Results of Tender Offer

RNS Number : 2050N

Highbridge Multi-Strategy Fd Ltd £

21 October 2016

 

HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (the "Company")

RESULTS OF TENDER OFFER

As set out in the Circular dated 26 September 2016 (the "Circular"), Shareholders (other than certain Overseas Shareholders) were offered the opportunity to participate in a Tender Offer for up to 20 per cent of the Shares in issue (excluding Shares held in treasury) as at the Record Date.

The Tender Offer closed at 6.00 p.m. on 19 October 2016 and the Company today announces that, in accordance with the terms and conditions of the Tender Offer, and  following the passing of the proposed special resolutions at today's Extraordinary General Meeting (the "EGM") as announced earlier today, tenders for 25,892,614 Shares (representing c. 20% of the Shares in issue at the Record Date, due to these being rounded down in accordance with the methodology prescribed in the Circular) have been accepted by the Company.

Of such amount, 11,897,965 Shares constituted the aggregate Basic Entitlement of Shareholders who validly tendered Shares for redemption. The balance of 13,994,649 Shares have been allocated pro rata using a percentage of approximately 61% (in aggregate) to scale back tenders in excess of the Basic Entitlement. 

Following the above repurchases, the total number of Shares in issue is 131,627,733, of which 28,056,614 Shares are held in treasury, and the total number of shares in issue excluding treasury shares is 103,571,119.  Accordingly, the total number of voting rights in the Company is 103,571,119 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

As stated in the expected timetable on page 6 of the Circular, the Company may hold back any cash payment until a material amount is available for distribution to Tendering Shareholders to avoid the cost and administrative burden of distributing small amounts.  After the deduction of a provision for the costs of making the Tender Offer, the Company has insufficient cash to justify a payment to Shareholders at the current time.  The Company will keep this under regular review.

As stated in section 2.3 of the Circular, the Company will make a market announcement when any cash payment is to be made, which will state what proportion of the Repurchase Portfolio has been distributed to tendering shareholders and, to the extent known to the Company, when Tendering Shareholders can expect to receive any outstanding amounts.  All Shareholders will also be notified in writing when payment of a portion of the Repurchase proceeds is made to them.

Also as stated in section 2.3 of the Circular, the Tender Price to be paid to Tendering Shareholders will only be finally determined following the complete realisation of the assets comprised in the Repurchase Portfolio. The Company will on a monthly basis publish an unaudited estimated NAV for the Repurchase Portfolio based on information received by the Company, which Tendering Shareholders may choose to take as indicative of the potential realisation proceeds of the Repurchase Portfolio and the Tender Price they may receive. Tendering Shareholders should be aware, however, that there is no guarantee that the assets comprised in the Repurchase Portfolio will in fact be realised for the values attributed to them for the purposes of calculating such estimated NAVs. Therefore, the Tender Price received may be materially different to that indicated by the estimated NAVs of the Repurchase Portfolio published from time to time.

Tendering Shareholders should be aware that they may receive the Repurchase proceeds as a number of separate cash payments and that there may be a considerable delay before any such Repurchase proceeds are paid to Shareholders.

Shareholders should contact the Secretary, JTC (Guernsey) Limited, for any questions regarding the Tender Offer or the Registrar, Anson Registrars Limited, for further details regarding their shareholding.

For further information about this announcement please contact:

JTC (Guernsey) Limited

Secretary

Tel: [phone]

Anson Registrars Limited

Registrar

Tel: [phone]

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

END OF ANNOUNCEMENT

E&OE - in transmission

 

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