Re: Redemption Facility
28 Settembre 2010 - 6:00PM
UK Regulatory
TIDMTRMA TIDMTRMU
RNS Number : 4628T
Thames River Multi Hedge PCC Ltd
28 September 2010
COMPANY ANNOUNCEMENT
For Immediate Release
28 September 2010
Thames River Multi Hedge PCC Limited
Re: Redemption Facility
Thames River Multi Hedge PCC Limited (the "Company") has a half yearly
Redemption Facility under which, subject to certain limitations and the
Directors exercising their discretion to operate the facility on any relevant
occasion, the holders of Sterling shares, Dollar shares and Euro shares may
request the redemption of all or part of their holdings of shares for cash.
The Board of the Company today announces the results of offering the Redemption
Facility on 31 December 2010.
Valid requests for redemption of 49.17 per cent. of the Company's Sterling
shares, 61.16 per cent. of the Company's Dollar shares and 36.46 per cent. of
the Company's Euro shares have been received.
Shareholders who made a redemption request shall have their basic entitlement,
being 10 per cent. of their holding of Sterling shares, Dollar shares and Euro
shares (or such lower percentage as the Directors may determine in order to
ensure compliance with Guernsey company law), met in full.
Shareholders should note that the Company will not give effect to redemption
requests for more than 10 per cent. in aggregate of each class of shares in the
Company in issue on 31 December 2010 (the "Redemption Date"). As the number of
redemption requests received exceeds this 10 per cent. limit for each class of
share, each shareholder's redemption request will be reduced pro rata.
Redemption requests from shareholders for shares in excess of their basic
entitlement will be scaled back pro rata within each share class, with each
shareholder receiving a percentage of their election for further shares in
accordance with the procedure set out in the Company's Articles of Association.
The Company's Articles of Association contain provisions enabling shareholders
of any one class of shares in a cell in issue to switch all or part of their
holding into any other class of shares in a cell in issue as at the NAV
calculation date referable to the months of March and September in each year
(each a "Conversion Calculation Date").
Shares of each class arising on conversion will be calculated on or around 29
October 2010, following which the Company will make a further announcement
disclosing an estimate of the percentage of shares to be redeemed in excess of
the basic entitlement to be satisfied for each of the share classes based on the
shares of each class in issue as at that date.
In the event that there are any changes to the Company's issued share capital
between that date and 31 December 2010 a further announcement confirming the
final scale back percentage and total number of shares to be redeemed for each
share class will be made on or around 4 January 2011.
The December 2010 Redemption Facility is now closed and shareholders can no
longer submit requests for the December Redemption Offer. Shareholders are
reminded that all shares tendered for redemption will be held in escrow and will
not be available for trading until the redemption is completed on or around the
week commencing 7 February 2011, in accordance with the timetable below.
Shares will be redeemed on the Redemption Date, at their Net Asset Value on that
date less the costs of redemption which will include any early redemption
penalties or secondary market discounts in respect of certain underlying funds
that have "side pockets", "lock-up" periods, "gates", or otherwise do not permit
redemptions for significant periods.
Redemption will become effective on 31 December 2010. The redemption monies
payable in respect of redemption of any certificated shares will be paid to the
holder (or, in the case of joint holders, to the holder whose name stands first
in the register in respect of the shares) by cheque despatched within 10
business days of the completion of the calculations of the Net Asset Value of
the Company as at 31 December 2010 (or as soon as practicable) or, if later,
within 5 business days of the receipt of the certificate(s) (if any have been
issued) or an indemnity in a form satisfactory to the Directors in lieu of the
certificate(s) in respect of the shares being redeemed.
The calculation of the Net Asset Value of the Company as at 31 December 2010 is
expected to be completed on or around 28 January 2011 and payment is expected to
be made, and all shares released from escrow, during the week commencing 7
February 2011.
If a holder whose certificated shares are to be redeemed fails to deliver the
certificate(s) (if issued) for those shares to the Company, the Company may
retain the redemption monies until such certificate is delivered.
The redemption monies payable in respect of the redemption of any uncertificated
shares will be paid within 10 business days of the completion of the
calculations of the Net Asset Value of the Company as at 31 December 2010 (or as
soon as practicable) to the holder by such method as may be determined by the
Directors.
Expected timetable:
Announcement of the estimated percentage of elections for further shares to be
satisfied - on or around 29 October 2010
Redemption Calculation Date - 31 December 2010
Confirmation of the final percentage of elections for further shares to be
satisfied - on or around 4 January 2011
31 December 2010 Net Asset Value publication - on or around 28 January 2011
Redemption monies paid - week commencing 7 February 2011
Enquiries:
Thames River Capital LLP
Michael Warren Phone: +44 (0) 20 7360 1370
Cenkos Securities plc
Dion Di Miceli Phone: +44 (0) 20 7397 1921
Northern Trust International Fund Administration Services (Guernsey) Limited
Fraser Hiddelston Phone: +44 (0) 1481 745738
Computershare Investor Services (Jersey) Limited
Shirley Thomas Phone: +44 (0) 1534 281824
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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