CROP Ceres Agricul.

 

TIDMCROP 
 
RNS Number : 2488L 
Ceres Agriculture Fund Limited 
04 May 2010 
 

4 May 2010 
 
CERES AGRICULTURE FUND LIMITED 
 
Not for release, publication or distribution in or into the United States, 
Canada, Australia or Japan. 
 
Results of the Tender Offer and Tender Price 
 
Ceres Agriculture Fund Limited ("Ceres" or the "Company" ), a Guernsey 
domiciled, closed-ended investment company established to invest in an actively 
managed portfolio of exchange-traded agricultural commodity contracts and 
derivatives managed by FourWinds Capital Management, announces the results of 
its Tender Offer and the Tender Price. 
 
On 9 April 2010, the Company sent a circular (the "Circular") to Shareholders in 
respect of a tender offer for up to 24.99 per cent. of the Company's issued 
share capital being  121,840,083 Ordinary Shares as at the close of business on 
the Record Date (29 March 2010). 
 
The Closing Date for the Tender Offer was 1.00 p.m. on 30 April. At the Closing 
Date the Tender Offer was oversubscribed and 79,952,218 Ordinary Shares (65.6 
per cent of the issued Ordinary Shares ) were tendered by holders owning 
97,784,474 Shares. 
 
The Tender Price is US$0.8977 per Ordinary Share, being 95.5 per cent. of the 
latest published estimated unaudited NAV per Share as announced on 29 April 
2010. 
 
Shareholders (other than Restricted Shareholders) on the register as at the 
Record Date who accepted the Tender Offer shall have their basic tender 
entitlement (24.99 per cent of their Ordinary Shares) satisfied in full and 
their election for the tender of further Ordinary Shares will be scaled-back pro 
rata with each such Shareholder being allowed to tender an additional 10.8356 
per cent of their tendered Shares above their Basic Entitlement. The total 
number of Shares which will be bought back in the Tender Offer is 30,477,806. 
 
It is expected that settlement in respect of the tendered shares, by dispatch of 
US dollar cheques or crediting of payments through CREST, will take place on or 
around 11 May 2010 . Balancing Ordinary Share certificates will also be 
dispatched on or around 11 May 2010. 
 
Terms defined in the Circular have the same meaning when used herein unless the 
context otherwise requires. 
 
In the light of the results, the Board and its advisers will be consulting major 
Shareholders and considering the Board's response to the requisition received 
from certain Shareholders, as announced on 27 April 2010. 
 
A circular to Shareholders convening an extraordinary general meeting of the 
Company, to be held on 15 June 2010 to consider the resolutions proposed by the 
requisitionists, and containing the Board's recommendation, is expected to be 
dispatched in due course 
 
Further enquiries: 
 
FourWinds Capital Management, Investment Manager 
Kimberly Tara 
legal@fourwindscm.com 
 
Cenkos Securities plc, Corporate Broker 
Will Rogers +44 (0)20 7397 1920 
Dion Di Miceli +44 (0)20 7397 1921 
Andrew Davies +44 (0)20 7397 1914 
 
HSBC Securities Services (Guernsey) Limited, Administrator 
Tel: +44 (0) 1481 707 000 
 
Citigate Dewe Rogerson, PR Advisor 
Kevin Smith /Lindsay Noton +44 207 638 9571 
 
The Company is a Guernsey domiciled Authorised Closed-ended investment scheme 
pursuant to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 
1987, as amended and rule 6.02 of the Authorised Closed-ended Investment Schemes 
Rules 2008. 
 
The ordinary shares of the Company ("Shares") have not been and will not be 
registered under the US Securities Act of 1933, as amended ("Securities Act") or 
the US Investment Company Act of 1940, or with any securities regulatory body or 
any state or other jurisdiction in the United States and, subject to certain 
exceptions, may not be offered or sold in the United States or to or for the 
account or benefit of US persons (as such term is defined in Regulation S under 
the Securities Act) absent registration under the Securities Act or an 
applicable exemption from such registration. No public offering of any shares in 
the Company is being, or has been, made in the United States. 
 
FUTURES AND OPTIONS TRADING HAS LARGE POTENTIAL REWARDS, BUT ALSO LARGE 
POTENTIAL RISKS. YOU MUST BE AWARE OF THE RISKS AND BE WILLING TO ACCEPT THEM IN 
ORDER TO INVEST IN THE FUTURES AND OPTIONS MARKETS AND IN ORDER TO INVEST IN THE 
COMPANY. DO NOT TRADE OR INVEST WITH MONEY YOU CAN'T AFFORD TO LOSE. THIS 
ANNOUNCEMENT AND ITS CONTENTS ARE NEITHER A SOLICITATION NOR AN OFFER TO BUY OR 
SELL FUTURES, STOCKS OR OPTIONS ON THE FUTURES OR OPTIONS MARKETS. NO 
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT OR INVESTMENT WILL OR IS LIKELY TO 
ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DISCUSSED IN THIS ANNOUNCEMENT (IF 
ANY). THE PAST PERFORMANCE OF ANY TRADING SYSTEM OR METHODOLOGY IS NOT 
NECESSARILY INDICATIVE OF FUTURE RESULTS. 
 
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN 
CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE 
PERSONS, AN OFFERING MEMORANDUM FOR THE COMPANY IS NOT REQUIRED TO BE, AND HAS 
NOT BEEN FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION 
DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR 
ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES TRADING 
COMMISSION HAS NOT REVIEWED OR APPROVED ANY OFFERING BY THE COMPANY OR ANY 
OFFERING MEMORANDUM FOR THE COMPANY. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TENEANSLEFPEEEF 
 

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