Conversion of Securities: Final Ratios

    RNS Number : 7279I
  Bramdean Alternatives Limited
  24 November 2008
   

    Bramdean Alternatives Limited (the "Company")

    Conversion of Securities: Final Ratios

    In respect of the 31 October 2008 Conversion Calculation Date and on the basis of the Net Asset Values of the Company's Ordinary Shares
as at 31 October 2008 as previously announced (and using spot currency exchange rate of 1.6157 at 31 October 2008), the Conversion Ratios,
calculated in accordance with the Company's articles of association are as follows:

 1.8217 US$ Shares for every one GBP Share

 0.5489 GBP Shares for every one US$ Share

    The Company has received Conversion Notices in respect of the October 2008 conversion calculation date from holders owning 5,671,846 GBP
Shares. These holders have elected to switch into U.S Dollar shares. In addition, holders owning 204,357 US$ Shares have elected to switch
into GBP Shares.

    On the basis of the aggregate level of Conversion Notices received by the Company as previously announced, application has been made to
the UK Listing Authority for 10,332,275 new U.S. Dollar Shares of no par value to be admitted to the Official List and 112,181 new GBP
Shares of no par value to be admitted to the Official List.  Application has also been made for such Shares to be admitted to trading on the
London Stock Exchange. It is expected that such admissions will be effective and that dealings in the new Shares will commence on 25
November 2008.  

    Accordingly, the Company's issued share capital with effect from 25 November 2008 will be as follows:

    GBP Shares                  92,142,177

    US$ Shares                  76,116,060

    Total Voting Rights in the Company    262,187,972



    The expected timetable to Conversion is as follows:

 Conversion Date                                              25 November 2008


 Ordinary Shareholder CREST or Euroclear accounts   By 8.00am 25 November 2008
 credited with new Shares (of the relevant class)

    Enquiries:

 Robin Amer                          Tel: [phone]
 RBC Offshore Fund Managers Limited



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