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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cqs Rig | LSE:RIG | London | Ordinary Share | GG00B1GVK032 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRIG CQS RIG FINANCE FUND LIMITED Monthly Shareholder Fact Sheet CQS Rig Finance Fund Limited (the "Company"), a closed-ended investment company incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet for April 2014 is now available on the Company's website (www.cqsrigfinance.com) and includes further information on the top ten investments and outstanding borrowings. Europe saw tentative signs of recovery despite further unrest in Ukraine. However, the European Central Bank ("ECB") remained under pressure to provide support and its President, Mario Draghi, hinted at monetary easing if the medium-term inflation outlook was to deteriorate significantly. In the UK, first quarter GDP came in just below consensus although the PMI index pointed to further expansion. US GDP was significantly below expectations at 0.1%, although private consumption, a key driver of GDP, showed signs of improvement. First quarter earnings season commenced, with Europe seeing further contractions while US numbers beat market expectations. Growth in China broadly met market expectations, while Japan's troubles continued, its benchmark TOPIX Index falling a further 3.4%. In April, the MSCI World Index rose 0.7% and the MSCI Europe Index gained 1.8%, while the MSCI Asia Index fell 1.5%. Credit indices broadly continued to tighten. Against this backdrop, the Company's NAV rose approximately 0.36% to close the month at 35.96p. Profits were recorded on most positions, attributable primarily to carry. In addition, the Company's position in Bluewater continued to trade up over the month following its award by Petrobras of an engineering, procurement and construction contract which was reported in last month's Fact Sheet. Profits were partially offset by losses on the new bonds issued by Ocean Rig UDW in March, which traded down in line with the weaker sentiment reflected in the company's stock price. There was one new deal of note during the month. Tullow Oil issued $650m 8-year notes with a coupon of 6.25%, non-callable for 3 years and callable at a premium thereafter. The Company subscribed for and was allocated a small amount of the new issue. The Company has since exited the position. Subsequent to the month-end, the Board announced on 20 May 2014 that it had been informed by the Company's largest shareholders, CQS (UK) LLP, CQS Asset Management Limited and CQS Cayman LP, who together hold 65.54% of the share capital of the Company, that they would support a shareholder voluntary liquidation of the Company. Accordingly, the Board will be making arrangements to convene an extraordinary general meeting of shareholders to consider proposals to cancel its admission to trading on AIM, to place the Company into members' voluntary liquidation and thereafter to realise the Company's assets and facilitate the return of available cash to shareholders. A circular containing full details of the proposals and setting out the timetable for the return of capital will be posted to shareholders in due course. All market data sourced from Bloomberg and MSCI unless otherwise stated. MSCI index returns are in local currencies with net dividends reinvested. For further information, please contact: Corporate Secretariat Kleinwort Benson (Channel Islands) Fund Services Limited 01481 710 607 Alastair Moreton, Darren Vickers NOMAD and Broker Westhouse Securities Limited 020 7601 6118 April Shareholder Fact Sheet: http://hugin.info/140293/R/1789383/615076.pdf This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: CQS Rig Finance Fund Ltd via Globenewswire HUG#1789383 http://www.cqsrigfinance.com/
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