Cqs Rig Share Discussion Threads

[steelwatch] 06/11/2012 17:27

As at the close of business on 05 Nov 2012 the Estimated NAV per share was 35.09 pence.

[steelwatch] 30/10/2012 15:53

As at the close of business on 29 Oct 2012 the Estimated NAV per share was 35.00 pence.

[steelwatch] 23/10/2012 16:58

ADVICE TO SHAREHOLDERS

Under the rules of the Code, the Directors are required to obtain independent financial advice on the Offer and to make known to Shareholders the substance of such advice and their own opinion on the Offer. The Directors are being advised by Westhouse Securities.

The Directors, who have been so advised by Westhouse Securities, consider that the Offer price does not fully reflect the value of the Company's underlying investments. In providing its advice, Westhouse Securities has taken account of the Directors' commercial assessments.

However, in deciding whether or not to accept the Offer, the Directors believe that Shareholders should consider carefully the potential adverse consequences of not accepting the Offer. In addition to your own individual investment requirements and objectives, the Board has identified the following considerations for you to consider carefully in deciding whether or not to accept the Offer:

Considerations for accepting the Offer:

- the Offer represents an opportunity for Shareholders to realise their investment for cash at a price of 31.5p per Share and without dealing costs. The Offer price represents a premium of 2.44 per cent. to the closing price of 30.75 pence per Share on 19 October 2012, the last practicable date prior to the publication of this document;

- through its current interest in 49.12 per cent. of the voting rights of the Company, the Board believes that CQS Cayman and the other members of the CQS Group are in a position to exercise de facto control over the Company (including the continuation vote to be held at the Annual General Meeting in 2014) and this level of control might increase as a result of the Offer;

- if the Offer becomes unconditional, CQS Cayman and the other members of the CQS Group will hold a majority of the voting rights of the Company and will also likely be free to increase their shareholding without making a further offer for any remaining Shares. This may adversely affect the liquidity and/or the marketability of the Shares; and

- in the event there is lower liquidity and/or reduced demand for the Shares the discount to Net Asset Value at which the Company's Shares trade may increase.

Considerations for not accepting the Offer:

- the Directors consider that the Offer price does not fully reflect the value of the Company's underlying investments and is a 10.15 per cent. discount to the estimated Net Asset Value of 35.06 pence per Share on 15 October 2012;

- acceptance of the Offer would not allow Shareholders to participate in any potential increase in the value of the portfolio or any eventual winding up of the Company which might be expected to enable Shareholders to exit at a price per Share closer to Net Asset Value per Share than the Offer price (although Shareholders should note that the value of the Company's portfolio can go down as well as up);

- CQS Cayman has stated its intention that, provided that it does not receive acceptances which, when taken together with the interests of CQS Cayman and the other members of the CQS Group, would exceed 75 per cent. of the issued share capital of the Company, the Company should continue to remain: (i) a public company, (ii) listed on the CISX, (iii) admitted to trading on AIM, and (iv) committed to pursuing its existing investing policy and dividend policy; and

- CQS Cayman has also indicated that it would be likely take steps to delist, to cancel the admission of its Shares to trading on AIM and to wind-up the Company if, following the Offer, acceptances are received which, when taken together with the interests of CQS Cayman and the other members of the CQS Group, would exceed 75 per cent. of the issued share capital of the Company and the Board considers that it would not be in the best interests of Shareholders to keep the Company listed on the CISX, nor for its Shares to continue to be traded on AIM.

ACTION TO BE TAKEN TO ACCEPT THE OFFER OR NOT TO ACCEPT THE OFFER

To accept the Offer, your attention is drawn to the procedure for accepting the Offer which is set out on pages 14 to 18 of this document.

Shareholders are not, however, obliged to accept the Offer. If you wish to remain a Shareholder you should not return the Form of Acceptance accompanying this document or take any other action.

If you are in any doubt about the Offer or the action you should take, you are recommended immediately to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or independent financial adviser authorised under the Financial Services and Markets Act 2000, if you are in the United kingdom or, if you are taking advice from a territory outside the United Kingdom, from another appropriately qualified independent financial adviser.

Yours faithfully,

Mike Salter
Chairman"

[steelwatch] 20/10/2012 09:56

I don't think you will have to wait too long judging from the latest bullish fact sheet and tight rig market.

[tiltonboy] 20/10/2012 09:50

Ironsides have been trying to get out for a long time. They will have made a nice profit on their investment.

I'm happy to hold, but will be looking to get out in the hih 30's should they get there.

[steelwatch] 20/10/2012 09:48

Me neither tilts.

[tiltonboy] 19/10/2012 23:20

steelwatch,

Thanks for the message. I spotted the announcement when I got home.

I wont be accepting the offer.

[steelwatch] 19/10/2012 18:09

The Board will be writing to shareholders shortly setting out its views on the mandatory offer and in the meantime shareholders should take no action.

