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RNS Number : 6381F

BlueCrest BlueTrend Limited

28 April 2014

28 April 2014

BlueCrest BlueTrend Limited

Proposed Tender Offer

At the launch of BlueCrest BlueTrend Limited (the "Company") the Directors implemented a discount control policy under which, subject to sufficient portfolio liquidity, the Company will buy back Shares if they trade at a discount of two per cent or more to the latest published net asset value. Under this policy, the price at which Shares are repurchased may be at a discount wider than two per cent, to reflect market volatility.

The Company's ability to buy back Shares has been limited both by available cash and shareholder authority, as a result of which the Shares are currently trading at a discount of 8.1 per cent for the Sterling Shares and 5.8 per cent for the US$ Shares.

Accordingly, the Directors have determined that it is in shareholders' interests, both for those wishing to realise part or potentially all of their investment and those seeking continued exposure to a systematic trading strategy through an investment in the Company, to put forward proposals for a tender offer. The tender offer will be for up to 25 per cent of each class of Share then in issue (excluding Shares held in treasury) at a 2 per cent discount to net asset value, less the costs attributable to the tender offer (the "Tender Offer") and will be subject to receipt of the necessary shareholder approval.

The terms of the Tender Offer will provide that Shareholders requesting in excess of 25 per cent of their Shares to be tendered will have their tender requests in respect of such excess accepted, pro rata to the size of their shareholding, to the extent that total tender requests are made for less than 25 per cent of the prevailing issued share capital of the Company (excluding Shares held in treasury).

It is expected that details of the Tender Offer will be sent to shareholders by the end of May 2014, with tender proceeds payable in July 2014.

The Directors will continue to keep under review the net asset value and share price performance of both the Sterling Shares and US$ Shares.

The Articles of Incorporation provide that in the event that the Shares of a class trade at a discount to net asset value of more than 5 per cent over a calendar quarter, the Directors have discretion as to whether or not a redemption offer is made for up to 25 per cent of that class. The Directors consider that in light of the ability for Shareholders to realise part or potentially all of their investment pursuant to the Tender Offer it would not be in the interests of the Company for a further redemption offer to be made in the event such trigger conditions were to be met for the quarter ending 30 June 2014.

Enquiries:

 
 Robin Bowie/Katie Standley   Dexion Capital plc 
                               +44 (0)20 7832 0900 
 Kellie Blondel/Carol Kilby   Dexion Capital (Guernsey) Limited 
                               +44 (0)1481 743940

This information is provided by RNS

The company news service from the London Stock Exchange

END

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