Annual Financial Report

RNS Number : 2819K

BlueCrest AllBlue Fund Ltd

16 April 2010

BlueCrest AllBlue Fund Limited

(the "Company")

Annual Financial Report for the year ended 31 December 2009

BlueCrest AllBlue Fund Limited (LSE: BABS, BABU, BABE) today, in accordance with DTR 6.3.5, releases its annual results for the year ended 31 December 2009. The Company is a self-managed closed-ended investment company incorporated in Guernsey, focused on providing consistent long-term capital growth through an investment policy of investing substantially all of its assets in AllBlue Limited ("AllBlue") or any successor vehicle of AllBlue. The Shares of the Company are admitted to the Official List and to trading on main market of the London Stock Exchange.

Note: AllBlue Limited is a fund of hedge funds exempted company incorporated with limited liability in the Cayman Islands as an open-ended investment company.

Copies of the Annual Financial Report will be available from the Company's website www.bluecrestallblue.co.uk by 30 April 2010.

For further information, please visit www.bluecrestallblue.co.uk or contact:

Anson Fund Managers Limited, Secretary

01481 722260

CHAIRMAN'S STATEMENT

Dear Shareholder

The Company enjoyed a very successful 2009 with a significant increase in both net asset value per share (Sterling Shares: 21.54%) and share price (Sterling Shares 53.5%). As equity market conditions improved toward the end of the year, and the Company's shares returned to a premium to net asset value, we were also pleased to complete a further placing and offer for subscription of C shares in December 2009 which raised £101 million. This capital raising exercise has further improved the liquidity of the Company's shares which the Board believes is in the interests of all shareholders.

Investment Performance

During 2009, the published Sterling Share NAV rose from 125.26p to 152.24p, a return of 21.54% for the year. This represented the strongest year for investment performance since the Company's inception in 2006, and the Board is advised that it resulted from an unusually attractive environment for trading based strategies that persisted throughout the year, which led to higher allocations to such strategies than in prior years. AllBlue, into which the Company invests, recorded twelve consecutive months of positive performance during the year, with all six strategies into which it was invested for the full year delivering a positive return. The report by BlueCrest, the manager of AllBlue, on pages 13 to 26 contains a more detailed review of the returns for the year from the different underlying strategies. This represents continued strong and consistent performance relative to alternative asset management indices and to broader asset classes in general:

2009 2008

HFRI Fund Weighted Composite Index (USD) 20.0% -19.0%

MSCI World Index Gross Total Return (USD) 30.8% -40.3%

BarclaysCap Global Bond Index (USD) 6.5% 6.8%

Sterling Share NAV 21.54% 12.12%

Risk Management and Liquidity

BlueCrest has advised the Board that its risk management practices and procedures remained in full operation throughout the year. It has further advised the Board that the underlying funds into which AllBlue invests continue to be highly liquid and that levels of leverage employed in the trading strategies are consistent with prior years. The weighted average unencumbered cash within the underlying funds, a measure of the implicit leverage within the margin-based strategies employed by the underlying funds, stood at 58% as at 31 December 2009, in line with historical levels.

Share Price Performance

Having started the year at a significant discount to net asset value, the market price of a Sterling Share appreciated significantly, from 103.75p to 159.30p. Discounts across the sector were significantly reduced during the year, and the Company's shares began to trade at a premium in the final quarter, reflecting investors' appreciation of the liquidity and strong performance of the Company.

During 2009, continuation votes were triggered for each of the Company's share classes, reflecting the significant discounts prevalent across the sector during late 2008 and 2009. The Board notes the outcome of the continuation votes held at the class meetings of the Company on 12 August 2009, when shareholders for all three classes voted in favour of continuation. The average discounts over the year for each of the Sterling, Euro and US Dollar Share classes were 4.2%, 5.2% and 4.7%, respectively.

Further Placing and Offer for Subscription of C Shares

The Company announced on 31 March 2010 its intention to raise further investment capital and it is intended that this will be a placing and offer for subscription of C shares. If completed, this would constitute the third such capital raising by the Company, following successful issues in July 2008 and December 2009. The Board believes that increasing the net asset value and number of shares in issue will further increase liquidity in the shares for the benefit of all shareholders. The Board has also sought assurances from BlueCrest that the underlying funds into which AllBlue invests have sufficient capacity for further investment. Subject to investors' appetite for further investment, overall market conditions and the availability of capacity in AllBlue, it remains the Board's intention to grow the net assets of the Company through further capital issuance over time.

Outlook

The Company has enjoyed a positive start to 2010, and has been advised by BlueCrest that the investment environment for the underlying funds into which AllBlue invests remains attractive.

I look forward to reporting to you again in the Half-Yearly Financial Report for the period ended 30 June 2010.

Richard Crowder

Chairman

MANAGEMENT REPORT

A description of important events which have occurred during the financial year, their impact on the performance of the Company as shown in the financial statements and a description of the principal risks and uncertainties facing the Company, together with an indication of important events that have occurred since the end of the financial year and the Company's likely future development is given in the Chairman's Statement on page 10 to 12, the Report of the Directors on pages 29 to 36 and the notes to the financial statements on pages 54 to 82 and is incorporated here by reference.

There were no material related party transactions which took place in the financial year, other than those disclosed in the report of the directors and at note 5 to the financial statements.

Going Concern

The performance of the investments held by the Company over the reporting year are described in the Statement of Comprehensive Income and in note 6 to the financial statements and the outlook for the future is described in the Chairman's Statement. The Company's financial position, its cash flows and liquidity position are set out in the financial statements and the Company's financial risk management objectives and policies, details of its financial instruments and its exposures to market price risk, credit risk, liquidity risk, interest rate risk and the risk of leverage by underlying funds are set out at note 14 to the financial statements. In order to cover the on-going expenses of the Company, on 21 December 2009 the Company entered into a £500,000 Overdraft Facility (the "Facility") with Barclays Private Clients International Limited ("Barclays"). This Facility is engaged to cover the costs of the Company as they fall due and is replenished by redeeming shares on a pro-rata basis in the underlying AllBlue Fund. At present the facility is due to expire on 3 August 2011 and may be renewed by agreement between the Company and Barclays.

The Company's Articles incorporate a discount management provision (which applies to each class of Share individually) that requires a continuation vote to be proposed in respect of the particular class of Shares at a class meeting of the relevant shareholders (by way of ordinary resolution) in the circumstances explained on page 4.

As at 31 March 2010, the Sterling Shares had traded at an average 0.2% premium to their net asset values, the Euro Shares at an average 0.4% discount and the US Dollar Shares at an average premium of 0.3%, all over the previous 12 month period. As at 7 April 2010, being the latest practicable date prior to the publication of this document, the Sterling Shares were trading at a premium of 2.2% to their net asset value, the Euro Shares at a premium of 1.6% and the US Dollar Shares at a premium of 2.9%. As at the date of this report, there is no indication that the requirement for a continuation vote will be triggered in the foreseeable future.

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of this annual financial report.

Responsibility Statement

The Board of directors jointly and severally confirm that, to the best of their knowledge:

(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b) This Management Report includes or incorporates by reference a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

Richard Crowder Jonathan Hooley

Director Director

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2009

		Ordinary Shares
		Sterling Share Class	Euro Share Class	US$ Share Class
	Notes	£	€	$
Net gain / (loss) on financial assets at fair value through profit or loss	6	56,221,807	1,924,279	4,556,490

Other operating income		-	-	14,936

Operating expenses	2	(429,398)	(14,834)	(25,924)

Increase / (decrease) in net assets attributable to shareholders		55,792,409	1,909,445	4,545,502

Other comprehensive income:
Currency aggregation adjustment		-	-	-
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income		55,792,409	1,909,445	4,545,502

Earnings / (loss) per Share for the year		Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	4	26.93	28.79	25.21

		C Shares
		Sterling Share Class	Euro Share Class	US$ Share Class	Total
	Notes	£	€	$	£
Net gain / (loss) on financial assets at fair value through profit or loss	6	-	-	-	60,500,306

Other operating income		-	-	-	9,567

Operating expenses	2	(21,566)	(260)	(1,284)	(481,838)

Increase / (decrease) in net assets attributable to shareholders		(21,566)	(260)	(1,284)	60,028,035

Other comprehensive income:
Currency aggregation adjustment		-	-	-	(1,652,111)
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income		(21,566)	(260)	(1,284)	58,375,974

Earnings / (loss) per Share for the year		Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	4	(0.02)	(0.02)	(0.02)

In arriving at the results for the financial year, all amounts above relate to continuing operations.

There are no items of other comprehensive income for the year other than those disclosed above.

