RNS Number : 7200W
Close AllBlue Fund Limited
13 June 2008
BlueCrest AllBlue Fund Limited (the "Company")
Formally know as Close AllBlue Fund Limited
Migration from AIM to the Official List and Placing and Offer for Subscription of C Shares
Introduction
The Company has today published a prospectus comprising a registration document, securities note and summary note in respect of the
admission of the Ordinary Shares to the Official List and to trading on the London Stock Exchange's main market for listed securities and
the proposed Placing and Offer for Subscription of C Shares. Bluecrest AllBlue Fund Limited is a closed-ended investment company registered
and incorporated in Guernsey with an unlimited life. As at 30 April 2008, the Company's total issued share capital consisted of 148,654,151
Ordinary Shares, of which 137,408,662 were designated as Sterling Shares, 4,612,735 as Euro Shares and 6,632,754 as US$ Shares. As at 30
April 2008, the unaudited aggregate net assets of the Company (in Sterling terms) were approximately �168.5 million, equivalent to an
unaudited NAV per Sterling Share of �1.1679, per Euro Share of EUR1.1313 and per US$ Share of US$1.1550.
At a general meeting of the Company held on 30 May 2008, Shareholders approved proposals, inter alia, for the cancellation of the
Ordinary Shares from trading on AIM and for the removal of the Sterling Shares from listing and trading on the CISX, subject to Admission of
the Ordinary Shares to the Official List and to trading on the London Stock Exchange's main market for listed securities. In addition,
Shareholders approved the change of name of the Company from Close AllBlue Fund Limited to Bluecrest AllBlue Fund Limited, effective today,
and the adoption of new Articles of Association. On 11 June 2008, the Company and Close Investments Limited agreed to terminate the
Shareholder Liaison Agreement with effect from 31 July 2008.
The Issue
The Issue comprises the Offer for Subscription in the United Kingdom and the Placing involving private placement in the United Kingdom
and other countries to both professional investors and in some jurisdictions to high net worth individuals. Sterling C Shares will be issued
at �1.00 each, Euro C Shares at EUR1.00 each and US$ C Shares at US$1.00 each.
Two of the Directors are participating in the Issue, Jonathan Hooley is proposing to subscribe for 200,000 Euro C Shares and Andrew Dodd
will acquire rights over 200,000 Sterling C Shares via the BlueCrest employee savings plan.
Hoare Govett Limited is acting as sponsor and sole placing agent to the Issue.
The net proceeds of the Issue will be all or substantially invested in shares of AllBlue in accordance with the Company's investment
objective and policy.
Background to and reasons for the Issue
The Board believes that it is in the Company's interests to continue to develop further the breadth and depth of its investor base so as
to lessen dependence on any one jurisdiction, regulatory environment or investor type. The Board also believes that there is further
existing and new investor demand for investment in the Company that cannot be satisfied in the secondary market for all existing classes of
Shares. Accordingly, the Directors believe that it is in the best interests of Shareholders and the Company to raise further monies by way
of the Issue.
Benefits of the Issue
The Directors believe that the Issue will confer the following benefits on Shareholders and the Company:
* create a larger Company with a shareholder base more broadly diversified by jurisdiction and investor type, facilitating secondary
market liquidity in each class of Shares and reducing the likelihood that small amounts of trading volume will affect the respective prices
of the Shares;
* allow those investors who would not otherwise have been able to invest in the Company to the extent they wish, to make an
investment;
* allows a greater number of investors who wish to gain access to AllBlue via Shares traded on the London Stock Exchange to do so;
and
* provide a larger asset base through which the fixed costs of the Company may be spread, thereby providing for a reduction to the
Company's total expense ratio.
Investment policy
The investment objective of the Company is to seek to provide consistent long-term capital growth through an investment policy of
investing substantially all of its assets in AllBlue (or any successor vehicle of AllBlue). Accordingly, the Company's published investment
policy is consistent with that of AllBlue.