[steelwatch] 19/10/2012 17:06

Scanning through, it appears to me that CQS Cayman's preference is for the offer not to be accepted:

For these reasons, CQS Cayman views the purchase of Ironsides' stake in CQS Rig Finance Fund as a positive outcome for the CQS Rig Finance Fund and Shareholders as a whole (notwithstanding that the purchase of Ironsides' stake results in the Offer being required under the Code, due to CQS Group's resultant shareholding exceeding 30 per cent. of the issued share capital of CQS Rig Finance Fund). The CQS Group continues to believe in the long-term future of CQS Rig Finance Fund and that CQS Rig Finance Fund will benefit from having a wide and like-minded shareholder base. Further, CQS Cayman has continued confidence in the opportunity presented by the rig finance asset class in which CQS Rig Finance Fund focuses its investment strategies and, therefore, intends that CQS Rig Finance Fund should remain: (i) a public company, (ii) listed on the CISX, (iii) admitted to trading on AIM, and (iv) following its existing investing policy and dividend policy.

However, CQS Cayman wishes to assure Shareholders that, in the event that (contrary to its intentions in making the Offer) acceptances are received which, when taken together with the interests of CQS Cayman and the other members of the CQS Group, would exceed 75 per cent. of the issued share capital of CQS Rig Finance Fund and the Board of CQS Rig Finance Fund considers that it would not be in the best interests of Shareholders to keep CQS Rig Finance Fund listed on the CISX, nor for its Shares to continue to be traded on AIM, CQS Cayman would likely take steps to delist, to cancel the admission of its Shares to trading on AIM and to wind-up CQS Rig Finance Fund in order to ensure that Shareholders would not be in the situation of remaining as minority Shareholders in an unlisted private vehicle.

[steelwatch] 19/10/2012 16:36

Well! There's a turnip for the book.

Mandatory Cash Offer for CQS Rig Finance Fund



19 October 2012



Summary

CQS Cayman today announces the acquisition, acting as the investment manager on behalf of CQS Directional Opportunities Master Fund Limited, of 22,424,600 Shares at a price of 31.5 pence per Share from Ironsides Partners Opportunity Master Fund LP representing approximately 23.02 per cent. of the issued share capital of CQS Rig Finance Fund.

Accordingly, CQS Cayman, together with the other members of the CQS Group, are now interested in 47,848,652 Shares representing approximately 49.12 per cent. of the issued share capital of CQS Rig Finance Fund and, as a result, CQS Cayman is required to make a mandatory offer for the Remaining Shares in CQS Rig Finance Fund in accordance with Rule 9 of the Code.

The Offer, which will be on the further terms and subject to the condition set out in Appendix I to this announcement and to be set out in the Offer Document and, in the case of Shares held in certificated form, the Form of Acceptance, will be made on the following basis:

for each Share
31.5 pence in cash


The Offer values the whole of the issued share capital of CQS Rig Finance Fund at approximately £30.7 million.

[steelwatch] 16/10/2012 10:16

As at the close of business on 15 Oct 2012 the Estimated NAV per share was 35.06 pence.

[steelwatch] 11/10/2012 18:37

Final Net Asset Value (NAV)

As at the close of business on 28 Sept 2012 the NAV per share was 34.72 pence.

[steelwatch] 09/10/2012 15:08

As at the close of business on 08 Oct 2012 the Estimated NAV per share was 34.93 pence.

[steelwatch] 01/10/2012 17:30

As at the close of business on 28 Sept 2012 the Estimated NAV per share was 34.72 pence.

[steelwatch] 25/9/2012 14:24

As at the close of business on 24 Sep 2012 the Estimated NAV per share was 34.81 pence.

[steelwatch] 18/9/2012 18:02

As at the close of business on 17 Sep 2012 the Estimated NAV per share was
34.74 pence.

[steelwatch] 11/9/2012 15:18

As at the close of business on 10 Sep 2012 the Estimated NAV per share was 34.44 pence.

[steelwatch] 11/9/2012 10:22

Final Net Asset Value (NAV)

As at the close of business on 31 Aug 2012 the NAV per share was 34.23 pence.

[steelwatch] 03/9/2012 18:34

As at the close of business on 31 Aug 2012 the Estimated NAV per share was 34.22 pence.

[steelwatch] 28/8/2012 17:26

As at the close of business on 24 Aug 2012 the Estimated NAV per share was 34.21 pence.

[steelwatch] 21/8/2012 18:09

As at the close of business on 20 Aug 2012 the Estimated NAV per share was 34.16 pence.

[steelwatch] 14/8/2012 19:02

Hi ten. DIY DRIP here. Slow, but sure with both :o)

[tenapen] 14/8/2012 18:24

Weldone Steelwatch. According to investorease RIG are at a years high. JIM will be next after todays tick up.

[steelwatch] 14/8/2012 17:25

Final Net Asset Value (NAV)

As at the close of business on 31 July 2012 the NAV per share was 33.61 pence.