Reconciliation of basic and diluted earnings / (loss) per share for investment purposes to earnings / (loss) per share per the financial statements:

		Ordinary Shares
	Pence (£)		Cent (€)	Cents ($)
Earnings / (loss) per Share for investment purposes	27.15		29.02	25.28
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	(0.22)		(0.23)	(0.07)
Earnings / (loss) per Share per the financial statements	26.93		28.79	25.21

		C Shares
	Pence (£)		Cent (€)	Cents ($)
Earnings / (loss) per Share for investment purposes	0.00		0.00	0.00
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	(0.02)		(0.02)	(0.02)
Earnings / (loss) per Share per the financial statements	(0.02)		(0.02)	(0.02)

The earnings / (loss) per Share for investment purposes represents the earnings / (loss) per Share attributable to shareholders in accordance with the Prospectus.

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2008

		Ordinary Shares
		Sterling Share Class	Euro Share Class	US$ Share Class
	Notes	£	€	$
Net gain on financial assets at fair value through profit or loss	6	23,992,457	751,300	1,610,492

Operating expenses	2	(1,186,262)	(36,387)	(75,274)

Increase in net assets attributable to shareholders		22,806,195	714,913	1,535,218

Other comprehensive income:
Currency aggregation adjustment		-	-	-
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income		22,806,195	714,913	1,535,218

Earnings per Share for the year		Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	4	13.79	12.74	12.60

		C Shares
		Sterling Share Class	Euro Share Class	US$ Share Class	Total
	Notes	£	€	$	£
Net gain on financial assets at fair value through profit or loss	6	-	-	-	26,225,629

Operating expenses	2	-	-	-	(1,259,383)

Increase in net assets attributable to shareholders		-	-	-	24,966,246

Other comprehensive income:
Currency aggregation adjustment		-	-	-	2,955,097
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income		-	-	-	27,921,343

Earnings per Share for the year		Pence (£)	Cent (€)	Cents ($)
- Basic and Diluted	4	-	-	-

In arriving at the results for the financial year, all amounts above relate to continuing operations.

There are no items of other comprehensive income for the year other than those disclosed above.

Reconciliation of basic and diluted earnings per share for investment purposes to earnings per share per the financial statements:

	Ordinary Shares
	Pence (£)	Cent (€)	Cents ($)
Earnings per Share for investment purposes	14.51	13.39	13.22
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	(0.72)	(0.65)	(0.62)
Earnings per Share per the financial statements	13.79	12.74	12.60

	C Shares
	Pence (£)	Cent (€)	Cents ($)
Earnings per Share for investment purposes	0.00	0.00	0.00
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	0.00	0.00	0.00
Earnings per Share per the financial statements	0.00	0.00	0.00

The earnings per Share for investment purposes represents the earnings per Share attributable to shareholders in accordance with the Prospectus.

STATEMENT OF FINANCIAL POSITION

As at 31 December 2009

		Ordinary Shares
		Sterling Share Class	Euro Share Class	US$ Share Class
	Notes	£	€	$
FIXED ASSETS
Unquoted financial assets designated as at fair value through profit or loss	6	318,365,831	7,789,813	23,446,094

CURRENT ASSETS
Receivables & prepayments	7	63,343	558	1,025
Cash & cash equivalents		774,439	41,956	17,597
		837,782	42,514	18,622

CURRENT LIABILITIES
Payables & accrued liabilities	8	56,819	46,163	14,028
		56,819	46,163	14,028

NET CURRENT ASSETS / (LIABILITIES)		780,963	(3,649)	4,594

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		319,146,794	7,786,164	23,450,688

		C Shares
		Sterling Share Class	Euro Share Class	US$ Share Class	Total
	Notes	£	€	$	£
FIXED ASSETS
Unquoted financial assets designated as at fair value through profit or loss	6	95,453,774	1,086,802	5,772,324	439,760,856

CURRENT ASSETS
Receivables & prepayments	7	346	4	20	18,894
Cash & cash equivalents		-	-	-	822,532
		346	4	20	841,426

CURRENT LIABILITIES
Payables & accrued liabilities	8	21,912	264	1,303	83,533
		21,912	264	1,303	83,533

NET CURRENT ASSETS / (LIABILITIES)		(21,566)	(260)	(1,283)	757,893

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		95,432,208	1,086,542	5,771,041	440,518,749

		Ordinary Shares
		Sterling Share Class	Euro Share Class	US$ Share Class
	Notes	£	€	$
Represented by:
CAPITAL AND RESERVES
Share capital	9	-	-	-
Share premium	10	-	-	-
Treasury Shares	11	(483,079)	-	-
Distributable reserves	12	319,629,873	7,786,164	23,450,688

		319,146,794	7,786,164	23,450,688

SHARES IN ISSUE		209,623,415	5,303,602	15,915,995

NAV PER SHARE		£1.5225	€1.4681	$1.4734

		C Shares
		Sterling Share Class	Euro Share Class	US$ Share Class	Total
	Notes	£	€	$	£
Represented by:
CAPITAL AND RESERVES
Share capital	9	-	-	-	-
Share premium	10	-	-	-	-
Treasury Shares	11	-	-	-	(483,079)
Distributable reserves	12	95,432,208	1,086,542	5,771,041	441,001,828

		95,432,208	1,086,542	5,771,041	440,518,749

SHARES IN ISSUE		96,417,954	1,097,890	5,830,631

NAV PER SHARE		£0.9898	€0.9898	$0.9898

Reconciliation of NAV for investment purposes to NAV per the financial statements:

	Ordinary Shares
	£	€	$
Published NAV per Share	1.5224	1.4690	1.4743
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	(0.0001)	(0.0009)	(0.0009)
NAV per Share per the financial statements	1.5225	1.4681	1.4734

	C Shares
	£	€	$
Published NAV per Share	0.9897	0.9897	0.9897
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus	0.0001	0.0001	0.0001
NAV per Share per the financial statements	0.9898	0.9898	0.9898

The published NAV per Share represents the NAV per Share attributable to shareholders in accordance with the Prospectus.

The financial statements were approved by the Board of directors on 15 April 2010 and are signed on its behalf by:

Richard Crowder Jonathan Hooley

Director Director

STATEMENT OF FINANCIAL POSITION

As at 31 December 2008

		Ordinary Shares
		Sterling Share Class	Euro Share Class	US$ Share Class
	Notes	£	€	$
FIXED ASSETS
Unquoted financial assets designated as at fair value through profit or loss	6	256,625,844	7,845,388	25,226,771

CURRENT ASSETS
Receivables & prepayments	7	49,045	205	377
Cash & cash equivalents		837,331	13,610	43,391
		886,376	13,815	43,768

CURRENT LIABILITIES
Payables & accrued liabilities	8	135,215	14,957	53,831
		135,215	14,957	53,831

NET CURRENT ASSETS / (LIABILITIES)		751,161	(1,142)	(10,063)

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		257,377,005	7,844,246	25,216,708

		C Shares
		Sterling Share Class	Euro Share Class	US$ Share Class	Total
	Notes	£	€	$	£
FIXED ASSETS
Unquoted financial assets designated as at fair value through profit or loss	6	-	-	-	281,412,397

CURRENT ASSETS
Receivables & prepayments	7	-	-	-	7,295
Cash & cash equivalents		-	-	-	880,075
		-	-	-	887,370

CURRENT LIABILITIES
Payables & accrued liabilities	8	-	-	-	144,195
		-	-	-	144,195

NET CURRENT ASSETS / (LIABILITIES)		-	-	-	743,175

NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS		-	-	-	282,155,572

		Ordinary Shares
		Sterling Share Class	Euro Share Class	US$ Share Class
	Notes	£	€	$
Represented by:
CAPITAL AND RESERVES
Share capital	9	-	-	-
Share premium	10	-	-	-
Treasury Shares	11	(483,079)	-	-
Distributable reserves	12	257,860,084	7,844,246	25,216,708

		257,377,005	7,844,246	25,216,708

SHARES IN ISSUE		205,485,106	6,500,194	20,719,155

NAV PER SHARE		£1.2525	€1.2068	$1.2171

		C Shares
		Sterling Share Class	Euro Share Class	US$ Share Class	Total
	Notes	£	€	$	£
Represented by:
CAPITAL AND RESERVES
Share capital	9	-	-	-	-
Share premium	10	-	-	-	-
Treasury Shares	11	-	-	-	(483,079)
Distributable reserves	12	-	-	-	282,638,651

		-	-	-	282,155,572

SHARES IN ISSUE		-	-	-

NAV PER SHARE		£0.0000	€0.0000	$0.0000

Reconciliation of NAV for investment purposes to NAV per the financial statements:

	Ordinary Shares
	£	€	$
Published NAV per Share	1.2526	1.2070	1.2182
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus.	(0.0001)	(0.0002)	(0.0011)
NAV per Share per the financial statements	1.2525	1.2068	1.2171