AllBlue is a fund incorporated in the Cayman Islands with an investment objective to provide consistent long-term appreciation of its
assets through investment in a diversified portfolio of Underlying Funds. Investors in the Company will, therefore, be offered an
opportunity to participate indirectly in the same investment portfolio as that of AllBlue.
AllBlue seeks to achieve its investment objective through investment in Underlying Funds, each of which on its own has a distinct
investment objective and approach, and which collectively form a diversified basket of hedge fund investments. AllBlue currently invests in
seven Underlying Funds comprising BlueCrest Capital International Limited, BlueTrend Fund Limited, BlueHaven Limited, BlueCrest Emerging
Markets Fund Limited, BlueCrest Mercantile Fund Limited, BlueMatrix Fund Limited and BlueCrest Multi Strategy Credit Fund Limited, all of
which are managed by BlueCrest. AllBlue may in the future exclude any or all of these funds or include any other investment fund established
by BlueCrest or by managers with close links to BlueCrest, from time to time.
BlueCrest is the appointed investment manager of AllBlue. BlueCrest seeks to construct a portfolio of investments for AllBlue,
comprising the Underlying Funds, by utilising proprietary optimisation techniques as well as an in-depth understanding of underlying
positions, correlations and risks. Both allocations and risks are closely monitored by BlueCrest's AllBlue committee, comprising a team of
senior investment professionals of BlueCrest, on a monthly basis. BlueCrest reviews the allocation of AllBlue's assets amongst the
Underlying Funds on a monthly basis and makes such adjustments as it deems appropriate.
It is the policy of BlueCrest that the assets of AllBlue will be predominantly fully invested. However, AllBlue may hold certain assets
in cash or cash equivalents from time to time, should it consider that this is required for efficient portfolio management or otherwise in
the best interests of AllBlue.
Gearing
Although the Company has power under its Articles to borrow up to an amount equal to 10 per cent. of its net assets at the time of
drawdown, the Directors do not intend that the Company should engage in any structural borrowing and any borrowing would only be for the
purpose of managing day-to-day cash flow, for meeting expenses of the Company and for funding repurchases of Shares. The Company has entered
into a facility agreement with Barclays Private Clients International Limited pursuant to which it has been provided with overdraft
facilities of up to �500,000 in respect of general working capital requirements and up to �5,000,000 in respect of sums used to repurchase
its Ordinary Shares.
AllBlue does not employ any leverage but may engage in short term borrowing, as is deemed necessary from time to time, pending the
availability of subscription monies to fund new allocations to Underlying Funds, or in order to fund redemptions ahead of redemption
proceeds being made available.
None of the Underlying Funds are subject to any limits on the extent to which borrowings or leverage may be employed and they may
leverage through the use of options, futures, options on futures, swaps and other synthetic or derivative financial instruments.
General
The Company will comply with certain investment restrictions for so long as they remain requirements of the UK Listing Authority as set
out below:
* neither the Company nor any of its subsidiaries will conduct any trading activity which is significant in the context of its group
as a whole;
* the Company will avoid cross-financing between businesses forming part of its investment portfolio;
* the Company will avoid the operation of common treasury functions as between the Company and investee companies; and
* not more than 10 per cent., in aggregate, of the value of the total assets of the Company will be invested in other listed
closed-ended investment funds other than closed-ended investment funds which themselves have published investment policies to invest no more
than 15 per cent. of their total assets in other listed closed-ended investment funds.
The Directors do not currently intend to propose any material changes to the Company's investment policy, save in the case of
exceptional or unforeseen circumstances. As required by the Listing Rules, any material change to the investment policy of the Company will
be made only with the approval of Shareholders.
