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RNS Number : 3057T

BlueCrest AllBlue Fund Ltd

16 July 2015

16 July 2015

BLUECREST ALLBLUE FUND LIMITED (THE 'COMPANY')

SUCCESSION PLANNING UPDATE

In the Annual Financial Report for the year ended 31 December 2014 (the "AFR"), the Company advised that it was scheduled to consider the tenure of directors once any director has been appointed to the Board for a continuous period of nine years and that this would occur in 2015 for Messrs Crowder, Meader and Le Prevost, with the intention that in order to achieve orderly succession and to retain 'corporate memory', it is the intention of the Board that one of each of the above three directors should step aside in each calendar year starting in 2015. Notwithstanding their nine years service the Company considers that Richard, Paul and John remain able to act independently.

Further to this disclosure, investors may have noted that the Company has appointed Miss Sarita Keen as an independent non executive director effective 3 June 2015. Sarita brings an in depth knowledge of Guernsey fund administration and has already made a valuable contribution to the Board.

In line with the succession plan disclosed in the AFR it is the intention of the Company that Sarita takes on the duties of John Le Prevost in due course and that John Le Prevost will be the first of the three directors named above to retire. The Company anticipates that this will occur before the end of the year.

The Board believes that one of the distinctions of an investment company such as BCAB is that there are no executives or investment managers to carry out duties such as monitoring the valuation process, cash pot policy and conversion mechanism. For the Company the failure of any of these mechanisms is a significant risk and many of these procedures (for instance inter share class conversions) take place over a period of some 6-8 weeks, and so the Board considers that a 5 month handover period is not excessively long. However, five months is the anticipated maximum in this case.

The Board is also actively seeking a replacement for Richard Crowder, as chairman. Next year the Board will review the position of Paul Meader, in line with the succession plan.

For further information about this announcement contact:

 
 JTC (Guernsey) Limited   Tel: +44 (0) 1481 702 400 
  Secretary 
 

E&OE - in transmission

This information is provided by RNS

The company news service from the London Stock Exchange

END

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