	C Shares
	£	€	$
Published NAV per Share	0.0000	0.0000	0.0000
Adjustment for amortisation of preliminary and other expenses on a straight line basis in accordance with prospectus.	0.0000	0.0000	0.0000
NAV per Share per the financial statements	0.0000	0.0000	0.0000

STATEMENT OF CHANGES IN NETS ASSETS ATTRIBUTABLE TO SHAREHOLDERS

For the year ended 31 December 2009

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Opening balance	257,377,005	7,844,246	25,216,708

Issue of Shares	-	-	-

Share issue costs	-	-	-

Increase / (decrease) in net assets attributable to shareholders	55,792,409	1,909,445	4,545,502

	313,169,414	9,753,691	29,762,210

Other comprehensive income:
Currency aggregation adjustment	-	-	-

	313,169,414	9,753,691	29,762,210

Treasury shares	-	-	-

Share conversions	5,977,380	(1,967,527)	(6,311,522)

Closing balance	319,146,794	7,786,164	23,450,688

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Opening balance	-	-	-	282,155,572

Issue of Shares	96,417,954	1,097,780	5,830,631	100,997,226

Share issue costs	(964,180)	(10,978)	(58,306)	(1,009,973)

Increase / (decrease) in net assets attributable to shareholders	(21,566)	(260)	(1,284)	60,028,035

	95,432,208	1,086,542	5,771,041	442,170,860

Other comprehensive income:
Currency aggregation adjustment	-	-	-	(1,652,111)

	95,432,208	1,086,542	5,771,041	440,518,749

Treasury shares	-	-	-	-

Share conversions	-	-	-	-

Closing balance	95,432,208	1,086,542	5,771,041	440,518,749

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Opening balance	150,920,222	6,174,123	10,738,553

Issue of Shares	86,411,419	1,930,000	9,544,950

Share issue costs	(864,114)	(19,300)	(95,450)

Increase / (decrease) in net assets attributable to shareholders	22,806,195	714,913	1,535,218

	259,273,722	8,799,736	21,723,271

Other comprehensive income:
Currency aggregation adjustment	-	-	-

	259,273,722	8,799,736	21,723,271

Treasury shares	(483,079)	-	-

Share conversions	(1,413,638)	(955,490)	3,493,437

Closing balance	257,377,005	7,844,246	25,216,708

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Opening balance	-	-	-	160,868,140

Issue of Shares	-	-	-	94,797,140

Share issue costs	-	-	-	(947,972)

Increase / (decrease) in net assets attributable to shareholders	-	-	-	24,966,246

	-	-	-	279,683,554

Other comprehensive income:
Currency aggregation adjustment	-	-	-	2,955,097

	-	-	-	282,638,651

Treasury shares	-	-	-	(483,079)

Share conversions	-	-	-	-

Closing balance	-	-	-	282,155,572

STATEMENT OF CASH FLOWS

For the year ended 31 December 2009

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$
Operating activities
Increase / (decrease) in net assets attributable to shareholders	55,792,409	1,909,445	4,545,502

Less: Unrealised appreciation on financial assets at fair value through profit or loss	(54,956,570)	(490,287)	(3,339,158)
Less: Realised gains on sales of financial assets	(94,076)	(2,400)	(3,315)
Less: Realised gains on conversions	(1,171,161)	(1,431,592)	(1,214,017)
Less: Interest income	(1,831)	(118)	(1)
Add: Interest expense	262	8	16
Currency aggregation adjustment	-	-	-
(Decrease) / increase in accrued expenses and payables	(78,396)	31,206	(39,803)
(Increase) / decrease in prepayments and accrued income	(14,298)	(353)	(648)

Net cashflow from operating activities	(523,661)	15,909	(51,424)

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£
Operating activities
Increase / (decrease) in net assets attributable to shareholders	(21,566)	(260)	(1,284)	58,375,924

Less: Unrealised appreciation on financial assets at fair value through profit or loss	-	-	-	(57,210,478)
Less: Realised gains on sales of financial assets	-	-	-	(98,255)
Less: Realised gains on conversions				(3,191,574)
Less: Interest income	-	-	-	(1,937)
Add: Interest expense	3	-	-	282
Currency aggregation adjustment	-	-	-	1,652,111
(Decrease) / increase in accrued expenses and payables	21,912	264	1,303	(60,662)
(Increase) / decrease in prepayments and accrued income	(346)	(4)	(20)	(11,599)

Net cashflow from operating activities	3	-	(1)	(546,188)

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$
Investing activities
Interest received	1,831	118	1
Purchase of financial assets	-	-	-
Proceeds from sale of financial assets	459,200	12,327	25,645

Net cashflow from investing activities	461,031	12,445	25,646

Financing activities
Proceeds of issue of Shares	-	-	-
Share issue costs	-	-	-
Purchase of own Shares	-	-	-
Interest paid	(262)	(8)	(16)

Net cashflow from financing activities	(262)	(8)	(16)

Cash and cash equivalents at beginning of year	837,331	13,610	43,391
Currency aggregation adjustment	-	-	-
Increase in cash and cash equivalents	(62,892)	28,346	(25,794)

Cash and cash equivalents at end of year	774,439	41,956	17,597

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£
Investing activities
Interest received	-	-	-	1,937
Purchase of financial assets	(95,453,774)	(1,086,802)	(5,772,324)	(99,987,253)
Proceeds from sale of financial assets	-	-	-	485,992

Net cashflow from investing activities	(95,453,774)	(1,086,802)	(5,772,324)	(99,499,324)

Financing activities
Proceeds of issue of Shares	96,417,954	1,097,780	5,830,631	100,997,226
Share issue costs	(964,180)	(10,978)	(58,306)	(1,009,973)
Purchase of own Shares	-	-	-	-
Interest paid	(3)	-	-	(282)

Net cashflow from financing activities	95,453,771	1,086,802	5,772,325	99,986,971

Cash and cash equivalents at beginning of year	-	-	-	880,075
Currency aggregation adjustment	-	-	-	998
Increase in cash and cash equivalents	-	-	-	(58,541)

Cash and cash equivalents at end of year	-	-	-	822,532

STATEMENT OF CASH FLOWS

For the year ended 31 December 2008

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$
Operating activities
Increase / (decrease) in net assets attributable to shareholders	22,806,195	714,913	1,535,218

Less: Unrealised appreciation on financial assets at fair value through profit or loss	(23,168,989)	(546,576)	(972,931)
Less: Realised gains on sales of financial assets	(281,641)	(7,967)	(13,226)
Less: Realised gains on conversions	(541,826)	(196,756)	(624,335)
Less: Interest income	(60,900)	(1,306)	(2,309)
Add: Interest expense	11,573	406	758
Currency aggregation adjustment	-	-	-
Decrease in accrued expenses and payables	(52,790)	7,634	39,727
Decrease in prepayments and accrued income	(39,434)	169	344

Net cashflow from operating activities	(1,327,812)	(29,483)	(36,754)

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£
Operating activities
Increase / (decrease) in net assets attributable to shareholders	-	-	-	27,921,343

Less: Unrealised appreciation on financial assets at fair value through profit or loss	-	-	-	(24,769,564)
Less: Realised gains on sales of financial assets	-	-	-	(298,320)
Less: Realised gains on conversions	-	-	-	(1,157,743)
Less: Interest income	-	-	-	(63,297)
Add: Interest expense	-	-	-	12,342
Currency aggregation adjustment	-	-	-	(2,955,097)
Decrease in accrued expenses and payables	-	-	-	(14,094)
Decrease in prepayments and accrued income	-	-	-	(39,250)

Net cashflow from operating activities	-	-	-	(1,363,680)

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$
Investing activities
Interest received	60,900	1,306	2,309
Purchase of financial assets	(84,529,941)	(1,919,166)	(9,470,026)
Proceeds from sale of financial assets	1,557,453	49,678	97,271

Net cashflow from investing activities	(82,911,588)	(1,868,182)	(9,370,446)

Financing activities
Proceeds of issue of Shares	86,411,419	1,930,000	9,544,950
Share issue costs	(864,114)	(19,300)	(95,450)
Purchase of own Shares	(483,079)	-	-
Interest paid	(11,573)	(406)	(758)

Net cashflow from financing activities	85,052,653	1,910,294	9,448,742

Cash and cash equivalents at beginning of year	24,078	981	1,849
Currency aggregation adjustment	-	-	-
Increase in cash and cash equivalents	813,253	12,629	41,542

Cash and cash equivalents at end of year	837,331	13,610	43,391

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£
Investing activities
Interest received	-	-	-	63,297
Purchase of financial assets	-	-	-	(92,853,963)
Proceeds from sale of financial assets	-	-	-	1,671,598

Net cashflow from investing activities	-	-	-	(91,119,068)

Financing activities
Proceeds of issue of Shares	-	-	-	94,797,140
Share issue costs	-	-	-	(947,972)
Purchase of own Shares	-	-	-	(483,079)
Interest paid	-	-	-	(12,342)

Net cashflow from financing activities	-	-	-	93,353,747

Cash and cash equivalents at beginning of year	-	-	-	25,731
Currency aggregation adjustment	-	-	-	(16,655)
Increase in cash and cash equivalents	-	-	-	870,999

Cash and cash equivalents at end of year	-	-	-	880,075

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2009

1 ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared in conformity with International Financial Reporting Standards as adopted by the European Union and applicable Guernsey law. The financial statements have been prepared on an historical cost basis except for the measurement at fair value of unquoted financial assets designated at fair value through profit or loss.

