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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:3878R New Star RBC Hedge250 IDX (3X GBP) 16 February 2007 16 February 2007 HEDGE ETS (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) Second 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 second 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 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$206 Billion (1 January 2007, source: RBC Capital Markets), representing approximately 20% of industry hedge fund assets under management. Performance of the Index Since its inception on 1 July 2005 to 29 December 2006, the Index has closely tracked returns on hedge funds and outperformed other recognised investable hedge fund indices. Annualised return Volatility RBC Hedge 250 Index(R) 1 11.1% 3.9 % Average Non-Investable Index2 13.1% 4.2 % Average Investable Index3 8.7% 3.1 % 1 Returns are net of monthly Index fee of 1/12 of 0.95 per cent. of the beginning of month Index level. US$ returns from 1 July 2005 to 29 December 2006, data at 2 February 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 29 December 2006, data at 2 February 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 29 December 2006, data at 2 February 2007. Source: Index returns - Bloomberg, calculations - Mellon Analytical Services. Hedge ETS Hedge ETS, launched at the end of November 2006 raising $150 million, is a unique security offering daily liquidity, the ability to redeem shares close to net asset value and 1X (unlevered) shares and 3X exposed shares. As at 12 February 2007 the mid market price of the US dollar 1X and 3X shares were 5% and 6% above their issue price respectively. 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. UBS Investment Bank are 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 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 Dollars, 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 on or around 26 February 2007 Placing closes 21 March 2007 Issue price determined as at 5.00 p.m. on 22 March 2007 New shares commence trading 27 March 2007 Issue price The new shares will be issued at a price equal to the estimated NAV per share at 22 March 2007 using the prevailing Index value adjusted for any incremental returns on comparable indices plus a premium of 2.0%. The excess of issue price over NAV per share, after allowing for costs, will be retained for the benefit of Hedge ETS holders as a whole 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 Hedge ETS is the most representative investable benchmark for hedge fund industry returns and this second offering is in response to strong demand from investors. As with the initial offer 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 Denise Lyttle, Polhill Communications 020 7655 0500 Notes to Editors: 1. New Star Asset Management is an asset management group, listed on the London Stock Exchange's Alternative Investment Market with US$41.3 billion of assets under management (at 29 December 2006), including approximately US$1.9 billion in hedge funds. 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 9,000 hedge funds globally with approximately US$1 trillion of assets (source: Hedge Fund Association). The average non-investable hedge fund index references approximately 1,600 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 29 December 2006 was: Strategy Weight No. of funds Equity Long/Short 37.2% 93 Multi-Strategy 14.3% 36 Credit 12.2% 31 Merger & Special Situations 10.8% 27 Macro 9.2% 23 Managed Futures 6.0% 15 Fixed Income Arbitrage 5.3% 14 Convertible Arbitrage 2.5% 9 Equity Market Neutral 2.4% 7 Total 100.0% 255 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. 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 IOESFSFSMSWSELE
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