AllBlue portfolio allocations
As at 1 June 2008, the investment portfolio of AllBlue was allocated on the following basis amongst the Underlying Funds:
Underlying Fund Allocation (%)
BlueCrest Capital International Limited 29.95
BlueTrend Fund Limited 17.62
BlueHaven Limited 0.91
BlueCrest Emerging Markets Fund Limited 15.92
BlueCrest Mercantile Fund Limited 11.02
BlueMatrix Fund Limited 5.25
BlueCrest Multi Strategy Credit Fund Limited 14.78
Cash 4.55
100.00
Summary of Underlying Funds
The investment objective of each of the Underlying Funds is to provide consistent long-term appreciation of its assets. An outline of
the Underlying Funds' investment policies and approaches is set out below:
(i) BlueCrest Capital International Limited - is being reorganised so that it will, in due course invest into BlueCrest Capital
International Master Fund Limited which uses active, leveraged trading and investment on a global basis, principally in a portfolio of debt
and equity instruments and foreign exchange and derivatives relating to those instruments, including swaps, futures and options contracts.
To achieve its investment objective, its investment process consists of applying quantitative microanalysis of price interrelationships
across markets and asset classes to capitalise on pricing anomalies within an existing trend in order to construct strategies with superior
risk/return profiles.
(ii) BlueTrend Fund Limited - invests into BlueTrend Master Fund Limited which uses a systematic trading model or portfolio of
systematic trading models. Its investment manager applies the systematic trading model(s) to a wide range of securities markets. Capital
allocation decisions between the models, between the markets within a model and individual buy and sell decisions within such markets are
made on a systematic basis using quantitative analysis.
(iii) BlueHaven Limited - invests into BlueHaven Master Fund Limited which uses a systematic trading model or portfolio of
systematic trading models. In addition to seeking to provide long term appreciation of assets, BlueHaven Master Fund Limited has an
additional investment objective of seeking to achieve appreciation in the value of its assets when hedge funds generally experience falls in
net asset values by reviewing the fund's portfolio composition with its strategic investors.
(iv) BlueCrest Emerging Markets Fund Limited - invests into BlueCrest Emerging Markets Master Fund which provides exposure to global
emerging markets, through active, leveraged trading and investment in such markets. It adopts an investment approach of constructing
strategies that combine a long-term investment horizon with short-term tactical risk.
(v) BlueCrest Mercantile Fund Limited - invests into BlueCrest Mercantile Master Fund Limited which seeks to achieve its investment
objective through active investment, on a global basis, principally in a portfolio of trade finance, commodities and project finance and
related assets and receivables.
(vi) BlueMatrix Fund Limited - invests into BlueMatrix Master Fund Limited which seeks to achieve its investment objective through
the implementation of a systematic trading model or portfolio of systematic trading models. Such model(s) trade in a number of debt, equity,
foreign exchange and commodity instruments, and derivatives relating to those instruments, including swaps, indices, forwards, futures and
option contracts.
(vii) BlueCrest Multi Strategy Credit Fund Limited - invests into the BlueCrest Multi Strategy Credit Master Fund Limited which
seeks to achieve its investment objective through the construction of a portfolio of investments focusing on three separate credit
strategies: credit correlation and volatility and long-short credit.