The financial statements are presented in GBP because that is the currency of the primary economic environment in which the Company operates.

Changes in accounting policy and disclosures

The accounting policies adopted are consistent with those of the previous financial year except as follows:

- IFRS 8 Operating Segments

- IAS 1 (Revised 2007) Presentation of Financial Statements

- Amendments to IFRS7 Financial Instruments: Disclosures - Improving Disclosures about Financial Instruments.

IFRS 8 Operating Segments

This standard requires disclosure of information about the Company's operating segments and replaces the requirement to determine primary (business) and secondary (geographical) reporting segments of the Company. For management reporting purposes, the Company is organised into one business unit, and hence no separate segment information has been presented. The Company determine that this operating segment was the same as the business segment previously identified under IAS 14 'Segment Reporting' being investment in three Share classes of a fund of hedge funds incorporated in the Cayman Islands.

IAS 1 (Revised 2007) Presentation of Financial Statements

The standard replaces IAS 1 Presentation of Financial Statements (revised in 2003) as amended in 2005. The revised IAS 1 Presentation of Financial Statements was issued in September 2007 and is effective for accounting periods beginning on or after 1 January 2009.

The standard introduces the statement of comprehensive income: it presents all items of income and expense recognised in profit or loss, together with all other items of recognised income and expense, either in one single statement, or in two linked statements. The Company chose to present one single statement of comprehensive income.

Amendments to IFRS 7 Financial Instruments: Disclosure - Improving Disclosures about Financial Instruments.

Amendments to IFRS 7 were issued by the International Accounting Standards Board in March 2009, effective for annual periods beginning on or after 1 January 2009. The amendment to IFRS 7 requires fair value to be disclosed by the source of inputs, using a three-level hierarchy:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2);

Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

In addition, the amendments revise specified minimum liquidity risk disclosures including: the contractual maturity of non derivative financial liabilities, and a description of how this is managed.

In the first year of application, comparative information is not required.

The following Standards or Interpretations have been issued by the International Accounting Standards Board but not yet adopted by the Company:

IFRS 2 (revised June 2009) Share-based Payment effective for annual periods beginning on or after 1 January 2010.

IFRS 3 Business Combinations effective for annual periods beginning on or after 1 July 2009

IAS 24 (revised November 2009) Related Party Disclosures effective for annual periods beginning on or after 1 January 2011.

IAS 27 Consolidated and Separate Financial Statements effective for annual periods beginning on or after 1 July 2009.

IAS 28 Investments in Associates effective for annual periods beginning on or after 1 July 2009.

IAS 31 Interests in Joint Ventures effective for annual periods beginning on or after 1 July 2009

IAS 32 (revised 2009) Financial Instruments - Presentation effective for annual periods beginning on or after 1 February 2010.

IAS 39 Financial Instruments: Recognition and Measurement - amendments for eligible hedged items effective for annual periods beginning on or after 1 July 2009

IFRIC 17 Distributions of Non-cash Assets to Owners effective for annual periods beginning on or after 1 July 2009.

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments effective for annual periods beginning on or after 1 July 2010.

(b) Going concern

As described in note 9, should the average 12 month discount at which the Shares of any class trade to their net asset value exceed 5% of net asset value per Share, the Company will be obliged to offer a continuation vote to the relevant class of shareholders.

The Company triggered its rolling 12 month discount floor provision for each Sterling, Euro and US Dollar Share classes, by reference to the final NAV as at 30 April 2009, 27 February 2009 and 31 March 2009, respectively, although it is not expected to trigger the discount provisions in 2010. In accordance with the articles of association of the Company, continuation votes were proposed for all three classes of Shares by way of ordinary resolutions at separate class meetings held on 12 August 2009 and each continuation vote was passed.

The Company has adequate financial resources and as a consequence, the directors believe the Company is well placed to manage its business risks successfully despite the current economic climate. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the financial information.

The Company has been granted exemption under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is charged an annual fee of £600.

(d) Expenses

All expenses are accounted for on an accruals basis.

(e) Interest income

Interest income is accounted for on an accruals basis.

(f) Share issue costs

The Share issue costs borne by the Company are recognised in the statement of changes in net assets attributable to shareholders, as the Company's Ordinary Shares have no fixed redemption date.

(g) Cash and Cash Equivalents

Cash and cash equivalents are defined as call deposits, short term deposits readily convertible to known amounts of cash and subject to insignificant risk of changes in value, together with bank overdrafts. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and deposits at bank, together with bank overdrafts.

(h) Investments

All investments are designated upon initial recognition as financial assets at "fair value through profit or loss". Investments are initially recognised on the date of purchase (on 'trade date' basis) at cost, being the fair value of the consideration given, excluding transaction costs associated with the investment, with unrealised gains and losses on investments arising from change in fair value of investments from prior years is recognised in the Statement of Comprehensive Income.

Realised gains or losses are determined on the disposal of investments and are recognised in the Statement of Comprehensive Income.

In order to assess the fair value of unquoted investments the net asset value of the underlying investment in AllBlue Limited is taken into consideration.

The Company's net asset value is based on valuations of unquoted investments. In calculating the net asset value and the net asset value per Share of the Company, the Administrator considers the net asset values of the shares in AllBlue Limited supplied by the administrator of AllBlue Limited. Those net asset values are based on the market value of the various investments held by AllBlue Limited.

(i) Foreign currency translation

The financial statements are presented in Sterling, which is the Company's functional and presentation currency. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the Statement of Financial Position date. All differences are taken to the Statement of Comprehensive Income.

Income and expense items are translated at the average exchange rates for the period. Exchange differences arising on currency aggregation due to translation of foreign currency balances to presentation currency are taken to the Other Comprehensive Income.

(j) Shares

Sterling, Euro and US Dollar Shares and C Shares have been reclassified as liabilities in accordance with IAS 32 because of the provisions contained in the Company's articles of association as described in note 9. The directors have been advised that this treatment does not result in the Shares being treated as a liability for the purpose of applying the solvency test set out in Section 527 of The Companies (Guernsey) Law, 2008, as amended.

2 OPERATING EXPENSES

	1 Jan 2009 to 31 Dec 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Shareholder liaison agent's fee	-	-	-
Administration fees	86,715	2,763	5,153
Directors' remuneration	148,658	4,732	8,841
Registration fees	47,977	1,529	2,851
Directors & Officers insurance	17,802	544	1,015
Broker fees	34,658	1,105	2,059
Audit fees	30,636	976	1,820
Annual & Regulatory fees	26,490	844	1,574
Legal & Professional fees	24,667	785	1,466
Nominated Advisor fees	-	-	-
Printing of annual reports	625	20	38
Printing of half yearly reports	5,733	183	341
Bank interest on overdraft facility	262	8	16
Bank facility fee and charges	112	3	6
(Profit) / Loss on exchange	2,958	1,311	469
Other operating expenses	4,656	149	276
	431,229	14,952	25,925

Less: Bank interest earned	(1,831)	(118)	(1)

Total expenses for the year	429,398	14,834	25,924

	1 Jan 2009 to 31 Dec 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Shareholder liaison agent's fee	-	-	-	-
Administration fees	886	10	52	93,405
Directors' remuneration	20,805	236	1,215	180,330
Registration fees	490	6	29	51,679
Directors & Officers insurance	175	2	10	18,400
Broker fees	354	4	21	37,332
Audit fees	313	4	18	32,999
Annual & Regulatory fees	271	3	16	28,534
Legal & Professional fees	224	3	13	26,540
Nominated Advisor fees	-	-	-	-
Printing of annual reports	6	-	-	673
Printing of half yearly reports	59	1	3	6,176
Bank interest on overdraft facility	3	-	-	282
Bank facility fee and charges	1	10	17	139
(Profit) / Loss on exchange	(2,069)	(20)	(113)	2,267
Other operating expenses	48	1	3	5,016
	21,566	260	1,284	483,772

Less: Bank interest earned	-	-	-	(1,937)

