Circ re. Euro Class Mandatory Redemption

RNS Number : 2185O

BlueCrest AllBlue Fund Ltd

04 August 2014

BlueCrest ALLBLUE FUND LIMITED (the "Company")

CIRCULAR RE: EURO CLASS MANDATORY REDEMPTION AND AMENDMENTS TO THE ARTICLES OF INCORPORATION

On 27 June 2014, the Company announced that in light of the relatively small size and liquidity of the Euro Share Class as compared to the Sterling Share Class and the US Dollar Share Class, it was proposing to close the Euro Share Class by redeeming all Euro Shares at NAV (less costs).

The Company has today published a Circular seeking Shareholder approval to amend the existing Articles to enable the Directors to compulsorily redeem all of the Shares in the Euro Share Class (the "Euro Class Mandatory Redemption"). In addition, the Company is seeking shareholder approval to cancel the listing of the Euro Shares from the Official List.

Euro Class Mandatory Redemption

Conditional upon the passing of the Resolutions at the Meetings, the Euro Shares will be compulsorily redeemed at the confirmed NAV per Euro Share on the NAV Calculation Date immediately preceding such redemption, being 30 September 2014 (less the costs of all such redemptions) (the ''Redemption Price'').

As at 1 August 2014 (the latest practicable date prior to the publication of this Circular), the number of Euro Shares in issue was 8,094,527. The estimated NAV of the Euro Share Class as at 25 July 2014 was €14.29 million, representing 1.35% of the aggregate NAV of the Company at that date. The Euro Shares have traded at an average discount of 4.45% to NAV over the 12 months to 25 July 2014. As at that date, the discount was 3.36%.

In order for Euro Shares to be redeemed under the Euro Class Mandatory Redemption, the Company must first make an equivalent redemption in respect of its underlying holding of Euro shares in AllBlue. As AllBlue operates a quarterly redemption policy, the next scheduled redemption opportunity for AllBlue is on 1 October 2014 (the ''AllBlue Redemption Date''). In order to be valid the Company's redemption request in respect of the AllBlue Redemption Date must be submitted by 28 August 2014. This means that by 10.00 a.m. on 22 August 2014 (being the latest time and date for receipt of Notices of Proxy) Shareholders will not know the Redemption Price.

Payment of the proceeds arising from the redemption of Euro Shares are expected to be made, in the case of certificated Euro Shareholders, by cheque in the week commencing 17 November 2014 and, in the case of uncertificated Euro Shareholders, by crediting the relevant CREST accounts in the week commencing 17 November 2014, in each case, provided the Company has received sufficient cash to make such payments.

Cancellation of listing of the Euro Shares

Subject to the Resolutions being passed, the Company will make an application to the UK Listing Authority requesting the cancellation of the listing of the Euro Shares from listing on the Official List and to the London Stock Exchange requesting the cancellation of admission of the Euro Shares to trading on its main market for listed securities, with effect from 2 October 2014.

The Board has suspended all future conversions of Sterling Shares and US Dollar Shares into the Euro Share class. However, the Board continues to offer the monthly conversion facility between Sterling Shares and US Dollar Shares.

Further Information

Further details of the Euro Class Mandatory Redemption and amendments to the Articles are set out in the Circular.

Expected Timetable

	2014
Circular sent to Shareholders	4 August
Latest time and date of receipt of Forms of Proxy for the Euro Class Meeting	10.00 a.m. on 22 August
Latest time and date of receipt of Forms of Proxy for the Extraordinary General Meeting	10.05 a.m. on 22 August
Euro Class Meeting	10.00 a.m. on 27 August
Extraordinary General Meeting	10.05 a.m.* on 27 August
Announcement of results of the Meetings	27 August
NAV Calculation Date	30 September
Redemption Date	1 October
Cancellation of Euro Shares from trading on the London Stock Exchange and cancellation of listing of Euro Shares on the Official List	8.00 a.m. on 2 October
CREST Accounts credited with redemption proceeds in respect of uncertificated Euro Shares	in the week commencing 17 November
Cheques posted in respect of certificated Euro Shares	in the week commencing 17 November