Share Switching Notice (3566E)

TIDMABR

RNS Number : 3566E

Absolute Return Trust Limited

01 June 2012

ABSOLUTE RETURN TRUST LIMITED

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 42733)

Share Switching Notice

1 June 2012

Absolute Return Trust Limited (the "Company") has a share switching scheme to provide shareholders with the ability to convert some or all of their shares in the Company of one class into shares of another class ("Share Switching Scheme"). This facility only applies in respect of Sterling Shares and Euro Shares and does not allow for shareholders to switch from or into any currency class of C Shares.

The next Switch Calculation Date is 30 June 2012. Shareholders are able to convert shares on 31 March, 30 June, 30 September and 31 December in each year or such other dates as the directors of the Company (the "Directors") shall determine from time to time (each a "Switch Calculation Date").

In accordance with the articles of association of the Company ("Articles"), switching notices from shareholders wishing to convert shares must be provided to the Company by 5.00pm Guernsey time at least 5 business days before the relevant Switch Calculation Date. However to allow switching requests to be processed by 5.00pm they will need to be received by the Company's registrar by 3.00pm GMT 5 business days before the relevant Switch Calculation Date.

For the next Switch Calculation Date, notices must therefore be submitted to Computershare Investor Services PLC (further details are below) by 3.00p.m. GMT on 25 June 2012.

Each conversion will be on the basis of the ratio of the net asset value of the class of shares in the Company to be converted (less the costs of effecting such conversion) ("Original Shares") to the net asset value of the class of shares into which they will be converted ("New Shares") as detailed below.

For the purposes of the conversion calculation:

-- the Company will use the month end net asset value figures as at each Switch Calculation Date. The Company publishes month end net asset value figures for each class of shares approximately 4 weeks after the end of the relevant month and therefore investors will be submitting their switching notice prior to the relevant net asset value figures being ascertained.

-- the month end net asset value in the currency of the Original Shares will be converted into the currency of the New Shares using the rate of exchange prevailing between the two relevant currencies at close of business on the Switch Calculation Date.

Each conversion will be effected by way of redesignation of shares of one class into shares of another class, or in any such other manner as the Directors may determine. If, as a result of the conversion, the number of New Shares to which a shareholder becomes entitled is more than the number of Original Shares held, additional New Shares will be allotted. Similarly if the number of New Shares to which a shareholder becomes entitled is less than the number of Original Shares held, an appropriate number of Original Shares will be cancelled.

In performing the conversion calculation, fractions of shares will be rounded down. The Directors may also make any adjustments to the net asset value per share of the New Shares or the Original Shares to reflect such amount as they may reasonably determine should be charged to the holder of the Original Shares to meet the costs of conversion. As a result of the above factors:

-- the aggregate value of any New Shares received by a shareholder on conversion (taking into account the currency conversion) may be less than the aggregate value of the Original Shares; and

-- the aggregate number of votes on a poll at a general meeting of the Company to which a shareholder is entitled in respect of any New Shares may be less than the number of votes to which such shareholder was entitled by the Original Shares.

Shareholders should note that, as the performance fee payable to the manager of the Company is charged on a class by class basis, New Shares may be subject to a different high water mark for the purposes of calculating such fee than applied to the Original Shares. This may be to a Shareholder's disadvantage in certain circumstances (e.g. where the high water mark of the New Shares is lower than the high water mark of the Original Shares). New Shares may also be subject to different administrative costs than the Original Shares as such costs are allocated and charged on a class by class basis.

Shareholders who elect to convert will be unable to deal in the New Shares or the Original Shares in the period between giving notice of switching and the actual date of conversion, which may be up to 35 business days or longer thereafter.

Further to their powers under the Articles, the Directors may, in their absolute discretion, decline to convert shares if they believe that such conversion is not in the best interests of the Company.

SWITCHING INSTRUCTIONS

Shareholders wishing to participate in the Share Switching Scheme on the 30 June 2012 Switch Calculation Date must do the following by no later than 3.00pm on Monday 25 June 2012:

(a) in the case of shares held in uncertificated form, send a USE message to Computershare Investor Services PLC, using the CREST information provided in Annex 1 a copy of which can be found on the Company website (www.absolute-funds.com); and

(b) in the case of shares held in certificated form, complete Annex 2, a copy of which can be found on the Company website (www.absolute-funds.com), and return it along with the certificates for the shares to be converted to Computershare Investor Services PLC, Corporate Actions Projects, The Pavilions, Bridgwater Road, Bristol BS99 6AH.

The date on which conversion shall take place shall be a date determined by the Directors which is not expected to be more than 35 business days after 30 June 2012. Converting shareholders will be notified upon the conversion taking place.

This notice is for information only. Any shareholder who is in any doubt whether or not to convert is recommended to contact an independent financial adviser

This information is provided by RNS

The company news service from the London Stock Exchange

END

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