Total expenses for the year	21,566	260	1,284	481,835

	1 Jan 2008 to 31 Dec 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Shareholder liaison agent's fee	687,655	24,116	45,062
Administration fees	79,950	2,804	5,239
Directors' remuneration	141,950	4,978	9,302
Registration fees	22,187	778	1,454
Directors & Officers insurance	13,899	487	911
Broker fees	56,398	1,978	3,696
Audit fees	16,879	592	1,106
Annual & Regulatory fees	17,860	626	1,170
Legal & Professional fees	140,657	4,933	9,217
Nominated Advisor fees	8,205	288	538
Printing of annual reports	(3,751)	(132)	(246)
Printing of half yearly reports	(1,500)	(53)	(98)
Bank interest on overdraft facility	11,573	406	758
Bank facility fee and charges	51,853	1,886	3,524
(Profit) / Loss on exchange	(1,567)	(6,166)	(4,372)
Other operating expenses	4,914	172	322
	1,247,162	37,693	77,583

Less: Bank interest earned	(60,900)	(1,306)	(2,309)

Total expenses for the year	1,186,262	36,387	75,274

	1 Jan 2008 to 31 Dec 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Shareholder liaison agent's fee	-	-	-	733,332
Administration fees	-	-	-	85,261
Directors' remuneration	-	-	-	151,379
Registration fees	-	-	-	23,661
Directors & Officers insurance	-	-	-	14,822
Broker fees	-	-	-	60,144
Audit fees	-	-	-	18,000
Annual & Regulatory fees	-	-	-	19,046
Legal & Professional fees	-	-	-	150,000
Nominated Advisor fees	-	-	-	8,750
Printing of annual reports	-	-	-	(4,001)
Printing of half yearly reports	-	-	-	(1,600)
Bank interest on overdraft facility	-	-	-	12.342
Bank facility fee and charges	-	-	-	55,425
(Profit) / Loss on exchange	-	-	-	(9,122)
Other operating expenses	-	-	-	5,240
	-	-	-	1,322,679

Less: Bank interest earned	-	-	-	(63,297)

Total expenses for the year	-	-	-	1,259,382

With effect from 1 August 2008, the Company dispensed with the services of the shareholder liaison agent. During the year under review £nil (2008: £733,332) of costs were incurred with this service provider.

3 DIRECTORS' REMUNERATION

During the year to 31 December 2009 each director other than Andrew Dodd and Richard Crowder each received a fee of £35,000 per annum from the Company. Richard Crowder received £50,000 per annum. The Chairman of the Audit Committee is also paid an additional fee of £5,000 per annum. Upon issue of the C Shares, each director other than Andrew Dodd received additional remuneration in the sum of £5,000 Mr Dodd has waived his entitlement to a fee.

The directors of the Company are considered key management personnel.

4 EARNINGS PER SHARE

The earnings per each class of Shares is based on the net gain for the year of £55,792,409 (2008: £22,806,195) and 207,114,660 (2008: 165,337,468) Shares in the Sterling Ordinary Share class, €1,909,445 (2008: €714,913) and 6,631,387 (2008: 5,612,979) Shares in the Euro Ordinary Share class and $4,545,502 (2008: $1,535,218) and 18,025,376 (2008: 12,182,427) Shares in the US$ Ordinary Share class, -£21,566 (2008: £000) and 96,417,954 (2008: 000) Shares in the Sterling C Share class, -€260 (2008: €000) and 1,097,780 (2008: 000) Shares in the Euro C Share class, -$1,284 (2008: $000) and 5,830,631 (2008: 000) Shares in the US$ C Share class each, being the weighted average number of Shares in issue during the year (since the date of issue of the C Shares).

5 RELATED PARTY TRANSACTIONS

Transactions with related parties are made on items equivalent to those that prevail in an arm's length transaction.

Anson Fund Managers Limited is the Company's administrator and secretary, Anson Registrars Limited is the Company's registrar, transfer agent and paying agent and Anson Administration (UK) Limited is the Company's UK Transfer agent. John R Le Prevost is a director and controller of Anson Fund Managers Limited, Anson Registrars Limited and Anson Administration (UK) Limited. £145,084 (2008: £108,922) of costs were incurred by the Company with these related parties in the year, of which £8,663 (2008: £25,379) was due to these related parties at 31 December 2009.

In accordance with IAS 28 the Company's investment transactions with AllBlue Limited represent a holding in excess of 23% (2008: 32%), therefore they are effectively transactions with a related party. The totals of such transactions are shown in Note 6.

6 INVESTMENTS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

	As at 31 December 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	213,155,443	6,611,498	22,823,717
Unrealised appreciation on valuation brought forward	43,470,401	1,233,890	2,403,054

Valuation brought forward	256,625,844	7,845,388	25,226,771

Movements in period
Gross Share conversions in the year	5,977,380	(1,967,527)	(6,311,522)
Adjustment for realised gain on Share conversions	1,171,161	1,431,592	1,214,017
Purchase at cost	-	-	-
Sales	(365,124)	(9,927)	(22,330)
Exchange losses on currency balances	-	-	-

Portfolio cost carried forward	219,938,860	6,065,636	17,703,882

Unrealised appreciation on valuation carried forward	98,426,971	1,724,177	5,742,212

Valuation carried forward	318,365,831	7,789,813	23,446,094

	As at 31 December 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	-	-	-	235,115,765
Unrealised appreciation on valuation brought forward	-	-	-	46,296,632

Valuation brought forward	-	-	-	281,412,397

Movements in period
Gross Share conversions in the year	-	-	-	-
Adjustment for realised gain on Share conversions	-	-	-	3,191,574
Purchase at cost	95,453,774	1,086,802	5,772,324	99,987,253
Sales	-	-	-	(387,737)
Exchange losses on currency balances	-	-	-	(1,653,109)

Portfolio cost carried forward	95,453,774	1,086,802	5,772,324	336,253,746

Unrealised appreciation on valuation carried forward	-	-	-	103,507,110

Valuation carried forward	95,453,774	1,086,802	5,772,324	439,760,856

	As at 31 December 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Realised gains on sales	1,265,237	1,433,992	1,217,332
Increase in unrealised appreciation	54,956,570	490,287	3,339,158


Net gains on financial assets at fair value through profit or loss	56,221,807	1,924,279	4,556,490

	As at 31 December 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Realised gains on sales	-	-	-	3,289,828
Increase in unrealised appreciation	-	-	-	57,210,478


Net gains on financial assets at fair value through profit or loss	-	-	-	60,500,306

	As at 31 December 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	130,773,126	5,492,777	9,319,964
Unrealised appreciation on valuation brought forward	20,301,412	687,314	1,430,123

Valuation brought forward	151,074,538	6,180,091	10,750,087

Movements in period:
Gross Share conversions in the year	(1,413,638)	(955,490)	3,493,437
Adjustment for realised gain on Share conversions	541,826	196,756	624,335
Purchase at cost	84,529,941	1,919,166	9,470,026
Sales	(1,275,812)	(41,711)	(84,045)
Exchange gains on currency balances	-	-	-

Portfolio cost carried forward	213,155,443	6,611,498	22,823,717

Unrealised appreciation on valuation carried forward	43,470,401	1,233,890	2,403.054

Valuation carried forward	256,625,844	7,845,388	25,226,771

	As at 31 December 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£
UNQUOTED FINANCIAL ASSETS
Portfolio cost brought forward	-	-	-	139,505,585
Unrealised appreciation on valuation brought forward	-	-	-	21,527,068

Valuation brought forward	-	-	-	161,032,653

Movements in period:
Gross Share conversions in the year	-	-	-	-
Adjustment for realised gain on Share conversions	-	-	-	1,157,743
Purchase at cost	-	-	-	92,853,963
Sales	-	-	-	(1,373,278)
Exchange gains on currency balances	-	-	-	2,971,752

Portfolio cost carried forward	-	-	-	235,115,765

Unrealised appreciation on valuation carried forward	-	-	-	46,296,632

Valuation carried forward	-	-	-	281,412,397

	As at 31 December 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Realised gains on sales	823,468	204,724	637,561
Increase in unrealised appreciation	23,168,989	546,576	972,931


Net gains on financial assets at fair value through profit or loss	23,992,457	751,300	1,610,492

	As at 31 December 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Realised gains on sales	-	-	-	1,456,065
Increase in unrealised appreciation	-	-	-	24,769,564


Net gains on financial assets at fair value through profit or loss	-	-	-	26,225,629

The investments held by the Company have been classified as Level 2. In accordance with the fair value hierarchy, i.e. fair value determined involving inputs other than quoted prices that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).

Details of the fair value of the classification are listed in the table below. Fair values are based on the market value of the investments as at the statement of financial position date:

Financial assets at fair value			Fair Value
through profit or loss			As at 31 Dec 2009
			GBP

Level 2			439,760,856

There have been no transfers between Level 2 and Level 3 of the fair value hierarchy during the year under review.