Performance review
The following tables show the NAV performance of the Company's Shares and of AllBlue's class A shares and the corresponding levels of
volatility as compared with a widely used composite hedge funds index and traditional equity and government bond indices over various
periods as shown:
Performance to 30 April 2008 Sterling Shares NAV1 AllBlue class A HFRI Fund Weighted MSCI World Index Lehman Global
Bond
Sterling shares NAV2 Composite Index3 Gross (total Index
(total
return)1 return)1
Annualised NAV returns
Last 12 months 10.00% 11.45% 3.25% (4.36)%
5.16%
Since Company inception4 9.57% 10.44% 7.43% 7.14%
5.79%
Since AllBlue inception5 - 10.48% 7.63% 6.77%
4.66%
Annualised Volatility 6
Last 12 months 7.19% 7.18% 6.86% 12.68%
2.58%
Since Company inception 4 6.35% 6.18% 5.32% 10.20%
2.36%
Since AllBlue inception 5 - 6.33% 5.37% 10.19%
2.45%
Sharpe Ratio 7
Since Company inception 4 0.84 0.99 0.63 0.34
0.66
Since AllBlue inception 5 - 0.98 0.66 0.32
0.18
AllBlue Correlation
Since Company inception 4 - - 0.46 0.15
(0.13)
Since AllBlue inception 5 - - 0.53 0.27
(0.20)
Performance to 30 April 2008 Euro Shares NAV1 AllBlue class A Euro HFRI Fund Weighted MSCI World Index Lehman Global Bond
shares NAV2 Composite Index3 Gross (total Index (total
return)1 return)1
Annualised NAV returns
Last 12 months 8.17% 9.67% 3.25% (4.36)% 5.16%
Since Company inception4 7.77% 8.66% 7.43% 7.14% 5.79%
Since AllBlue inception5 - 8.42% 9.32% 9.15% 3.94%
Annualised Volatility 6
Last 12 months 7.20% 7.18% 6.86% 12.68% 2.58%
Since Company inception 4 6.37% 6.19% 5.32% 10.20% 2.36%
Since AllBlue inception 5 - 6.50% 5.43% 9.89% 2.38%
Sharpe Ratio 7
Since Company inception 4 0.57 0.72 0.63 0.34 0.66
Since AllBlue inception 5 - 0.67 0.94 0.54 (0.08)
AllBlue Correlation
Since Company inception 4 - - 0.46 0.15 (0.15)
Since AllBlue inception 5 - - 0.58 0.36 (0.09)
Performance to 30 April 2008 US$ Shares NAV1 AllBlue class A US$ HFRI Fund Weighted MSCI World Index Lehman Global Bond
shares NAV2 Composite Index3 Gross (total Index (total
return)1 return)1
Annualised NAV returns
Last 12 months 8.47% 10.12% 3.25% (4.36)% 5.16%
Since Company inception4 8.94% 9.92% 7.43% 7.14% 5.79%
Since AllBlue inception5 - 9.92% 9.32% 9.15% 3.94%
Annualised Volatility 6
Last 12 months 7.23% 7.19% 6.86% 12.68% 2.58%
Since Company inception 4 6.37% 6.17% 5.32% 10.20% 2.36%
Since AllBlue inception 5 - 6.49% 5.43% 9.89% 2.38%
Sharpe Ratio 7
Since Company inception 4 0.74 0.91 0.63 0.34 0.66
Since AllBlue inception 5 - 0.88 0.94 0.54 (0.08)
AllBlue Correlation
Since Company inception 4 - - 0.47 0.16 (0.14)
Since AllBlue inception 5 - - 0.59 0.37 (0.09)
1. Source: Bloomberg. The MSCI World Index and the Lehman Global Bond Index are US$ based indices.
2. Source: BlueCrest Capital Management Limited.
3. Source: Hedge Fund Research Inc. The HFRI Weighted Composite Index is a US$ based index.
4. For the period from 25 May 2006 (for the period from 31 May 2006 in relation to the AllBlue shares).
5. For the period from 1 September 2005 in relation to the AllBlue class A Euro and class A US$ shares and from 1 March 2006 in relation
to the AllBlue class A Sterling shares.
6. Assumptions for calculation methodology for annualised volatility: If Ri are the monthly returns then annualised volatility =
stdev(Ri) * *12.
7. Assumptions for calculation methodology for sharpe ratio: If Ri are the monthly returns, rfi are the monthly risk free rates (from US
TBills, GB1M in Bloomberg divided by 12), di the number of working days in the months, calculate: Sharpe Ratio = Num/Den. Where Den =
stdev(Ri) * *12 and Num = average(Ni) with Ni = (Ri - rfi) * 260/di.
The information in this table has not been subject to audit.
The statistics shown in the table above are for illustrative purposes only and do not represent forecasts of returns or volatility.
AllBlue has grown to US$2.3 billion over the period from inception in September 2005 to 30 April 2008, reflecting direct investments and
the issuance of new structured products relating to investments in AllBlue.
