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CQS RIG Finance Fund LTD (RIG)

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Thursday 18 October, 2007

CQS RIG Finance Fund LTD

Placing of up to 50 million C Shares

For release on 18 October 2007

          CQS Rig Finance Fund Limited ("CQS Fund" or the "Company")           

         Placing of up to 50 million C Shares at 100 pence per C Share         


CQS Rig Finance Fund Limited ("CQS Fund" or the "Company")is pleased to
announce that it has today written to Shareholders in relation to proposals for
a Placing of C Shares, to be made by Arbuthnot Securities Limited, to raise up
to £50 million before expenses.


  * Proposed C Share issue to raise up to £50 million before expenses
  * Placing of C Shares to new investors and existing shareholders at a price
    of 100p per C Share
  * Assets representing the net proceeds of the Placing will be accounted for
    and managed as a distinct pool of assets until conversion
  * Arbuthnot Securities Limited is acting as nominated adviser and broker to
    CQS Fund
For further information, please contact:

Michael Rummel                          Alastair Moreton                       
CQS                                     Director, Corporate Finance            
020 7201 2491                           Arbuthnot Securities                   
                                        [email protected]        
                                        020 7012 2000                          

          CQS Rig Finance Fund Limited ("CQS Fund" or the "Company")           

         Placing of up to 50 million C Shares at 100 pence per C Share         


On 1 October 2007 the Company announced that the Directors were considering
proposals to conduct a Placing of up to 50 million C Shares at an issue price
of 100 pence per C Share. The Company has today published an admission document
(the "Admission Document") in connection with the Placing, which will shortly
be available on the website of the Company at the following address:


CQS Rig Finance Fund Limited is a limited liability closed-ended investment
company that is registered and incorporated in Guernsey. The Company's
investment objective is to provide Shareholders with an attractive total
return, primarily through income, with scope for capital appreciation. The
Company targets, in the absence of unforeseen circumstances, an annualised
gross dividend yield of 8 per cent. per annum of the Net Asset Value per Share
of the Company at the start of each financial year.

CQS Investment Management Limited (the "Investment Adviser") seeks to achieve
the investment objective of the Company by sourcing and trading a portfolio of
secured debt instruments using fundamental credit and industry analysis to
identify instruments with an attractive risk-adjusted yield. Such debt
instruments are expected to be primarily issued 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

As at 8 October 2007, the unaudited total net assets of the Company were
approximately £49.7 million, the capital raised by the Company in its initial
placing of Ordinary Shares was fully invested and the Company had geared its
investments with borrowings in an amount equal to approximately 110 per cent.
of the Company's Net Asset Value. The Company has paid dividends in line with
the dividend target at launch equivalent to an annualised 8 per cent. of the
Initial Net Asset Value per Ordinary Share.

In light of the continuing attractive investment opportunities and in response
to demand from both existing Shareholders and potential new investors, the
Board intends to expand the Company through a Placing of up to 50 million C
Shares at £1.00 per C Share. It is intended that the net proceeds of the
Placing will be accounted for and managed as a separate pool of assets until
conversion into Ordinary Shares, ranking pari passu with the existing Ordinary
Shares, once invested in accordance with the Company's existing investment

Benefits of the Placing

The Board believes that the Placing will confer the following benefits for
Shareholders and the Company:

(a) provide existing Shareholders with an opportunity to increase the size of


(b) allow new investors to invest in the Company who would not otherwise have
been able to make an investment of their preferred size in the Company;

(c) provide a larger asset base over which the fixed costs of the Company may
be spread, thereby reducing the Company's total expense ratio;

(d) provide the opportunity for further diversification of the Portfolio; and

(e) provide the Company with a wider shareholder base and an increased investor
awareness of the Company's activities which is expected to provide Shareholders
with greater liquidity following the conversion of the C Shares.

The proposals will ensure, through the C Share conversion mechanism, that
existing Shareholders will remain fully invested and not suffer any dilution
for the costs of the Placing or upon conversion of the C Shares. The Initial
Net Asset Value per C Share immediately following Admission is expected to be
98 pence.

C Shares and principles of conversion

Conversion of the C Shares will take place shortly after the Calculation Time,
which is expected to be the earlier of the time that the net proceeds of the
Placing have been fully invested in accordance with the Company's investment
policy with gearing of at least 75 per cent. (or such greater percentage as the
Directors and the Investment Manager shall agree) and the close of business six
months after Admission. The number of Ordinary Shares which each holder of C
Shares will receive will be calculated by applying the Conversion Ratio to each
such holder's holding of C Shares.

Extraordinary General Meeting

An EGM of the Company has been convened for 11 a.m. on 5 November 2007 in order
to obtain the necessary approval of Shareholders to implement the proposed
Placing by adopting a new set of articles of association. The Company is also
seeking to use the opportunity provided by the EGM to seek authority from
Shareholders to approve the cancellation of the amount standing to the credit
of its share premium account immediately following Admission of the C Shares,
in order to increase the distributable reserves available to it for such

Expected timetable of principal events

Latest time for receipt of Forms of Proxy for the    11 a.m. on 3 November 2007
EGM                                                                  11 a.m. on
                                                                5 November 2007
Latest time for commitments under the Placing         5 p.m. on 5 November 2007
Announcement of results of the Placing                         12 November 2007
Admission to AIM and the CISX and dealings                         8.00 a.m. on
commence in the C Shares on AIM                                13 November 2007
CREST Stock Accounts credited in respect of the C              13 November 2007
Shares issued in uncertificated form                                           
Despatch of definitive share certificates (where                Week commencing
applicable) in respect of the C Shares                         19 November 2007
Latest date for conversion of C Shares into                         13 May 2008
Ordinary Shares                                                                
The dates and times specified above are subject to change. All references to   
times in this document are to London times unless otherwise stated.            

Terms used in this announcement shall, unless the context otherwise requires,
bear the meanings given to them in the Admission Document dated 18 October

Arbuthnot Securities Limited, which is regulated by the Financial Services
Authority, is acting as nominated adviser and broker to the Company in relation
to the Placing and will not be responsible to any person other than the Company
for providing the protections afforded to its customers or for advising any
other person on the contents of this announcement or any transaction or
arrangement referred to herein.

This announcement does not constitute an offer to sell, or the solicitation of
an offer to buy, shares in any jurisdiction in which such offer or solicitation
is unlawful in particular, is not for distribution into the United States,
Canada, Australia, the Republic of Ireland, the Republic of South Africa or

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
looking statements.

CQS Rig Finance Fund Limited disclaims any obligation to update any such
forward looking statements in this announcement to reflect future events or


a d v e r t i s e m e n t