7 RECEIVABLES

	31 Dec 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Prepayments	9,431	303	556
Other receivables	7,947	255	469
Inter class loan accounts	45,965	-	-

	63,343	558	1,025

	31 Dec 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Elimination	Total
	£	€	$	£	£

Prepayments	415	5	24	-	10,492
Other receivables	(69)	(1)	(4)	-	8,402
Inter class loan accounts	-	-	-	(45,965)	-

	346	4	20	(45,965)	18,894

	31 Dec 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Prepayments	6,841	205	377
Other receivables	-	-	-
Inter class loan accounts	42,204	-	-

	49,045	205	377

	31 Dec 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Elimination	Total
	£	€	$	£	£

Prepayments	-	-	-	-	7,295
Other receivables	-	-	-	-	-
Inter class loan accounts	-	-	-	(42,204)	-

	-	-	-	(42,204)	7,295

8 PAYABLES (AMOUNTS FALLING DUE WITHIN ONE YEAR)

	31 Dec 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Accrued administration fees	6,329	203	373
Accrued registration fees	844	27	50
Accrued directors fees	23,432	753	1,383
Accrued bank charges	-	-	-
Accrued audit fees	20,888	671	1,233
Accrued printing costs	4,759	153	281
Inter class loan accounts	-	44,338	10,675
Other sundry accruals	567	18	33

	56,819	46,163	14,028

	31 Dec 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Elimination	Total
	£	€	$	£	£

Accrued administration fees	854	10	50	-	7,644
Accrued registration fees	114	1	7	-	1,019
Accrued directors fees	20,612	233	1,203	-	46,579
Accrued bank charges	35	-	2	-	36
Accrued audit fees	214	2	12	-	22,499
Accrued printing costs	49	1	3	-	5,127
Inter class loan accounts	10	17	25	(45,965)	-
Other sundry accruals	24	-	1	-	629

	21,912	264	1,303	(45,965)	83,533

	31 Dec 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Accrued administration fees	20,811	623	1,148
Accrued registration fees	2,988	89	165
Accrued broker fees	36,211	1,084	1,997
Accrued bank charges	51,574	1,545	2,845
Accrued audit fees	16,879	506	931
Accrued printing costs	4,689	140	259
Inter class loan accounts	-	10,908	46,372
Other sundry accruals	2,063	62	114

	135,215	14,957	53,831

	31 Dec 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Elimination	Total
	£	€	$	£	£

Accrued administration fees	-	-	-	-	22,193
Accrued registration fees	-	-	-	-	3,186
Accrued broker fees	-	-	-	-	38,616
Accrued bank charges	-	-	-	-	55,000
Accrued audit fees	-	-	-	-	18,000
Accrued printing costs	-	-	-	-	5,000
Inter class loan accounts	-	-	-	(42,204)	-
Other sundry accruals	-	-	-	-	2,200

	-	-	-	(42,204)	144,195

9 SHARE CAPITAL

Authorised Share Capital

An unlimited number of Unclassified Shares of no par value each.

	Ordinary Shares
Issued	Sterling Share Class	Euro Share Class	US$ Share Class

Number of Shares in issue at 31 December 2009	209,623,415	5,303,602	15,915,995

	C Shares
Issued	Sterling Share Class	Euro Share Class	US$ Share Class	Total

Number of Shares in issue at 31 December 2009	96,417,954	1,097,780	5,830,631	230,843,012

	Ordinary Shares
The movement in Shares took place as follows:	Number of Sterling Share Class	Number of Euro Share Class	Number of US$ Share Class

Date of movement
Issue 21 April 2006	2	-	-
Issue 25 May 2006	135,283,597	5,676,877	9,632,602
Conversion 1 April 2008	2,323,063	(1,064,142)	(2,999,848)
Cancellation 19 May 2008	(198,000)	-	-
Conversion 1 July 2008	(9,400)	-	19,068
Conversion of C Shares 4 September 2008	71,997,994	1,663,467	8,086,481
Conversion 1 October 2008	(3,462,150)	223,992	5,980,852
Purchase of treasury Shares 26 November 2008	(100,000)	-	-
Purchase of treasury Shares 16 December 2008	(100,000)	-	-
Sub-total carried forward	205,735,106	6,500,194	20,719,155

	C Shares
The movement in Shares took place as follows:	Number of Sterling Share Class	Number of Euro Share Class	Number of US$ Share Class

Date of movement
Issue 21 April 2006	-	-	-
Issue 25 May 2006	-	-	-
Conversion 1 April 2008	-	-	-
Cancellation 19 May 2008	-	-	-
Conversion 1 July 2008	-	-	-
Conversion of C Shares 4 September 2008	-	-	-
Conversion 1 October 2008	-	-	-
Purchase of treasury Shares 26 November 2008	-	-	-
Purchase of treasury Shares 16 December 2008	-	-	-
Sub-total carried forward	-	-	-

	Ordinary Shares
The movement in Shares took place as follows:	Number of Sterling Share Class	Number of Euro Share Class	Number of US$ Share Class

Date of movement
Sub-total brought forward	205,735,106	6,500,194	20,719,155
Purchase of treasury Shares 19 December 2008	(150,000)	-	-
Purchase of treasury Shares 31 December 2008	(100,000)	-	-

As at 31 December 2008	205,485,106	6,500,194	20,719,155

Conversion 1 January 2009	643,075	(615,782)	(111,870)
Conversion 1 April 2009	157,384	297,877	(624,923)
Conversion 1 July 2009	132,724	2,937,405	(4,332,028)
Conversion 1 October 2009	3,205,126	(3,816,092)	265,661

Issue 16 December 2009	-	-	-

As at 31 December 2009	209,623,415	5,303,602	15,915,995

	C Shares
The movement in Shares took place as follows:	Number of Sterling Share Class	Number of Euro Share Class	Number of US$ Share Class

Date of movement
Sub-total brought forward	-	-	-
Purchase of treasury Shares 19 December 2008	-	-	-
Purchase of treasury Shares 31 December 2008	-	-	-

As at 31 December 2008	-	-	-

Conversion 1 January 2009	-	-	-
Conversion 1 April 2009	-	-	-
Conversion 1 July 2009	-	-	-
Conversion 1 October 2009	-	-	-

Issue 16 December 2009	96,417,954	1,097,780	5,830,631

As at 31 December 2009	96,417,954	1,097,780	5,830,631

In the event of a return of capital on a winding-up or otherwise, shareholders are entitled to participate in the distribution of capital after paying all the debts and satisfying all the liabilities attributable to the relevant share class.

The holders of Shares of the relevant share class shall be entitled to receive by way of capital any surplus assets of the share class in proportion to their holdings. In the event that the share class has insufficient funds or assets to meet all the debt and liabilities attributable to that share class, any such shortfall shall be paid out of funds or assets attributable to the other share classes in proportion to the respective net assets of the relevant share classes as at the date of winding-up.

The Company's Articles incorporate a discount management provision (which applies to each class of Ordinary Shares individually) that will require a continuation vote to be proposed in respect of the particular class of Ordinary Shares at a class meeting of the relevant shareholders (by way of ordinary resolution) if, over the previous 12 month rolling period commencing from 1 January 2008, the relevant class of Ordinary Shares has traded, on average (calculated by averaging the closing mid-market share price on the dates which are 5 Business Days after the date on which each estimated Published NAV announcement is made for each NAV Calculation date over the period) at a discount in excess of 5 per cent to the average Net Asset Value per Ordinary Share of that class (calculated by averaging the NAV per Ordinary Share of that class as at the NAV Calculation Date at the end of each month during the period).

In the event that a vote to continue is proposed and passed for any class of Ordinary Shares as a result of the operation of such mechanism, no further continuation vote will be capable of being proposed for that class for a further 12 months from the date on which the requirement for such a continuation vote was triggered.

If such continuation vote is not passed, the directors will be required to formulate redemption proposals to be put to the shareholders of that class offering to redeem their Ordinary Shares at the relevant Published Net Asset Value on the NAV Calculation Date immediately preceding such redemption (less the costs of all such redemptions). However, where one or more such resolutions in respect of the same period is/are not passed and the class(es) of Ordinary Shares involved represent 75 per cent, or more of the Company's net assets attributable to all Ordinary Shares at the last NAV Calculation Date on or immediately preceding the date of the latest continuation resolution being defeated, the directors may first (at their discretion) put forward alternative proposals to all shareholders to offer to repurchase their Shares or to reorganise, reconstruct or wind up the Company. If, however, such alternative proposals are not passed by the necessary majority of shareholders of the relevant class, the directors must proceed to offer to redeem the relevant class(es) of Ordinary Shares on the terms described above.

