Thames River Multi Hedge PCC Ltd Conversion, Redemption, Management Fee Waiver (8384R)

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RNS Number : 8384R

Thames River Multi Hedge PCC Ltd

22 November 2012

THAMES RIVER MULTI HEDGE PCC LIMITED

(a closed-ended, umbrella investment, protected cell company incorporated with limited liability under the laws of Guernsey with registered number 41511)

Redemption of shares, redesignation of Euro and Dollar share classes and currency hedging

Return of capital

The Company today announces that it currently expects to return approximately GBP22 million to shareholders in January 2013 representing approximately 39% of the Company's prevailing net asset value, based on information currently available and the Manager's estimate of cash proceeds from the redemption of underlying investments.

The capital will be returned by way of compulsory share redemption (the "First Redemption") in accordance with the powers granted to the Board at the Company's general meeting on 11 September 2012. The Company will make a further announcement in January 2013 containing details of the relevant percentage of each class of Shares to be redeemed, a timetable for the First Redemption and distribution of proceeds, and the Redemption Price per Share in respect of each Share class.

Redesignation of all Euro and Dollar shares as Sterling shares

Following the First Redemption the Board believe that the costs to the Company of maintaining three Share classes will become proportionately more expensive. Accordingly the Board has decided to exercise its discretion to redesignate all Euro Shares and Dollar Shares in issue as Sterling Shares (the "Redesignation"). The Redesignation will be effected based on the 31 January 2013 estimated Net Asset Value of the Sterling, Euro and Dollar Shares (the "Redesignation Calculation Date").

The Company will announce through an RIS provider the conversion ratio for the Redesignation on 7 February 2013. The record date for these purposes will be 5pm on 7 February 2013.

Following implementation of the Redesignation, the Euro Share class and the Dollar Share class will be discontinued and the holders of Euro Shares and Dollar Shares will be issued with the relevant number of Sterling Shares on 8 February 2013. The Company will submit applications to the UK Listing Authority to cancel the listing of the Euro share class and Dollar share class with effect from 8 February 2013.

Currency hedging

The Board will terminate the Company's currency hedging programme with effect from 1 February 2013. Consequently, from such time the Company will be exposed to exchange rate fluctuations to the extent that underlying investments are in currencies other than Sterling.

Management fee waiver

The Manager has offered to waive its fee on cash balances held by the Company from 1 November 2012 and to maintain the management fee rate at 1.0% rather than reverting to the contracted level of 1.5%.

Queries to:

Tracy Fennell at Thames River Capital LLP: + 44 207 011 4455

Stephen Rouxel at State Street (Guernsey) Limited: + 44 1481 704544

Dion Di Miceli at Cenkos Securities Plc : + 44 207 397 1921

The Company is an authorised closed-ended investment scheme domiciled in Guernsey. As an existing closed-ended fund the Company is deemed to be granted an authorisation declaration in accordance with section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended and rule 6.02 of the Authorised Closed-ended Investment Schemes Rules 2008 on the same date as the Company obtained consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959 to 1989.

This information is provided by RNS

The company news service from the London Stock Exchange

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