BARE Blackrck AB E

 
TIDMBARS TIDMBARE TIDMBARU 
 
Change in strategy 
 
The Board noted in the Report and Accounts published on 20 April 2011 that 
despite the strong positive return delivered by the Company's investment 
performance, the increase in NAV over the last two years and the reduction in 
the supply of the Company's Shares through reverse auction tender offers and 
on-market share repurchases, the share price discount to NAV of each share 
class has remained relatively wide. 
 
The Board noted in the Report that it was continuing to explore different ways 
to address the discount for the benefit of all shareholders and it has been 
reviewing its options further over recent weeks. 
 
In addition, as part of its regular communication with investors the Board has 
again revisited its discussions with many of the Company's major shareholders. 
Despite the recent NAV performance the key investor concerns remain the level 
of the discount and, due in part to the relatively small market capitalisation 
of the Company, the limited liquidity provided by each share class. 
 
For these reasons the Board has now determined to recommend that the Company 
should commence a managed wind-down of its portfolio with a view to realising 
its investments in an orderly fashion, in a manner consistent with the 
principles of prudent investment management, and subsequently returning capital 
to shareholders. 
 
This proposed change in strategy constitutes a material alteration to the 
Company's investment policy and requires shareholder approval before it can be 
implemented. A circular convening an Extraordinary General Meeting to seek such 
approval and containing further details of the managed wind-down process will 
be circulated to shareholders as soon as practicable. 
 
Media Enquiries: 
 
Ed Gascoigne-Pees - 0207 269 7132 
Andrew Waterworth - 0207 269 7127 
Financial Dynamics 
 
Will Rogers - 020 7397 1920 
Chris Lunn -0207 397 1912 
Cenkos Securities plc 
 
 
 
END 
 

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