Statement re liquidity


 

TIDMDIVA 
 
RNS Number : 1967D 
FRM Diversified Alpha Limited 
27 November 2009 
 

 
 
FRM Diversified Alpha Limited (the "Company") 
 
 
27 November 2009 
 
 
Further to the distribution made on 15 September 2009, the board of directors of 
the Company (the "Board") wishes to provide the following update on the 
Company's portfolio and liquidity profile. 
 
 
The table below shows the Company's significant investments (being those in 
excess of 1 per cent. of the Company's assets) as they were held as at 31 
October 2009: 
 
 
+---------------------------------------------+--------------+ 
| Fund                                        |     Position | 
|                                             |         size | 
+---------------------------------------------+--------------+ 
| Cash, Receivables and Small Positions       |          14% | 
+---------------------------------------------+--------------+ 
| Kensington Global Strategies Fund           |          14% | 
+---------------------------------------------+--------------+ 
| DE Shaw Composite                           |          13% | 
+---------------------------------------------+--------------+ 
| QVT                                         |          10% | 
+---------------------------------------------+--------------+ 
| CQS Convertible & Quantitative Strategies   |           7% | 
| Fund                                        |              | 
+---------------------------------------------+--------------+ 
| Cerberus                                    |           7% | 
+---------------------------------------------+--------------+ 
| Spinnaker Global Opportunity Fund           |           6% | 
+---------------------------------------------+--------------+ 
| The Children's Investment Fund              |           5% | 
+---------------------------------------------+--------------+ 
| Spinnaker Global Strategic Fund             |           5% | 
+---------------------------------------------+--------------+ 
| North Run                                   |           4% | 
+---------------------------------------------+--------------+ 
| Harbinger Capital Partners Special          |           4% | 
| Situations                                  |              | 
+---------------------------------------------+--------------+ 
| Plainfield Special Situations               |           2% | 
+---------------------------------------------+--------------+ 
| Brevan Howard Strategic Opportunities       |           2% | 
| Feeder Fund                                 |              | 
+---------------------------------------------+--------------+ 
| DE Shaw Direct Capital                      |           2% | 
+---------------------------------------------+--------------+ 
| Castlerigg                                  |           1% | 
+---------------------------------------------+--------------+ 
| Harbinger Capital Partners                  |           1% | 
+---------------------------------------------+--------------+ 
| Drawbridge Global Macro                     |           1% | 
+---------------------------------------------+--------------+ 
| Ferox                                       |           1% | 
+---------------------------------------------+--------------+ 
| Bluebay Value Recovery Fund Limited         |           1% | 
+---------------------------------------------+--------------+ 
 
 
As previously stated by the Board, as the Company's currency hedging program 
ceased as of 28 August 2009, and the remaining invested assets of the Company 
are denominated in US Dollars, Shareholders are exposed not only to the 
investment performance of those assets but also to fluctuations in the US 
Dollar/Sterling exchange rate. The Company's cash and receivables are currently 
held in both US Dollar and Sterling. 
 
 
Based on the current capital value the Board believes that the Company's assets 
could be realised on the following basis: 
 
 
+----------------+--------------------+----------------------+ 
|September 2010  |  September  2011   |      Later (or       | 
|                |                    |    indeterminate)    | 
+----------------+--------------------+----------------------+ 
|      28%       |        26%         |         46%          | 
+----------------+--------------------+----------------------+ 
 
 
The Board will continue to monitor the liquidity of the Company's portfolio. 
Subject to there being no deterioration in the Company's projected liquidity 
profile, the Board is hopeful of making a further distribution no later than 30 
September 2010. 
 
 
Contacts: 
 
 
FRM 
Mark Shaw                     020 7968 6141 
Greg Taylor    020 7968 6206 
 
 
JPMorgan Cazenove     020 7588 2828 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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