Statement re Removal of currency hedge
30 Octobre 2009 - 4:29PM
UK Regulatory
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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