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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Highbridge Tactical Credit Fund Limited | HTCF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 425.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 425.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 21/10/2020 04:17 by rambutan2 Gets a mention by Ben Conway of Hawksmoor in a piece mainly about cheap property trusts on Citywire yesterday:"Conway also highlighted the possibility that Highbridge Tactical Credit (HTCF) could wind up following a continuation vote at the end of the year, with cash being returned to investors. With the listed hedge fund vehicle currently trading on a 13% discount, that creates potential for a significant upside with relatively low risk in a short period." |
Posted at 25/9/2020 21:06 by rambutan2 Interims out after close, and my catalyst (see header) comes about...The Future As you know, at the end of last year the Board embarked on an aggressive cost reduction programme to mitigate the impact of the reduced asset base on the Company's total expense ratio. The Company also engaged finnCap Limited at that time, a broker which specialises in promoting smaller companies. We have had a target to rebuild the Company to GBP80 million before the end of 2020, but to achieve that target we would have had to eliminate the current share price discount to NAV, so we could justify the costs associated with an equity raise. Notwithstanding the valiant efforts made by finnCap to identify new investors and the webinars mentioned earlier, at the time of writing we have not been able to eliminate the share price discount, and therefore we propose to hold an EGM before the end of the year to provide shareholders with the opportunity for a discontinuation vote on the Company's existence. In the meantime, we intend to place a redemption in the Underlying Fund at the next available opportunity so that shareholders are not disadvantaged from the EGM not taking place until the end of the year. Of course, should shareholders at the EGM vote to continue the life of the Company then we will seek to cancel the redemption request which we understand will be possible, or if that does not prove to be the case, we will immediately re-invest the redemption proceeds into the Underlying Fund. In the event that shareholders vote to discontinue the Company, the redemption process will be governed by the terms of the Underlying Fund, in that the redemption proceeds will be paid in four quarterly instalments and shareholders therefore will continue to be exposed to the performance of the Company until the final quarterly redemption occurs. (pgs 15-16 re company's future) |
Posted at 22/7/2020 09:28 by epistrophy I reckon this should be trading at a premium, not a 15% discount.The problem is most investors don't seem to know what "Low beta" means any more. |
Posted at 02/2/2020 21:01 by rambutan2 Publication of CircularThe Company is today posting a circular to Shareholders to seek approval to permit the Company to allot and issue new shares to investors on a non-pre-emptive basis (the "Circular" and the "Proposal"). The Circular sets out further details of the Proposal and contains a notice convening an Extraordinary General Meeting to be held at 9.30 a.m. on 20 February 2020 at Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 1GR, Channel Islands... |
Posted at 13/1/2020 22:21 by rambutan2 Noted, and noting that as at 31/12/19 nav was £49m:Disapplication of pre-emption rights and proposed new discontinuation resolution The Board believes that the Company has the potential to grow above £100 million, and believes that growing the Company to such size would be in the best interests of Shareholders, as this would reduce the Company's total expense ratio, spreading fixed costs over a broader investor base. In order to be able to grow the Company in a time and cost efficient manner, the Board is proposing to table, at the Extraordinary General Meeting, a special resolution to disapply pre-emption rights (“Resolution 2”) in respect of the issue or sale out of treasury to any person or persons of Shares up to a number not exceeding the lesser of 6,778,149 Shares or such number as shall represent 20 per cent. of the Company’s issued share capital (excluding any shares held in treasury) at the time of issue of the equity securities. Further details of the proposed disapplication of pre-emption rights are set out in paragraph 8 of Part I of this Circular. In support of the Board’s belief that the Company has the potential to grow, the Board is proposing to amend the Existing Articles to require the Board to propose a discontinuation resolution in the event that the Company’s Net Asset Value is less than £80 million as at 31 December 2020. Further details of this discontinuation resolution are set out in paragraph 9 of Part I of this Circular. 9. DISCONTINUATION RESOLUTION In support of the Board’s belief that the Company has the potential to grow, the Board is proposing that, if the latest published unaudited Net Asset Value as at 31 December 2020 is less than £80 million, the Board shall convene an extraordinary general meeting of the Company to be held by no later than 31 March 2021, at which an ordinary resolution will be proposed that the Company ceases to continue in its current form and enters a managed wind-down in accordance with the terms set out in its Articles (the “Discontinuati The Board is proposing to adopt new articles of incorporation (the “New Articles”) which incorporate the Discontinuation Resolution. It is proposed that the New Articles tabled to the Extraordinary General Meeting be adopted in place of the Existing Articles. Save for the inclusion of the Discontinuation Resolution, no other changes are proposed to be made to the Existing Articles. The New Articles are available for inspection in accordance with paragraph 14 in Part I of the Circular. |
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