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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Newstar Rbc 3X� | LSE:H3XS | London | Ordinary Share | GG00B1FBHF85 | RED PREF SHS NPV (3X GBP) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8505F New Star RBC Hedge250 IDX (3X GBP) 17 October 2007 17 October 2007 HEDGE ETS New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited (A closed-ended investment company incorporated in Guernsey with registered number 45501 under the provisions of The Companies (Guernsey) Law 1994 to 1996 and the Protected Cell Companies Ordinance 1997 to 1998, as amended) Fourth Placing and Offer for Subscription of new shares The Board of New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited ("Hedge ETS") is pleased to announce it is to make a fourth offering of Hedge ETS, a London listed daily tradable security, providing access to performance representative of the hedge fund asset class through investment exposure to the RBC Hedge 250 Index(R)(the "Index"). The Index is designed to be a representative, investable benchmark of the performance of the hedge fund asset class. The Index has the following key features: * extensive diversification across over 250 hedge funds and nine distinct strategies; * asset-weighted by strategy, approximately equally-weighted initially by hedge fund; * rules-based construction methodology designed to emphasise inclusiveness and minimise selection bias; * inclusive selection criteria which results in exposure to hedge funds which may have lock-ups, redemption gates, low liquidity and which are presently closed to investment; * total assets under management of the hedge funds in the Index were US$269 Billion (31 August 2007, source: RBC Capital Markets), representing approximately 18% of industry hedge fund assets under management. Performance of the Index Since its inception on 1 July 2005 to 31 August 2007, the Index has closely tracked returns on hedge funds and outperformed other recognised investable hedge fund indices. Annualised return Volatility RBC Hedge 250 Index(R)(1) 10.0% 3.8 % Average Non-Investable Index(2) 12.0% 4.0 % Average Investable Index(3) 7.3% 3.6 % 1 Returns are net of monthly Index fee of 1/12 of 0.95 per cent of the beginning of month Index level. US$ returns from 1 July 2005 to 31 August 2007, data sourced on 2 October 2007. Source: Index returns - RBC Capital Markets, calculations - Mellon Analytical Services. 2 Average Non-Investable Index does not include any index fees and is an equal weighting of the HFRI Fund Weighted Composite Index, MSCI Hedge Fund Index and Credit Suisse/Tremont Hedge Fund Index. US$ returns from 1 July 2005 to 31 August 2007, data sourced on 2 October 2007. Source: Index returns - Bloomberg, calculations - Mellon Analytical Services. 3 Average Investable Index is net of estimated index fees and is an equal weighting of the HFRX Global Hedge Fund Index, MSCI Hedge Invest Index and Credit Suisse/Tremont Investable Hedge Fund Index. US$ returns from 1 July 2005 to 31 August 2007, data sourced on 2 October 2007. Source: Index returns - Bloomberg, calculations - Mellon Analytical Services. Hedge ETS Hedge ETS, launched at the end of November 2006 has raised over US$310 million in three placings and two smaller "tap" issues. Hedge ETS is a unique security offering daily liquidity, the ability to redeem shares close to net asset value and offers 1X (unlevered) shares and 3X exposed shares. Hedge ETS obtains exposure to the Index through swap contracts with Royal Bank of Canada and is subject to a management fee. New shares are being issued under a global placing (outside the US) and a public offer in the UK of C shares which will convert to ordinary shares on 3 January 2008. UBS Investment Bank is acting as sponsor to Hedge ETS. Royal Bank of Canada Investment Management (UK) Ltd and UBS Investment Bank are acting as placing agents. Two types of C shares are being offered: 1X shares which offer unleveraged exposure to the performance of the Index and 3X shares which target three times exposure to the performance of the Index. Under the placing, both are available in Euro, Sterling and US Dollar denomination, with a minimum investment per placee of EUREuro50,000, GB#40,000 and US$75,000 respectively. In order to assist in the management of any discount to net asset value, up to 14.99 per cent. of the shares in issue may be purchased in the market. In addition, each shareholder will have the opportunity to redeem up to 100 per cent. of their shares at close to net asset value on the first business day of January or July in each year, subject to providing at least 120 days prior notice and the Hedge ETS directors exercising their discretion to offer redemptions. Expected timetable Prospectus published 17 October Placing closes 22 November Trades booked 23 November Settlement of C shares in CREST/Euroclear 28 November Calculation date 30 November Conversion ratio calculated 2 January Dealings in converted ordinary share commence 3 January Ravi Anand, director at New Star Asset Management, said "Hedge ETS offers unique access to the performance of the hedge fund asset class through a well constructed index with the added benefit of daily liquidity. We believe that the RBC Hedge 250 Index is the most representative investable benchmark for hedge fund industry returns. This fourth offering is in response to continued demand from investors. As with the previous offers we expect interest from institutional investors and wealth managers seeking to benefit from the portfolio diversification benefits provided by hedge fund returns." Enquiries: Ravi Anand, New Star Asset Management 020 7225 9292 Notes to Editors: 1. New Star Asset Management is an asset management group, listed on the London Stock Exchange with US$49.2 billion of assets under management (at 26 September 2007), including approximately US$2.2 billion in hedge funds (at 28 September 2007). New Star manages Hedge ETS and undertakes regular due diligence on the Index. New Star receives an investment management fee of 0.85 per cent. per annum of the net asset value of the 1X shares and 1 per cent. per annum of the net asset value of the 3X shares. 