Where following redemption of any class of Ordinary Shares under the discount management provision, the number of Ordinary Shares of that class remaining in issue represent less than 25 per cent, of the Ordinary Shares of that class in issue immediately before such redemption or the listing for such class of Ordinary Shares on the Official List is withdrawn or threatened to be withdrawn or the directors determine that the conditions for the continued listing of that class are not (or they believe will not be) met, then the Company may redeem the remaining issued Ordinary Shares of that class within 3 months of such determination at a redemption price equal to the Net Asset Value of Ordinary Shares of that class on the NAV Calculation Date selected by the directors for such purpose (less the costs of such redemption).

The Company triggered its rolling 12 month discount floor provision for each of the Sterling, Euro and US Dollar Share classes, by reference to the final NAV as at 30 April 2009, 27 February 2009 and 31 March 2009, respectively. In accordance with the articles of incorporation of the Company, continuation votes were proposed for all three classes of shares by way of ordinary resolution at separate class meetings held on 12 August 2009 and each continuation vote was passed.

The arrangements for the conversion of C Shares into Ordinary Shares is detailed in note 15 (Subsequent events).

10 SHARE PREMIUM

	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Share premium as at 1 January 2009	-	-	-
Share premium on shares issued	-	-	-
Less: Share issue costs	-	-	-
Transfer to retained earnings	-	-	-

Balance as at 31 December 2009	-	-	-

Share premium as at 1 January 2008	-	-	-
Share premium on shares issued	86,411,419	1,921,975	9,525,995
Less: Share issue costs	(864,114)	(11,275)	(76,495)
Transfer to retained earnings	(85,547,305)	(1,910,700)	(9,449,500)

Balance as at 31 December 2008	-	-	-

	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Share premium as at 1 January 2009	-	-	-	-
Share premium on shares issued	-	-	-	-
Less: Share issue costs	-	-	-	-
Transfer to retained earnings	-	-	-	-

Balance as at 31 December 2009	-	-	-	-

Share premium as at 1 January 2008	-	-	-	-
Share premium on shares issued	-	-	-	94,776,479
Less: Share issue costs	-	-	-	(927,311)
Transfer to retained earnings	-	-	-	(93,849,168)

Balance as at 31 December 2008	-	-	-	-

In April 2006 the shareholders of the Company passed a resolution to cancel the amount standing to the credit of the Company's share premium account (less any formation expenses set off against the share premium account) and the directors obtained from the Court in Guernsey an order confirming such cancellation of the share premium account in accordance with The Companies (Guernsey) Law, 1994 (as amended) (the "1994 Law"). The reserve created was thereafter available as distributable profits to be used for all purposes permitted by the 1994 Law, including the buy back of Shares and the payment of dividends.

On 1 July 2008 The Companies (Guernsey) Law, 1994 (as amended) was replaced by The Companies (Guernsey) Law, 2008 (as amended) (the "2008 Law"). The 2008 Law does not require share premium to be held in a separate account and any premium at which Shares are issued can be used for all purposes, including the buy back of Shares and the payment of dividends, provided that the Company would after any distribution still meet the statutory Solvency Test as such is defined in the 2008 Law. Accordingly, upon the issue of C Shares in August 2008 and December 2009 the entire amount of share premium received on the issue of such C Shares was immediately transferred to distributable reserves.

11 TREASURY SHARES

	31 Dec 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Balance as at 1 January 2009	483,079	-	-
Cancelled during the year	-	-	-
Acquired during the year	-	-	-

Balance as at 31 December 2009	483,079	-	-

	31 Dec 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Balance as at 1 January 2009	-	-	-	483,079
Cancelled during the year	-	-	-	-
Acquired during the year	-	-	-	-

Balance as at 31 December 2009	-	-	-	483,079

	31 Dec 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Balance as at 1 January 2008	202,023	-	-
Cancelled during the year	(202,023)	-	-
Acquired during the year	483,079	-	-

Balance as at 31 December 2008	483,079	-	-

	31 Dec 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Balance as at 1 January 2008	-	-	-	202,023
Cancelled during the year	-	-	-	(202,023)
Acquired during the year	-	-	-	483,079

Balance as at 31 December 2008	-	-	-	483,079

The treasury shares reserve represents 450,000 Sterling Shares purchased in the market at various prices per share ranging from £1.03 to £1.11 and held by the Company in treasury. No cancellations of Shares took place during the year under review.

12 DISTRIBUTABLE RESERVES

	31 Dec 2009
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Balance as at 1 January 2009	257,860,084	7,844,246	25,216,708
Transfer from C Share Issue	-	-	-
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income	55,792,409	1,909,445	4,545,502
Share conversions	5,977,380	(1,967,527)	(6,311,522)

Balance as at 31 December 2009	319,629,873	7,786,164	23,450,688

	31 Dec 2009
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Balance as at 1 January 2009	-	-	-	282,638,651
Transfer from C Share Issue	95,453,774	1,086,802	5,772,325	99,987,253
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income	(21,566)	(260)	(1,284)	58,375,924
Share conversions	-	-	-	-

Balance as at 31 December 2009	95,432,208	1,086,542	5,771,041	441,001,828

The Share issue costs incurred during the year and borne by the Company in relation to the issue of C Shares amounted to £964,180 in the Sterling Share class, €10,978 in the Euro Share class and $58,306 in the US Dollar Share class.

	31 Dec 2008
	Ordinary Shares
	Sterling Share Class	Euro Share Class	US$ Share Class
	£	€	$

Balance as at 1 January 2008	151,122,245	6,174,123	10,738,553
Transfer from share premium	85,547,305	1,910,700	9,449,500
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income	22,806,195	714,913	1,535,218
Cancellation of treasury shares	(202,023)	-	-
Share conversions	(1,413,638)	(955,490)	3,493,437

Balance as at 31 December 2008	257,860,084	7,844,246	25,216,708

	31 Dec 2008
	C Shares
	Sterling Share Class	Euro Share Class	US$ Share Class	Total
	£	€	$	£

Balance as at 1 January 2008	-	-	-	161,070,163
Transfer from share premium	-	-	-	93,849,168
Increase / (decrease) in net assets attributable to shareholders after other comprehensive income	-	-	-	27,921,343
Cancellation of treasury shares	-	-	-	(202,023)
Share conversions	-	-	-	-

Balance as at 31 December 2008	-	-	-	282,638,651

13 FINANCIAL INSTRUMENTS

The Company's main financial instruments comprise:

(a) Cash and cash equivalents that arise directly from the Company's operations; and

(b) Shares held in AllBlue Limited.

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The main risks arising from the Company's financial instruments concern its holding of shares in AllBlue Limited and the risks attaching to those shares, which are market price risk, credit risk, liquidity risk, interest rate risk and increased volatility due to leverage employed by the underlying funds as explained below.

The Company is not exposed to foreign exchange risk as each class of Shares in the Company is directly invested in shares of AllBlue Limited denominated in the same corresponding currency.

So far as the Company is concerned, the only risk the Board can monitor and control is the liquidity risk attaching to its ability to realise shares in AllBlue Limited for the purpose of meeting ongoing expenses of the Company. Thereafter the Board recognises that the Company has via its holding of shares in AllBlue Limited an indirect exposure to the risks summarised below though it must be noted that there is little or nothing which the Board can do to manage each of these risks within AllBlue Limited ("AllBlue") or the underlying funds in which AllBlue invests (the "underlying fund(s)").

(a) Price Risk

The success of AllBlue's and the underlying funds' and, therefore, the Company's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls and national and international political circumstances. These factors may affect the level and volatility of securities' prices and the liquidity of the underlying funds' investments. Volatility or illiquidity could impair the underlying funds' profitability or result in losses.

Details of the Company's Investment Objective and Policy are set out on pages 1 and 2.

Price sensitivity

The Company invests substantially all its assets in AllBlue and does not undertake any significant borrowing or hedging activity at the Company level. Its performance is therefore directly linked to the net asset value of AllBlue, which itself is driven by the net asset values of the underlying funds, each of which hold a large number of positions in listed and unlisted securities.

At 31 December 2009, if the net asset value of AllBlue had been 10% higher with all other variables held constant, the increase in net assets attributable to shareholders for the year would have been £43,976,086 (2008: £28,141,240) greater, arising due to the increase in the fair value of financial assets at fair value through profit or loss.

If the net asset value of AllBlue had been 10% lower with all other variables held constant, the net assets attributable to shareholders for the year would have been £43,976,086 (2008: £28,141,240) lower, arising due to the decrease in the fair value of financial assets at fair value through profit or loss.

The sensitivity is higher in 2009 than in 2008 because of an increase in the net financial assets and liabilities at fair value through profit or loss at the statement of financial position date.

(b) Credit Risk

The nature of commercial arrangements made in the normal course of business between many prime brokers and custodians means that in the case of any one prime broker or custodian defaulting on its obligations to AllBlue or any of the underlying funds, the effects of such a default may have negative effects on other prime brokers with whom AllBlue or such underlying fund deals. The underlying funds and, by extension, AllBlue and the Company may, therefore be exposed to systemic risk when AllBlue or an underlying fund deals with prime brokers and custodians whose creditworthiness may be interlinked.