The aggregate net asset value of AllBlue for the two years ended 31 December 2006 and 2007 respectively and the period ended 30 April
2008 were as follows:
30 April 2008 31 December 2007 31 December 2006
US$bn US$bn US$bn
Aggregate NAV 2.3 2.0 2.5
Market trends for AllBlue
The Board, in consultation with BlueCrest, believes that AllBlue has a diversified portfolio of trading positions spread across the
Underlying Funds. Each of the Underlying Funds has its own trading strategy reflecting the expertise of the respective fund management team.
The Board, in consultation with BlueCrest, believes that most trends which have an impact on the pricing of financial assets will affect, in
some measure, the performance of AllBlue and, by extension, the Company. This group of trends may include, but will not be limited to,
liquidity provided to capital markets by central banks, inflationary expectations, growth expectations for economies and companies,
distribution of growth between sectors in economies, expected and delivered volatility of assets as well as perceived credit worthiness of
counterparties and issuers.
The Board, in consultation with BlueCrest, perceives both risks and potential rewards in the current conditions of credit markets. Risks
have increased as a result of lower levels of available credit and liquidity in certain markets. Potential rewards have increased as some
market participants are forced to exit markets, reducing the amount of available investment capital. In aggregate, the Board, in
consultation with BlueCrest, perceives a net advantage as a result of the balance between these effects.
The Board understands that allocations by AllBlue to BlueMatrix Fund Limited and BlueCrest Mercantile Fund Limited are expected to
increase from current levels owing to the current market conditions and the expanded market coverage of the investment managers of these
Underlying Funds. Both of these Underlying Funds have steady performance and a low correlation to BlueTrend Fund Limited and BlueCrest
Emerging Markets Fund Limited.
AllBlue's ability to trade risk within these strategies profitably is dependent on the ability of BlueCrest (and any other investment
managers of the Underlying Funds from time to time) to recruit and retain high quality investment and quantitive talent. The trend towards
larger investment managers who can supply an increasingly large and complex support infrastructure to portfolio managers is in AllBlue's
favour and facilitates the acquisition and retention of that talent.
Competitive strengths
Access to one of Europe's leading alternative multi strategy investment managers
Investors in the Company will gain access to BlueCrest, one of Europe's leading multi-strategy alternative investment managers.
BlueCrest is characterised by an institutionalised business model and a rigorous investment process coupled with a flexible, entrepreneurial
culture.
BlueCrest's in-depth knowledge of AllBlue and Underlying Funds confers significant advantages
As the investment manager of both AllBlue and the current Underlying Funds, the Board believes that BlueCrest is able to offer investors
significant advantages when compared with third party funds of hedge funds by virtue of its superior knowledge base in relation to AllBlue
and the Underlying Funds. BlueCrest will be able to take allocation decisions as between the Underlying Funds on the basis of up to date
knowledge of performance and the investment positions within the Underlying Funds.
Absolute return funds offering a diversified exposure
The Board believes that the selection of Underlying Funds which comprise AllBlue offers investors an attractive mix of exposures to
different asset classes and investment processes. Moreover, the exposure has resulted historically in a low correlation with equity markets
given the diversified allocation and the investment policies adopted by the Underlying Funds.
Single manager structure prevents fee layering
Since management fees are charged on the Underlying Funds and no additional investment management and performance fees are currently
charged at the AllBlue or the Company level, investors can receive the benefits of a diversified exposure to a fund of funds without being
charged for the allocation process.
Issue arrangements
The Placing and Offer for Subscription are conditional, amongst other things, on (i) C Admission having become effective on or before
8.00 a.m. on 29 July 2008 or such later time and/or date as the Company and Hoare Govett may agree (being not later than 8.00 a.m. on 31
August 2008); and (ii) the Placing and Offer Agreement becoming unconditional in all respects and not having been terminated in accordance
with its terms prior to C Admission. Neither the Placing nor the Offer for Subscription have been underwritten.
