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BlueCrest AllBlue update on return of capital

02 December 2015 16:13

BlueCrest AllBlue Fund's board has issued an update on the proposed return of capital by AllBlue Limited.

It says that all shareholders will be given an opportunity to receive an amount representing the net realisation proceeds from the AllBlue redemptions as soon as practicable following receipt by the company.

It is proposed that all cash distributions to shareholders, net of costs, will be effected as capital distributions. Further details on the timing and amounts of the distributions will be provided in due course.

It says the board will explore the feasibility of offering shareholders an opportunity to consider maintaining their investment in the company or another vehicle with a different investment strategy, provided that this can be achieved in a way which is tax efficient for shareholders. Any costs associated with any such proposals will not impact the cash amounts receivable by shareholders not wishing to participate.

The board emphasises that at this point no alternative proposals are under active consideration and no approaches have been received which might represent a viable continuation option for shareholders. Accordingly, it may not prove possible to provide such an option for shareholders.

In light of the proposed return of capital to shareholders, it is likely that the continuation votes for both classes of the company's shares will not proceed as planned.

The board also announces the suspension of all future conversions between the sterling and US dollar shares.

In addition, the board has suspended the company's share buy-back programme.

In view of recent developments, the board is not proposing to implement any changes in the near term and John Le Prevost will no longer be standing down as a director on 31 December.

At 4:13pm:

(LON:BABS) Bluecrest Allblue Fund GBP share price was -0.95p at 196.25p

(LON:BABU) Bluecrest Allblue Fund Ltd share price was -0.01p at 1.86p

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