TOPU Mwtops Usd

    Opportunity for shareholders to realise all or part of their
investment in the Company for cash (the "Proposals")
             



                   MW TOPS Limited (the "Company")

    Opportunity for shareholders to realise all or part of their
        investment in the Company for cash (the "Proposals")

After consultation with Marshall  Wace LLP, the  Board has  concluded
that the current operation of the buy back programme is no longer  an
efficient means  of  creating  liquidity  in  the  Company's  shares,
particularly in current  market conditions,  and that  this would  be
better achieved by  offering shareholders the  opportunity of a  cash
exit. It is the Board and  Marshall Wace's belief that the  Proposals
will provide a mechanism to  create liquidity and provide a  platform
upon which the Company can continue to operate.
Accordingly, the Board  proposes to offer those  shareholders in  the
Company's US Dollar, Euro and  Sterling classes who wish to exit  the
Company  with the opportunity  to  realise  all  or  part  of   their
investment in the  Company at  a price equivalent  to prevailing  net
asset value per share, less the costs of implementing the Proposals.
The Board intends to dispatch  to shareholders a circular  containing
details of the Proposals as  soon as practicable, which is  currently
expected to be in November 2008.
At the same  time, an  extraordinary general meeting  of the  Company
will be convened  to seek  the shareholder  authorities necessary  to
implement the  Proposals  and  to effect  changes  to  the  Company's
articles of association which the Directors are currently considering
for the efficient operation of the Company in the future.
Commenting on the Proposals, Sir Andrew Large, Chairman, said  "Since
the launch of  the Company, MW  TOPS Limited has  worked actively  to
ensure optimum  liquidity  in the  shares  and to  minimise  the  NAV
tracking error. Current market  conditions are extremely  challenging
in this respect. The Board and the Manager are in complete  agreement
that the interests of shareholders  can best be served by  proceeding
with a cash exit exercise  of this nature. The exceptional  liquidity
of  the  underlying   strategies  gives  us   great  flexibility   to
accommodate the needs of investors. For this reason we are  proposing
a cash  exit option  for  those shareholders  who  wish to  exit  the
strategy rather than relying on  phased buy backs to accommodate  the
needs of those who require liquidity. This will provide the basis for
a more stable and efficient operation of the Company in the future."

This document is for information purposes only and is not an offer to
invest. "The Company is registered with  the Dutch Authority for  the
Financial Markets as a collective  investment scheme which may  offer
participations in The  Netherlands pursuant  to article  2:66 of  the
Financial Markets Supervision Act (Wet op het financieel  toezicht)."
All  investments  are  subject  to  risk.   Past  performance  is  no
guarantee of future  returns.  Prospective investors  are advised  to
seek expert  legal,  financial,  tax and  other  professional  advice
before making any investment decision.  The value of investments  may
fluctuate.  Results achieved in the  past are no guarantee of  future
results.


For further information about this announcement contact:

Anson Fund Managers Limited
Secretary
Tel: +44 (0)1481 722260

Marshall Wace LLP
Investment Manager
Tel: +44 (0) 207 316 2280

Friday 10 October 2008

END OF ANNOUNCEMENT

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