2. There are approximately 9,700 active hedge funds globally with approximately US$1.7 trillion of assets (source: Hedge Fund Association). The average non-investable hedge fund index references over 1,800 hedge funds whereas the average investable hedge fund index references approximately 90 hedge funds (Source: see notes 2 and 3 above). 3. The composition of the RBC Hedge 250 Index at 31 August 2007 was: Strategy Weight (%) No. of funds Equity Long/Short 37.4 92 Multi-Strategy 15.8 40 Credit 12.5 32 Merger & Special Situations 10.6 27 Macro 8.6 23 Managed Futures 5.7 15 Fixed Income Arbitrage 4.6 14 Equity Market Neutral 2.6 7 Convertible Arbitrage 2.2 9 Total 100.0 259 Further information on the Index can be found at www.rbchedge250.com 4. Hedge ETS is the brand name for shares issued by the 1X and 3X cells of New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited, a Guernsey based investment company which enters into swaps with Royal Bank of Canada to provide exposure to the Index. 5. Investors should be aware that a liquid secondary market in the shares cannot be guaranteed. Important Information This announcement and the information contained herein is not for publication, distribution or release in, or into, directly or indirectly, the United States, Canada, Australia or Japan or to US persons. The information contained herein does not constitute an offer of securities for sale including in the United States, Australia, Canada or Japan. This announcement is not a prospectus. Investors should only acquire securities on the basis of information contained in the prospectus relating to such securities as and when published. In the event of any discrepancy between this announcement and the prospectus, the prospectus will prevail. Details of where copies of the prospectus can be obtained will be announced in due course. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained in this announcement by New Star or its directors and no liability is accepted by such persons for the accuracy or completeness of any such information. This announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investments, nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract thereof. The information about Hedge ETS set out above is included in this announcement for information purposes only and is not intended to constitute an invitation or inducement to invest in the fund. To the extent that such information is deemed to constitute such an invitation or inducement, it is made solely to and/or is directed solely at persons who are both (a) intermediate customers or market counterparties for the purposes of the FSA's Conduct of Business Sourcebook and (b) of a kind to or at whom such information may lawfully be issued or, as the case may be, directed under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("permitted persons"). Persons other than permitted persons should not rely on the information relating to Hedge ETS contained in this announcement. Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering investing in such investments should consult an authorised person specialising in advising on such investments. Daily liquidity is not guaranteed. UBS Investment Bank is acting, solely as sponsor and placing agent, for Hedge ETS exclusively and no one else in connection with the global offering. UBS Investment Bank will not be responsible to anyone other than Hedge ETS for providing protections afforded to clients of UBS Investment Bank or for providing advice in connection with the global offering, the contents of these materials or any matter referred to herein. Royal Bank of Canada Investment Management (UK) Ltd is acting solely as placing agent for Hedge ETS. Royal Bank of Canada (together with its affiliates, "RBC") may also act as product provider to New Star and/or Hedge ETS. RBC (i) has not prepared, and makes no express or implied warranties concerning, the accuracy or completeness of these materials; and (ii) expressly disclaims any advisory, fiduciary or similar relationship with any recipient, and any liability whatsoever for any direct or consequential loss arising from any use of the information contained herein. (R)Registered trademark of Royal Bank of Canada, RBC Capital Markets is a trademark of Royal Bank of Canada. Used under license. UNITED STATES The information contained herein is not for publication or distribution to persons in the United States of America. The securities referenced in this document have not been and will not be registered under the Securities Act of 1933 (the "1933 Act"). Such securities may not be sold or transferred to United States persons unless such sale or transfer is registered under the 1933 Act or exempt from such registration. This information is provided by RNS The company news service from the London Stock Exchange END MSCIIFEAIDLDLID
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