The assets of AllBlue and the underlying funds may be pledged as margin with prime brokers or other counterparties or held with prime brokers or banks. In the event of the default of any of these prime brokers, banks or counterparties, AllBlue or the underlying funds may not receive back all or any of the assets pledged or held with the defaulting party.

The maximum credit risk to which the Company was exposed at the year end was £440,591,790 (2008: £282,292,472).

The main concentration of risk for the Company relates to the investments in AllBlue, as these are the only investments the Company has.

In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. Accordingly, an underlying fund's ability to respond to market movements may be impaired and, consequently, the underlying fund may experience adverse price movements upon liquidation of its investments which may in turn affect the value of AllBlue and hence the Company's investment in AllBlue. Settlement of transactions may be subject to delay and administrative formalities.

There can be no assurance that the liquidity of the investments of AllBlue and the underlying funds will always be sufficient to meet redemption requests as, and when, made. Any such lack of liquidity may affect the ability of the Company to realise its shares in AllBlue and the value of Shares in the Company. For such reasons AllBlue's treatment of redemption requests may be deferred in exceptional circumstances including if a lack of liquidity may result in difficulties in determining the net asset value and the net asset value per share in AllBlue. This in turn would limit the ability of the directors to realise the Company's investments in AllBlue should they consider it appropriate to do so and may result in difficulties in determining the net asset value of a Share in the Company.

The market prices, if any, for such illiquid investments tend to be volatile and may not be readily ascertainable and the relevant underlying fund may not be able to sell them when it desires to do so or to realise what it perceives to be their fair value in the event of a sale. The size of the underlying funds' positions may magnify the effect of a decrease in market liquidity for such instruments. Changes in overall market leverage, deleveraging as a consequence of a decision by the counterparties with which the underlying funds enter into repurchase/reverse repurchase agreements or derivative transactions, to reduce the level of leveraging, or the liquidation by other market participants of the same or similar positions, may also adversely affect the underlying funds' portfolios.

The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets.

The underlying funds may not be able readily to dispose of such illiquid investments and, in some cases, may be contractually prohibited from disposing of such investments for a specified period of time. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale.

The Company's Shares in issue are traded on the London Stock Exchange's Main Market for Listed Securities (the "LSE"). However, in certain circumstances there may be a limited market for the Shares and it may not be possible for investors to achieve a disposal of their holding within a short time period or for the investor to realise the full anticipated value of the Shares.

The table below details the residual contractual maturities of financial liabilities:

As at 31 December 2009	1-3 months	Over 1 year	Total
	£	£	£

Accrued expenses	83,533	-	83,533
Total	83,533	-	83,533


As at 31 December 2008	1-3 months	Over 1 year	Total
	£	£	£

Accrued expenses	144,195	-	144,195
Total	144,195	-	144,195

(d) Interest Rate Risk

The prices of securities tend to be sensitive to interest rate fluctuations. Unexpected fluctuations in interest rates could cause the corresponding prices of long positions and short positions adopted to move in directions which were not originally anticipated. In addition, interest rate increases generally increase the interest or carrying costs of investments. However, the Company's investments designated as at fair value through profit or loss are non interest bearing, and therefore is not exposed to interest rate risk.

The Company's own cash balances are not materially exposed to interest rate risk as cash and cash equivalents are held on floating interest rate deposits with banks and the Company does not rely on income from bank interest to meet day to day expenses.

(e) Leverage by Underlying Funds

Certain underlying funds in which the Company may have an economic interest operate with a substantial degree of leverage and are not limited in the extent to which they either may borrow or engage in margin transactions. The positions maintained by such underlying funds may in aggregate value be in excess of the net asset value of AllBlue. This leverage presents the potential for a higher rate of total return but will also increase the volatility of AllBlue and, as a consequence, the Company, including the risk of a total loss of the amount invested.

(f) Capital management

The investment objective of the Company is to provide shareholders with consistent long-term capital growth through an investment policy of investing substantially all of its assets in AllBlue or any successor vehicle to AllBlue.

As the Company's Ordinary Shares are traded on the LSE, the Ordinary Shares may trade at a discount to their net asset value. However, in structuring the Company, the directors have given detailed consideration to the discount risk and how this may be managed.

At the last general meeting held pursuant to section 199 of The Companies (Guernsey) Law, 2008, as amended (the "Law"), the directors were granted authority to buy back up to 14.99 per cent of the Ordinary Shares in issue. The Company's authority to make purchases of its own issued Ordinary Shares will expire at the conclusion of the next general meeting of the Company to be held pursuant to section 199 of the Law and renewal of such authority will be sought at that next general meeting. The timing of any purchases will be decided by the Board.

The directors intend that purchases will only be made pursuant to this authority through the market, for cash, at prices below the prevailing net asset value per Share where the directors reasonably believe such purchases will be of material benefit to the Company.

Following approval of the Court in Guernsey, the Company resolved to cancel the amount standing to the credit of its share premium account following Admission. The amount released on cancellation has been credited as a distributable reserve in the books of account and may be used by the Company for the purpose of funding purchases of its Ordinary Shares as described above and the payment of dividends.

The Company's authorised share capital is such that further issues of new Ordinary Shares could be made. Subject to prevailing market conditions, the Board may decide to make one or more further such issues or reissues of Ordinary Shares for cash from time to time. Any further issues of new Ordinary Shares or reissues of Ordinary Shares held in treasury will rank pari passu with Ordinary Shares in issue.

There are no provisions of the Companies Laws which confer rights of pre-emption in respect of the allotment of Shares. There are, however, pre-emption rights contained in the Articles, but the directors have been granted the power to issue further Shares on a non-pre-emptive basis until the time of the Company's general meeting to be held in 2010 pursuant to section 199 of the Law by a special resolution of shareholders passed on 10 December 2009. The directors intend to request that the authority to allot Shares on a non-pre-emptive basis is renewed at each subsequent general meeting of the Company.

Unless authorised by shareholders, the Company will not issue further Ordinary Shares or re-issue Ordinary Shares out of treasury for cash at a price below the prevailing net asset value per Share unless they are first offered pro-rata to existing shareholders.

The Company monitors capital on the basis of the carrying amount of reserves as presented on the face of the Statement of Financial Position. Capital for the reporting year under review is summarised as follows:

	2009	2008
	GBP	GBP

Purchase of own shares	(483,079)	(483,079)
Distributable reserves	441,001,828	282,638,651

Total	440,518,749	282,155,572

15 SUBSEQUENT EVENTS

On 16 December 2009 the Company issued 96,417,954 Sterling C Shares for a consideration of £1 each, 1,097,780 Euro C Shares for a consideration of Euro 1 each and 5,830,631 US Dollar C Shares for a consideration of US$1 each pursuant to a placing and offer for subscription of such C Shares. The C Shares were issued with the intention that they would be converted to Ordinary Shares denominated in the corresponding currency as at the close of business on a date to be determined by the directors of the Company occurring on or after the day on which BlueCrest had given notice to the directors, and the directors had agreed, that at least 95 per cent. of the assets attributable to the relevant class of C Shares had been invested or committed to be invested in accordance with the Company's investment policy.

On 12 February 2010 96,417,954 Sterling C Shares were converted into 62,681,311 Sterling Shares based on a conversion ratio of 0.6501 Sterling Shares for each Sterling C Share, 1,097,780 Euro C Shares were converted into 739,754 Euro Shares based on a conversion ratio of 0.6737 Euro Shares for each Euro C Share and 5,830,631 US Dollar C Shares were converted into 3,914,102 US Dollar Shares based on a conversion ratio of 0.0.6713 US Dollar Shares for each US Dollar C Share. The conversion ratios were calculated by dividing the net asset value of the relevant class of C Shares by the net asset value of the relevant class of Ordinary Shares and rounding the resultant figure up to the fourth decimal place, such ratio being applied to the number of C Shares in issue, the Ordinary Shares of the relevant class arising upon conversion being divided amongst the former holders of C Shares of the relevant class pro rata according to their respective former holdings of C Shares of the relevant class, with fractional entitlements due to each shareholder being aggregated and sold for the benefit of the relevant class of Ordinary Shares, all as announced on to a regulatory information service on 9 February 2010.

The additional Ordinary Shares arising on conversion were admitted to listing on the Official List of the UK Listing Authority and to trading on the Main Market for Listed Securities of the London Stock Exchange on 12 February 2010 and all Ordinary Shares of the relevant class rank pari passu.

As announced on 31 March 2010, the Company is proposing, in the absence of unforeseen circumstances, a further issue of shares, to be completed in June 2010.

E&OE - In Transmission

This information is provided by RNS

The company news service from the London Stock Exchange

END

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