Highbridge Tactical Credit Fund Ltd Cash Exit Payments (8999P)
15 October 2019 - 7:14PM
UK Regulatory
TIDMHTCF
RNS Number : 8999P
Highbridge Tactical Credit Fund Ltd
15 October 2019
15 October 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT. THIS
ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN.
Highbridge Tactical Credit Fund Limited
(the "Company")
Receipt of Shares in the Tactical Credit Fund, Cash Exit
Payments and Change of Website
Further to the Company's circulars to Shareholders dated 31 July
2019 and 28 August 2019, the Company has received confirmation from
Highbridge that it is to receive its first dividend-in-kind
distribution of GBP35.7m of new shares in TCF Feeder. This
distribution represents approximately 75% of the assets of the HMS
Master Fund attributable to the Continuation Portfolio.
Further announcements will be made when further distributions
are received. The Company will continue to be a shareholder of the
Highbridge Multi-Strategy Fund Corporation (HCC) until all of the
assets of the HMS Master Fund have been liquidated.
Initial Cash Exit Offer and Subsequent Cash Exit Offer - Initial
Cash Distribution
On 9 October 2019, the Company announced the receipt of
GBP127,089,564 from Highbridge in connection with realisation of
assets comprised in the Initial Redemption Portfolio (created
following the Initial Cash Exit Offer) and the Redemption Portfolio
(created following the Subsequent Cash Exit Offer). This amount
represents approximately 75% of the assets of the HMS Master Fund
attributable to former shareholders of the Company who redeemed
Shares pursuant to the Initial Cash Exit Offer and/or the
Subsequent Cash Exit Offer ("2019 Cash Exit Offers" and
"Multi-Strat Creditors" as applicable). The value of the Company's
other net assets attributable to the Initial Redemption Portfolio
and the Redemption Portfolio based on the last published unaudited
net asset value of the Company as at 20 September 2019 was
GBP6,468,589.
Accordingly, on or around 18 October 2019, approximately
GBP133.4m in aggregate is expected to be paid to Multi-Strat
Creditors, equating to GBP1.62 per Share in respect of the 2019
Cash Exit Offers.
Multi-Strat Creditors are reminded that they will receive the
redemption proceeds as a number of cash payments following receipt
by the Company of the redemption proceeds from HCC, and further
announcements will be made when any further cash payment is to be
made following the realisation of any other assets comprised in the
Redemption Portfolio.
AllBlue Funds
On 29 July 2019, the Company announced it had received
GBP839,570 and US$59,484 from AllBlue Limited ("AllBlue"), along
with GBP209,664 from AllBlue Leveraged Feeder Limited ("AllBlue
Leveraged", and together with AllBlue, the "AllBlue Funds") (the "
AllBlue Proceeds").
Since the Company's announcement of 29 July 2019, the Company
has not received any further updates from the Liquidator of the
AllBlue Funds and does not expect to receive any further
distributions from the AllBlue Funds for the foreseeable
future.
Given the relatively low value of the AllBlue Proceeds compared
to the number of creditors, the Board of the Company has determined
not to make any payments of the AllBlue Proceeds until such time
that further distributions are received in respect of the AllBlue
Funds in order to avoid an undue administrative burden and
excessive costs, including bank charges payable by each recipient
of such payments.
Change of Name of Master Fund and Feeder Fund
The Company has been informed that (i) 1992 Tactical Credit
Master Fund, L.P. has changed its name to Highbridge Tactical
Credit Master Fund, L.P. and (ii) 1992 Tactical Credit Fund, Ltd.
has changed its name to Highbridge Tactical Credit Fund, Ltd.
Any references to 1992 Tactical Credit Master Fund, L.P. and
1992 Tactical Credit Fund, Ltd. in the Company's investment
objective and policy or other materials should be read as
Highbridge Tactical Credit Master Fund, L.P. and Highbridge
Tactical Credit Fund, Ltd. respectively.
Change of Website
Following the change to the Company's investment policy and
name, the Company's website address has been changed to
https://www.highbridgetcfltd.co.uk.
Terms used and not defined in this announcement will bear the
meanings given in the circular dated 28 August 2019.
For further information please contact:
Praxis Fund Services Limited
Company Secretary
Tel: +44 (0) 1481 737 600
LEI: 213800397SYHLYFH5961
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END
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