The Placing
The Placing Shares are being conditionally placed at the Issue Price with investors, subject, inter alia, to the Placing and Offer
Agreement becoming unconditional. Under the terms of the Placing and Offer Agreement, Hoare Govett has agreed to use its reasonable
endeavours to procure Placees for the Placing Shares. Commitments under the Placing must be received by Hoare Govett no later than 3.00 p.m.
on 23 July 2008 (or such later time and/or date as the Company and Hoare Govett may agree).
The Directors may, with the prior approval of Hoare Govett, shorten the Placing to a date no earlier than 12 noon on the day that is six
Business Days after the Placing commences or extend the Placing period by no more than four weeks. In the event that the Placing period is
changed, the Company will notify investors of changes to the timetable by the publication of a notice through a regulatory information
service provider to the London Stock Exchange.
The Offer for Subscription
The Company is making the Offer for Subscription under which C Shares are being made available to the public in the United Kingdom only.
Applicants under the Offer for Subscription will be required to apply for C Shares at the Issue Price, payable in full on application, to be
received by the Receiving Agent by no later than 11.00 a.m. on 23 July 2008. Application Forms must be posted or delivered (during normal
business hours only) to the Receiving Agent, so as to arrive no later than 11.00 a.m. on 23 July 2008. The Offer for Subscription will,
unless extended, close at that time.
The minimum subscription pursuant to the Offer for Subscription is �50,000/EUR75,000/US$100,000 and applications under the Offer for
Subscription must be for at least the minimum subscription amount and thereafter in multiples of �1,000/EUR1,000/US$1,000 as the case may
be.
The Company may, in its absolute discretion, determine to accept applications in lesser amounts from (i) authorised persons or (ii)
persons (including Directors) having a pre-existing connection with the Company including BlueCrest and its affiliates.
The Offer for Subscription is only being made to the public in the United Kingdom and applications for Offer Shares will only be
accepted from United Kingdom residents unless the Company (in its absolute discretion) determines that applications may be accepted from
non-United Kingdom residents without compliance by the Company with any regulatory, filing or other requirements or restrictions.
Costs of the Issue
The costs of the Issue include the fees, commissions and expenses of Hoare Govett, the Administrator, the Registrar, legal fees of the
Company and Hoare Govett and accounting fees, promotion, printing, advertising and distribution costs. The costs of the Issue attributable
to Hoare Govett's fees will depend on the level of the gross proceeds of the Issue. The expenses attributable to the Company (which will be
limited to a maximum of 1 per cent. of the aggregate proceeds of the Issue) will be payable from the proceeds of the Issue and will be paid
on or around C Admission.
C Shares
An issue of C Shares is designed to overcome the potential disadvantages for both existing and new investors which could arise out of a
conventional fixed price issue of further Ordinary Shares of an existing issued class for cash. In particular:
* the assets representing the net proceeds of the issue of each class of C Shares will be accounted for as a separate pools of
assets until the Calculation Time. By accounting for the net proceeds arising from the issue of the C Shares separately, holders of existing
Ordinary Shares will not be exposed to a portfolio containing a substantial amount of uninvested cash before the Calculation Time;
* the Net Asset Value of the existing Ordinary Shares will not be diluted by the expenses associated with the Issue which will be
borne, in part, by the subscribers for C Shares and not by existing Ordinary Shareholders; and
* the basis upon which the Sterling C Shares, Euro C Shares and US$ C Shares will convert into Sterling Shares, Euro Shares and US$
Shares respectively is such that the number of Sterling Shares, Euro Shares and US$ Shares to which holders of the relevant classes of C
Shares will become entitled will reflect the relative investment performance and value of the pool of new capital attributable to each such
class of C Share raised pursuant to the Issue up to the Calculation Time as compared to the assets attributable to the relevant class of
existing Ordinary Shares at that time and as a result, neither the Net Asset Value attributable to each class of the existing Ordinary
Shares nor the Net Asset Value attributable to the classes of Sterling C Shares, Euro C Shares and US$ C Shares will be adversely affected
by Conversion.
