Redemption Facility

RNS Number:3020S
HSBC Global Absolute Limited
14 April 2008


                          HSBC Global Absolute Limited
        St Martin's House, Le Bordage, St Peter Port, Guernsey, GY1 4AU
          (a closed-ended investment company incorporated in Guernsey)


14 April 2008

Notice to Shareholders in HSBC Global Absolute Limited regarding the optional
bi-annual redemption facility and proposal to replace the bi-annual redemption
facility with a bi-annual tender facility

HSBC Management (Guernsey) Limited (the "Manager") gives the following notice to
shareholders in HSBC Global Absolute Limited (the "Company").

At the Company's board meeting held in March of each year, the Board considers
if it is appropriate to offer shareholders the opportunity to participate in the
bi-annual redemption facility, whereby shareholders may redeem shares at net
asset value ("NAV") as at the last business day of June.  This year, the
Directors have resolved to give shareholders, if they so wish, the opportunity
to redeem up to 25% of the shares of each class in issue on 30 June 2008.

It is expected that the Company will shortly send shareholders a circular (the
"Circular") proposing, subject to shareholder approval at the Company's
forthcoming annual general meeting, to amend the articles of association of the
Company in order to restructure the semi-annual redemption facility as a tender
offer facility under substantially similar terms and conditions.  This will
permit the Company to hold shares tendered in treasury (subject to certain
regulatory limits).  Further details on the proposed amendment to the Company's
articles of association will be set out in the Circular.

Should the resolution amending the articles of association be passed at the
Company's annual general meeting, the Company will treat requests for
redemptions of shares at NAV on the last business day of June 2008 as valid
requests for shares to be tendered in accordance with the terms which will be
set out in the Circular.

Set out below is a brief summary of the Company's performance history, share
price history and a report from the Company's investment adviser.

Company Performance

The performance of the Company in absolute terms since inception in November
2001 has been a gain of 55.9% in US dollar terms as at 29 February 2008.  The
performance of the Company over the 3 month period from 1 December 2007 to 29
February 2008 has been positive, up 0.44% in US dollar terms and 0.77% in
Sterling terms.

Share Price Performance

In the 12 months prior to 29 February 2008, the average discount of the US
dollar share price to NAV was -0.93% and the average premium of the Sterling
hedged share price to NAV was 0.21%.

As at 29 February 2008, US Dollar Shares were trading at US$2.15 per US Dollar
Share, being a premium of 2.87% to the NAV and Sterling Hedged Shares were
trading at £1.13 per Sterling Hedged Share, being a premium of 0.30% to the NAV.

Investment Adviser's report

Over the period 1 December 2007 to 29 February 2008 the NAV of the Company
showed a rise of 0.44% in the US dollar class and 0.77% in the Sterling class.

The Company returned 0.61% in US dollar terms during December, with all strategy
groups contributing positively to performance.  Equity long/short strategies
were the largest contributor over the month.  A number of managers maintained a
negative outlook for US financials that was rewarded as Merrill Lynch, Citigroup
and Bear Stearns fell sharply over the period.  In emerging markets managers
with long positions in the broader Brazilian markets were helped by an overall
rise in equities, particularly those related to agricultural products.  High
yield/distressed managers with short positions in US sub-prime mortgages
continued to be profitable.  In addition, some managers have been shorting
mortgage related companies, such as reinsurers and servicers with equally
positive results.  Macro managers benefited from the rise in volatility over the
month, with long volatility strategies in fixed income and foreign exchange
working well.

The Company had a difficult start to 2008 showing a fall of 2.03% as equity and
credit markets proved challenging.  Managers in the macro and managed futures
space performed well as beneficiaries from increased volatility in markets and
solid performance in commodity markets. Positive performance was offset by poor
performance in equity long/short and convertible arbitrage managers.  Equity
long/short managers were hurt by adverse market conditions as long biased
managers did not receive as much upside from short positions to balance the
losses on the long side, while convertible arbitrage managers suffered due to
convertible portfolios marked lower on poor liquidity and issuance in addition
to the broader cheapening of convertible valuations.

Most managers added to performance during the month of February as the Company
returned 1.90%. The lead performers were high yield/distressed managers, who
were able to benefit from continued stress in global markets.  Managed futures
managers benefited from a continuation of trends across markets as currencies,
commodities and interest rates moved in tradable patterns, while macro managers
added to performance through trades in currencies and global fixed income.
Equity long/short managers also contributed to performance, with particularly
strong numbers in emerging markets.  On the negative side, the largest
detractors were managers in the convertible arbitrage space which were hurt as
both credit and equity markets experienced extreme valuations.

Optional Bi-annual Redemption of up to 25% of Shares of each Class

The Company's prospectus sets out various mechanisms for keeping any discount or
premium to NAV at which the Company's shares may be trading to the minimum that
is attainable, including the share buyback and bi-annual redemption facility.

The Directors have determined that it is appropriate to exercise their
discretion in accordance with the provisions in the Company's prospectus and
memorandum and articles of association, to accept requests from shareholders to
redeem up to 25% of the shares of each class in issue on 30 June 2008 (the "
Redemption Date").

As noted above, if the special resolution amending the Company's articles of
association is passed at the annual general meeting, redemption requests will be
treated by the Company as valid requests to tender shares.

Shares will be redeemed or purchased (as appropriate) at their NAV on the
Redemption Date, with proceeds being payable in accordance with the articles of
association.  If the redemption requests received relate to more than 25% of the
shares of any class in issue, each shareholder's request to redeem shares of
such class may be reduced pro rata.

If you are in any doubt as to the action to be taken, you are recommended to
immediately seek your own personal financial advice from an appropriately
authorised independent financial adviser.

Shareholders with certificated shares may make redemption requests on a
redemption notice form, a copy of which is available from the Company's Transfer
Agent, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3
4TU, telephone [phone].  The completed redemption notice form must
be delivered to the Company, at the Transfer Agent/Registrar's address above, no
later than 30 April 2008.

Shareholders with uncertificated shares may make redemption requests through
CREST by no later than 30 April 2008 in accordance with CREST procedures.

Redemption requests should be made for a number of shares rather than a Sterling
or US dollar amount.  Only a whole number of shares may be redeemed, unless the
redemption request would result in a residual holding of less than one share, in
which case the request should include the residual fraction of the share.

A redemption notice, once served on the Company or its agents may not be
withdrawn without the consent of the Company.

For further information regarding the bi-annual redemption facility, please
contact Clive Paine on [phone], [e-mail]

For any operational queries, please contact the Transfer Agent/Registrar on +44
(0) 870 162 3100.

Paul Wrench
Managing Director
HSBC Management (Guernsey) Limited
St Martin's House, Le Bordage, St. Peter Port, Guernsey, Channel Islands, GY1
4AU

This notice to shareholders has been posted to shareholders and submitted to the
UK Listing Authority and will be available shortly for inspection at the UK
Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: [phone]

Certain information contained in this announcement is regulated information for
the purposes of Chapter 6 of the Disclosure and Transparency Rules.


END.

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