TIC Tapestry Inv Pf

 
TIDMTIC 
 
TAPESTRY INVESTMENT COMPANY PCC LIMITED (the "Company") 
 
                           30 October 2009 
 
                      Removal of currency hedge 
 
 
The Company's existing currency hedge is due to expire today and  the 
Board of Directors has decided not  to roll the hedge forward on  the 
basis that the Company  will shortly begin  the process of  returning 
cash  realised  from  the  Managed  Wind-Down  of  its  portfolio  to 
Shareholders by way of a compulsory partial redemption of Shares (the 
"Redemption") as more particularly described in the circular that was 
sent to shareholders on 21 August 2009 (the "Circular"). 
 
The Board has instructed the  Manager and Investment Manager to  hold 
its cash and any cash  to be received by the  Company as part of  the 
realisation process but prior to its distribution to Shareholders, in 
Sterling  on  deposit.   The  Company's  underlying  investments  are 
denominated in US Dollars so that, from 30 October 2009, Shareholders 
will be  exposed not  only  to the  investment performance  of  those 
assets but also  to fluctuations in  the US Dollar/Sterling  exchange 
rate.   There   may   also  be   some   residual  exposure   due   to 
receivables/payables denominated in US Dollars. 
 
A further announcement on the details of the first Redemption will be 
made next week. 
 
All capitalised terms unless otherwise  stated are as defined in  the 
Circular. 
 
Contacts for queries: 
 
Tapestry Investment Company PCC Limited 
Mel Carvill (Chairman) 
01481 727111 
 
Kleinwort Benson (Channel Islands) Fund Services Limited 
Company secretary 
01481 727111 
 
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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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