For release at 7 a.m. on Friday 22 May 2009
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF
SOUTH AFRICA OR JAPAN
CQS Rig Finance Fund Limited (the "Company")
Restoration of listing on the CISX
On 30 October 2008 the Company announced it had requested that trading in its
shares on AIM and the CISX be suspended with immediate effect pending
clarification of the Company's financial position. Since that date the Company
has been in discussions with its main lender, Credit Suisse Securities (Europe)
Limited ("CS"), regarding a term financing facility and on 22 April 2009
announced that it had concluded discussions with CS and agreed amendments to
the terms of its financing arrangements.
On 15 May 2009 the Company published its report and accounts for the year ended
30 September 2008 and on 18 May 2009 the Company announced that it had restored
trading in its shares on AIM and that it was in the process of applying for the
consent of the CISX to restore listing of its shares on the CISX. The Company
also provided an update on its portfolio and has resumed publication of its NAV
on a weekly basis.
On 19 May 2009 the Company announced that the estimated liabilities of the
Company exceeded the estimated assets of the Company by approximately £4.2
million, equivalent to a shortfall of 4.29p per share*.
The Company is now pleased to confirm that consent has been granted by the CISX
to restore listing of its shares on the CISX at 8 a.m. today.
*Note: These estimates have been prepared by the Company's investment adviser
and are based on unaudited, non-binding, valuations sourced from third party
brokers (and these brokers are not responsible for any error in relation to
such valuations). Neither the Company nor its investment adviser accept any
responsibility for, and make no representation or warranty in respect of, the
accuracy of the estimates provided, and neither is any implied. These estimates
are provided for indicative purposes only.
Arbuthnot Securities Limited
Telephone 020 7012 2000
Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone 01481 727111
This announcement is not an offer to sell or a solicitation of any offer to buy
any securities in the United States or in any other jurisdiction. Neither this
announcement nor any copy of it may be taken, transmitted or distributed,
directly or indirectly, into the United States, Canada, Australia, the Republic
of Ireland, the Republic of South Africa or Japan or to any national of such
jurisdictions. Neither this announcement nor any copy hereof may be distributed
in any other jurisdictions where its distribution may be restricted by law and
persons into whose possession this document comes should inform themselves
about, and observe, any such restrictions. Distribution of this announcement in
the United States, Canada, Australia, the Republic of Ireland, the Republic of
South Africa, Japan or any such other jurisdictions may constitute a violation
of the law of such jurisdictions.