NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES,
CANADA, JAPAN OR AUSTRALIA
CQS Rig Finance Fund Limited
Proposed C Share Issue
The Board of CQS Rig Finance Fund Limited (the "Company") announces that, in
light of continuing attractive investment opportunities in the "offshore oil
and gas exploration & production infrastructure sector" and demand from both
existing shareholders and potential new investors, it is considering proposals
for a further issue of equity securities to raise up to £50 million.
As a consequence, the Board plans to expand the Company through a placing of C
shares at 100p per C share. It is intended that the net proceeds will be
accounted for and managed as a separate pool of assets until conversion into
ordinary shares, ranking pari passu with the existing securities, once invested
in accordance with the Company's existing investment objective.
The Company is a closed-ended investment company investing in a portfolio of
secured debt instruments issued primarily to finance the construction,
modification and/or refurbishment of rigs and other infrastructure and/or
equipment used for the offshore exploration and production of oil and natural
The Board expects to publish a circular to shareholders seeking their approval
for the C share issue later this month. At that time, a further announcement
will be made to confirm the timing and details of the issue. Arbuthnot
Securities Limited is acting as Nominated Adviser and Broker.
For further information please contact:
Arbuthnot Securities Limited
020 7012 2000
020 7201 2491
Arbuthnot Securities Limited, which is authorised and regulated by the
Financial Services Authority, is acting for the Company only and will not be
responsible to any other person for providing the protections afforded to
customers of Arbuthnot Securities Limited or for advising such person on the
matters referred to in this announcement.
This announcement is not an offer to sell or a solicitation of any offer to buy
the securities of CQS Rig Finance Fund Limited (such securities, the
'Securities') in the United States, Canada, Japan or Australia or in any other
The ordinary shares and the C shares in the Company have not been and will not
be registered under the US Securities Act of 1933, as amended (the 'Securities
Act') and may not be offered or sold in the United States unless registered
under the Securities Act or an exemption from such registration is available.
No public offering of ordinary shares or C shares in the Company is being made
in the United States.
This announcement contains forward looking statements, that involve unknown
risk, uncertainties and other factors which may cause the actual results,
financial condition, performance or achievement of CQS Rig Finance Fund
Limited, or industry results to be materially different from any future
results, performance or achievements expressed or implied by such forward
CQS Rig Finance Fund Limited disclaims any obligation to update any such
forward looking statements in this announcement to reflect future events or
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