TIDMHMSF
RNS Number : 3752M
Highbridge Multi-Strategy Fd Ltd £
12 October 2016
HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (the "Company")
Investor Communication from AllBlue Limited
The Board of the Company have received the below communication
from the Board of AllBlue Limited. Investors should note that the
Company has received a total of approximately GBP661 million and
$40 million from AllBlue and AllBlue Leveraged (the "AllBlue
Funds"), representing approximately 93% of the value of the
Company's investment in the Sterling classes of the AllBlue Funds
and approximately 94% of the value of its investment in the US$
classes of the AllBlue Funds.
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"AllBlue Limited
PO Box 309
Ugland House
Grand Cayman
KY1-1104
To investors in: ALLBLUE LIMITED (the "Fund')
Dear Investor,
Return of Capital to Investors
Further to the investor circular dated 8 July 2016, we are
writing to provide an update on the return of capital to holders of
interests in the Fund ("Investors").
Redemption Distributions to Date
Approximately $5.77bn has been returned to eligible Investors
since 1 January 2016, equating to total capital distributions of
approximately 93% of the Fund's Net Value at 31 December 2015. The
following table shows the distributions made to Investors since 1
January 2016:
Date of Distribution Capital Distributed to
(2016) Investors (nearest million)
W/c 4 January $3,254m
W/c 25 January $1,309m
W/c 22 February $302m
W/c 21 March $125m
W/c 25 April $36m
W/c 23 May $128m
W/c 27 June $30m
W/c 11 July $181m
W/c 25 July $107m
W/c 22 August $54m
W/c 26 September $244m
Total $5,770m
"Net Value" represents the estimated value of the Fund's
remaining assets, less liabilities, through to liquidation of the
Fund, prepared in accordance with applicable accounting
standards.
Future Distributions
The timing of distribution payments will continue to be governed
by the availability of liquidation proceeds. Where sufficient
proceeds are available, it is intended that distribution payments
will be made on a monthly basis, subject to review at the end of
2016. The current estimated timetable for future distributions is
as follows:
Q4 2016 Q1 2017 Q2/Q3 2017
----------------- -------- -------- -----------
Estimated total
distribution
amount $120m $52m $183m
----------------- -------- -------- -----------
The above estimated timings are based on the liquidation
profiles of the underlying master funds in which the Fund is
ultimately invested ("Master Funds"). The liquidation profiles are
determined by a number of factors relevant to the asset classes
held by each Master Fund, including liquidity and prevailing market
conditions. Actual proceeds may therefore be more or less than the
estimates set out above and it is possible that the liquidation of
all assets may be completed earlier or later than the above
timeframes.
The Fund and each Master Fund also retain an appropriate cash
reserve for actual and contingent liabilities (which may include
tax liabilities) through to formal liquidation of the fund entity.
The timing of the Fund's transfer to a liquidator will be
determined by its directors following completion of the return of
assets by each of the underlying Master Funds.
Master Fund Updates
The Fund has liquidated its holdings in the following four
Master Funds (subject to any amounts held back for liquidation or
audit purposes): BlueCrest Emerging Markets Master Fund Limited,
BlueCrest Equity Strategies Master Fund Limited, BlueCrest
Quantitative Equity Master Fund Limited and BlueTrend 2x Leveraged
Master Fund Limited. The three Master Funds in which the Fund
continues to hold investments are as follows:
BlueCrest Capital International Master Fund Limited- The fund
has approximately $17m of assets remaining, of which approximately
$2.5m is held in securities which will reach maturity or be
divested during the fourth quarter of 2016. The remainder is held
in cash to support the remaining trading operations and as a
reserve for costs and contingent liabilities. lt is estimated that
a further $10m will be returned to investors during 2016 and that
the fund will be placed into liquidation in the first quarter of
2017, with an accompanying cash distribution.
BlueCrest Multi Strategy Credit Master Fund Limited -
International credit markets have continued to be challenging
during the third quarter of 2016, which has translated to a slower
than expected liquidation profile. The fund has nevertheless
distributed approximately $200m to investors during the period,
principally as a result of bond sales and the sale of substantially
all of the fund's holdings in asset backed securities. Of the
fund's remaining encumbered assets, approximately 60% are fully
funded securities for which sale opportunities are event dependent,
and the remainder comprises predominantly index and single name CDS
positions. The trading desk remains focused on seeking
opportunities to liquidate the remaining portfolio. In light of
ongoing market conditions and the inherent nature and size of the
fund's positions, it is likely that the liquidation process will
continue into 2017 in order to seek to optimise returns and protect
investor value.
Meanwhile, we continue to expect the fund to be the beneficiary
of an award relating to the settlement of a U.S. litigation matter
regarding the pricing transparency of CDS, which is currently
estimated to be up to $80m. Our expectation is that the fund would
receive the award proceeds in early 2017, however it is possible
that payment could be received earlier or later.
BlueCrest Mercantile Master Fund Limited - The fund has achieved
significant divestments of structured assets during the third
quarter, enabling cash distributions of approximately $550m for the
period. The fund's remaining assets comprise two further structured
positions, small holdings in related CDS hedge positions and a cash
reserve for actual and contingent liabilities. lt is expected that
the liquidation of assets will be substantially complete by the end
of 2016, subject to the sale of a structured note, currently valued
at approximately $4.8m, which may be held until maturity in June
2017 if good value cannot be realised in advance. Following
liquidation of all assets, the fund will be formally wound up and a
final cash distribution will be made to investors.
Investor Communications
Investors will continue to receive the following communications
until further notice:
-- Monthly estimated Net Value statements, typically during the first week of each month.
-- Monthly final Net Value statements, typically during the last
week of each month (relating to the previous month end).
-- Payment notification emails from BlueCrest on or before each
redemption distribution, with corresponding contract notes made
available by the Fund's administrator following finalisation of the
previous month end Net Value.
-- Monthly account statements made available by the Fund's
administrator following finalisation of the previous month end Net
Value.
-- Quarterly investor circulars provided by the Fund's board of
directors (in the form of this letter)."
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Investor Communication from AllBlue Leveraged Feeder Limited
The Company has also received a letter from AllBlue Leveraged
Feeder Limited, additionally detailing the distributions made to
date and the expected distributions to be made in the next year.
This is extracted below for information. Investors should note that
any caveats enclosed in the above communication from AllBlue
Limited apply also to the below information:
The following table shows the distributions made to Investors
since 1 January 2016 (excluding
amounts repaid to leverage providers):
Date of Distribution Capital Distributed to
(2016) Investors (nearest million)
W/c 4 January $48m
W/c 25 January $527m
W/c 22 February $116m
W/c 21 March $51m
W/c 25 April $10m
W/c 23 May $52m
W/c 27 June $9m
W/c 11 July $75m
W/c 25 July $42m
W/c 22 August $22m
W/c 26 September $100m
Total $1,052m
Future Distributions
The timing of distribution payments will continue to be governed
by the availability of liquidation proceeds. Where sufficient
proceeds are available, it is intended that distribution payments
will be made on a monthly basis, subject to review at the end of
2016. The current estimated timetable for future distributions is
as follows:
AllBlue Leveraged Q4 2016 Q1 2017 Q2/Q3 2017
------------------- -------- -------- -----------
Estimated total
distribution
amount $50m $22m $77m
------------------- -------- -------- -----------
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For further information about this announcement please
contact:
JTC (Guernsey) Limited
Secretary
Tel: +44 (0) 1481 702 400
END OF ANNOUNCEMENT
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
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