Pending full investment, the assets attributable to a particular C Share class arising from the issue of the C Shares will be invested
in short-term money market instruments (including gilts) and cash with institutions (or wholly owned subsidiaries of institutions) which are
rated A1 (or above) by Standard & Poor's or an equivalent rating agency.
Fractions of Ordinary Shares, arising on Conversion will not be allocated to holders of C Shares but will be aggregated and sold for the
benefit of the Company.
The C Shares will carry the right to any dividends or distributions in respect of the assets attributable to the relevant C Share class
only, although it is not expected that any such dividends or distributions will be paid. The consent of C Shareholders as a class will be
required in connection with certain matters specified in the Articles but otherwise the C Shares have no voting rights. C Shareholders will
be entitled to participate in a winding-up of the Company or on a return of capital as specified in the Articles. The Sterling Shares, Euro
Shares and US$ Shares arising on Conversion of the Sterling C Shares, Euro C Shares and US$ C Shares respectively will rank pari passu with
the Sterling Shares, Euro Shares and US$ Shares respectively then in issue.
Conversion methodology
At the Calculation Time, the net assets attributable to each class of Ordinary Shares then in issue, the net assets attributable to each
class of C Share, and hence the Conversion Ratios, will be calculated. Conversion of the C Shares will take place shortly after the
Calculation Time. Holders of C Shares will receive such number of Sterling Shares, Euro Shares and/or US$ Shares as results from applying
the relevant Conversion Ratio to their holding of C Shares at the Conversion Time.
Dealings
Application has been made to the UK Listing Authority for all the C Shares of the Company which are subject of the Issue to be admitted
to the Official List. Application has also been made for such C Shares to be admitted to trading on the main market of the London Stock
Exchange. It is expected that such admissions will become effective and dealings in the C Shares on the London Stock Exchange will commence
on 29 July 2008. Any dealings in C Shares in advance of the crediting of the relevant stock account would be at the risk of the person
concerned.
CREST
C Shares will be issued in registered form and may be held in either certificated or uncertificated form and settled through CREST.
It is expected that the Company will arrange for Euroclear to be instructed on 29 July 2008 to credit the appropriate CREST accounts of
the subscribers concerned or their nominees, with their respective entitlements to C Shares in respect of C Shares issued in uncertificated
form. The names of subscribers or their nominees investing through their CREST accounts will be entered directly on to the share register of
the Company. Definitive share certificates in respect of C Shares held in certificated form will be despatched by post by 1 August 2008.
Temporary documents of title will not be issued.
Expected Timetable
2008
Cancellation from trading on AIM and de-listing from 8.00 a.m.on 19 June
CISX
Admission of existing Ordinary Shares to the Official 8.00 a.m.on 19 June
List and
to trading on the main market of the London Stock
Exchange
Latest time and date for receipt of completed 11.00 a.m.on 23 July
Application Forms
and payment in full under the Offer for Subscription
Latest time and date for receipt of Placing commitments 3.00 p.m.on 23 July
Results of Issue announced 24 July
Dealings commence in C Shares 8.00 a.m.on 29 July
CREST stock accounts credited in respect of C Shares 29 July
Share certificates in respect of C Shares despatched By 1 August
Calculation Time 31 July
Conversion of C Shares By 11 September
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus dated 13
June 2008.
Hoare Govett Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively for the Company and
no one else in connection with the Issue and is not advising any person or treating any person as its customer in relation to the Issue and
will not be responsible to anyone other than the Company for providing the protections afforded to clients of Hoare Govett or for providing
advice in relation to the Issue or any matter referred to herein.
Copies of the Registration Document, Securities Note and Summary Note are available for inspection at the Document Viewing Facility, the
Financial Services Authority, 25 North Colonnade, Canary Wharf, London E14 5HS.
For further information please contact:
Hoare Govett Limited
Gary Gould/ Stuart Klein
Tel: +44 (0)20 7678 8000
Anson Fund Managers Limited
Secretary
Tel: +44 (0)1481 722260
Collins Stewart Europe Limited
Nominated Adviser
Hugh Field
00 44 207 523 8350
13 June 2008
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
END
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