing announced to the market
on 10 October 2012 and elsewhere, the Company is placing shares of
the Company in the United States pursuant to an exemption from the
registration requirements of the United States Securities Act of
1933, as amended. The Company has appointed Town Hall Capital LLC
as its exclusive broker-dealer in the United States in relation to
the placing. Town Hall has requested that the Board extends the
timetable for obtaining placing commitments in order to enable
various interested parties to complete their due diligence.
In view of the level of potential commitments which Town Hall
has indicated it may be able to secure through an extension to the
timetable, and because such an extension will not affect the timing
of redesignation of ordinary shares as run-off shares for those
shareholders who so elect, nor the timing of returning cash to
them, the Board has decided to extend the period for obtaining
Placing commitments to noon on Thursday 1 November 2012.
Accordingly, the revised expected timetable is as follows:
2012
--------------------------------------------- -------------------------
Latest date for receipt of forms of election 11.00 a.m. on 22 October
for Share Redesignations
--------------------------------------------- -------------------------
Share Redesignations become effective 23 October
--------------------------------------------- -------------------------
Results of Share Resignations announced 23 October
via RNS
--------------------------------------------- -------------------------
Latest time and date for receipt of Placing Noon on 1 November
commitments
--------------------------------------------- -------------------------
Result of placing announced via RNS 5 November
--------------------------------------------- -------------------------
Dealings commence in Placing Shares and 6 November
CREST stock accounts credited against
payment for Placing Shares
--------------------------------------------- -------------------------
Share certificates in respect of Run-Off By 7 November
Shares despatched
--------------------------------------------- -------------------------
Share certificates in respect of Placing By 16 November
Shares despatched
--------------------------------------------- -------------------------
First redemption of proportion of Run-Off By 30 November
Shares
--------------------------------------------- -------------------------
Enquiries:
Saltus Partners LLP 020 7499 0200
Ben Money-Coutts
Jon Macintosh
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
FTI Consulting 020 7269 7141
Harry Stein
Town Hall +1 (212) 715 0495
Ken Merlo
This information is provided by RNS
The company news service from the London Stock Exchange
END
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