BARE Blackrck AB E

 
TIDMBARS TIDMBARE TIDMBARU 
 
BlackRock Absolute Return Strategies Limited (the "Company") 
 
21 November 2011 
 
Redemption of Shares 
 
In accordance with the powers granted to the Board at the Company's 
extraordinary general meeting in August, the Board announces that it intends to 
implement the first distribution to shareholders of the cash proceeds from the 
realisation of the Company's investments in mid-February 2012 by way of a 
compulsory share redemption (the "First Redemption"). 
 
The cash distribution to shareholders will be based on the estimated monthly 
NAV of the Company, and the cash available, as at 31 December 2011. The board 
currently expects the First Redemption to comprise at least 50% of the 
Company's Shares conditional on the receipt of the scheduled redemption 
proceeds from underlying assets. The Company anticipates publishing a further 
announcement in early January (the "First Redemption Announcement") containing 
details of the estimated monthly NAV as at 31 December 2011, together with the 
quantum to be distributed to shareholders pursuant to, and details of the 
mechanism to effect, the First Redemption. 
 
Conversion between share classes 
 
The Board has resolved that the Company's share conversion facility will be 
suspended with immediate effect. It is envisaged that the Euro and US Dollar 
share classes will be merged into the Sterling class shortly after the First 
Redemption. 
 
Currency Hedging 
 
The Board anticipates that as a result of the First Redemption it will become 
inefficient to maintain the currency hedging programme, taking into account 
inter alia the possible margin call requirements in connection with currency 
hedging activities and the costs of maintaining the programme. Further, the 
cash required to be held by the Company to cover possible margin calls would 
also limit the cash available for distribution pursuant to the First 
Redemption. 
 
Accordingly it is currently envisaged that the Board will terminate the 
Company's currency hedging programme shortly after the First Redemption 
Announcement. Consequently, from such time holders of Shares denominated in 
currencies other than US Dollars will be exposed to exchange rate fluctuations 
between such currencies and the US Dollar. 
 
Enquiries: 
 
Will Rogers - 020 7397 1920 
Tommy O'Sullivan - 020 7397 1922 
Chris Lunn -020 7397 1912 
Cenkos Securities plc 
 
Jonathan Ruck Keene / Kerry Higgins (Company Secretary) - 020 7743 3000 
BlackRock Investment Management (UK) Limited 
 
 
END 
 

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