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CQS Rig Finance Fund Ltd (RIG)

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Wednesday 18 November, 2009

CQS Rig Finance Fund Ltd

Statement re Disclosure of Investing Policy

For immediate release on 18 November 2009

            CQS Rig Finance Fund Limited (the "Company")

                   Disclosure of Investing Policy

In accordance with Stock Exchange AIM  Notice 33 and AIM Rule 8,  CQS
Rig Finance  Fund Limited  (the  "Company") discloses  its  Investing
Policy. The Company's  Investing Policy remains  unchanged from  that
set out  in its  Admission Document  dated 11  December 2006  and  is
published on  its website  (, pursuant  to  AIM
Rule 26.

Investing Policy

The Company's investing  policy 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. of the Net Asset Value per Share of the Company at the start of
each financial year.

The Investment Adviser seeks to  achieve the investing policy 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 gas.

The Company seeks, on a global  basis, to capture on its  investments
attractive risk-adjusted  yields and  potential capital  appreciation
arising from possible corporate  activity, including but not  limited
to, refinancing and industry  consolidation. Returns are expected  to
be enhanced through  gearing the Portfolio  by approximately 100  per
cent. although gearing up to 150 per cent. is permitted.

The Company  seeks  to  construct  the Portfolio  using  a  range  of
securities,  derivatives  and  other  agreements  including  but  not
limited to positions  in bonds, floating  rate securities,  sovereign
bonds,  asset-backed   securities,  loans,   repurchase   agreements,
interest rate and  credit default swaps  and swaptions, total  return
swaps, interest rate futures and  options, bond futures and  options,
currency swaps, foreign exchange  contracts, futures and options  and
other options and derivatives.

The Portfolio  includes exposure,  either directly  or  synthetically
using  derivatives,  to  debt  instruments  that  are  secured.  Such
instruments may be denominated  in any currency  and the Company  has
the flexibility to trade  in any market  or instrument using  various
techniques to achieve its stated  return objectives. The Company  may
trade both rated and unrated debt instruments although it expects, in
most cases, that such instruments will  not be rated by a  recognised
rating agency.  The  Company  may  also  trade  listed  and  unlisted

Derivatives may  be  used for  hedging  or investment  purposes.  The
Company may execute trades synthetically using derivatives including,
but not limited to, total  return swaps referencing the secured  debt
instruments selected for the Portfolio.  The Company may also  retain
amounts in cash, or cash equivalents, pending reinvestment if this is
considered  appropriate  to   the  achievement   of  its   investment

It is  expected  that  investments  will often  be  held  through  to
maturity (or  earlier redemption/repayment  by the  issuer/borrower),
although the Investment  Adviser may trade  investments depending  on
the prevailing market conditions at any time. The performance of such
investments is  therefore  expected to  be  driven primarily  by  the
performance of the assets securing the investments.


Alastair Moreton
Arbuthnot Securities Limited
Nominated Adviser
Telephone 020 7012 2000

Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone 01481 727111


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.


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