Conversion Facility Result

RNS Number:2889L
New Star Absolute Return Fund PCC 
08 January 2008


                   NEW STAR ABSOLUTE RETURN FUND PCC LIMITED

  (A closed-ended investment company incorporated in Guernsey with registered
 number 45060 under the provisions of The Companies (Guernsey) Law 1994 to 1996
      and the Protected Cell Companies Ordinance 1997 to 1998, as amended)

8 January 2008


                              CONVERSION FACILITY


New Star Absolute Return Fund PCC Limited (the "Company") announces that it has
received Conversion Requests and effected Share Conversions as set out below.


Class to be converted     Class to be converted       Conversion        Shares to be        Shares to be
from                                                       Ratio            Redeemed            Allotted

Income Shares             Growth Shares               0.94450097             294,793             278,432

Growth Shares             Income Shares               1.05876016               1,058               1,120





The new share capital as a result of the conversions is set out below.


                                       New share capital

Income Shares                                 10,883,658

Growth Shares                                 13,105,376





The Conversion Date was 2 January 2008, subject to admission of the newly
allotted shares to trading on AIM.



Following admission of the newly allotted shares to trading on AIM the Company's
total issued share capital will consist of 23,989,034 ordinary shares of no par
value.



An application has been made for the new Shares allotted pursuant to the Share
Conversions to be admitted to trading on AIM at 8.00 a.m. on 14 January 2008.



Expected Timetable


Unconditional dealings commence                                              8.00 a.m. on 14 January 2008

Expected date that CREST accounts will be debited / credited                              14 January 2008
pursuant to Share Conversions

Expected date that new Share certificates and any balancing Share                         14 January 2008
certificates will be despatched


Capitalised words in this announcement bear the meanings given to them in the
Company's articles of association.



Enquiries



Alison Bilham, HSBC Securities Services (Guernsey) Limited
Tel: + 44 (0)1481 707213



Susan Walker

KPMG Corporate Finance - nominated adviser

Tel: +44 (0) 20 7311 1000



KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated
by the Financial Services Authority for investment business activities, is
acting for the Company as nominated adviser in relation to the matters set out
in this announcement and is not acting for any other person in relation to these
matters. KPMG Corporate Finance will not be responsible to anyone other than the
Company for providing the protections afforded its clients or for providing
advice in relation to the contents of this announcement.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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