TIDMTRMA TIDMTRMU TIDMTTM
RNS Number : 6300X
Thames River Multi Hedge PCC Ltd
17 February 2012
THAMES RIVER MULTI HEDGE PCC LIMITED
(a closed-ended, umbrella investment, protected cell company
incorporated with limited liability under the laws of Guernsey with
registered number 41511)
Interim Management Statement
For the period 1 October to 31 December 2011
This statement has been prepared to provide additional
information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and
Transparency Rules. It should not be relied upon by any other party
or for any other purpose.
Investment Objective
The investment objective of Thames River Multi Hedge PCC Limited
(the "Company") in respect of its cell Thames River Hedge+ is to
produce attractive absolute returns relative to the level of risk
assumed through a dynamic multi manager approach.
The Company has appointed Thames River Capital LLP, a limited
liability partnership incorporated in England & Wales on 10
January 2005, as Manager with responsibility for the day-to-day
discretionary management of the Company's assets (including cash)
in accordance with the Company's investment objective and policy,
subject to the overall supervision of the Directors. Thames River
Capital LLP is a subsidiary undertaking of Thames River Capital
(UK) Limited which became a wholly owned subsidiary of F&C
Asset Management plc on 1 September 2010.
The Manager seeks to accomplish this investment objective by
investing the assets of Thames River Hedge+ predominantly in
absolute return orientated funds worldwide. The resultant portfolio
collectively provides a variety of investment strategies across all
asset classes.
A fundamental part of the investment policy of Thames River
Hedge+ is to be innovative in terms of portfolio construction
technique as well as in strategy allocation.
Key Fund Data 30 sept 2011 31 dec 2011
Total Net Asset Value (NAV) US$209.6 mill US$174.3 mill
equivalent to: GBP134.5 mill GBP112.2 mill
Gross Exposure (as % of NAV) 130.49% 123.78%
Sterling Shares
Shares in issue 97,450,188 82,078,090
NAV per Share GBP1.2930 GBP1.2786
Price per Share GBP1.198 GBP1.164
Premium/(Discount) to NAV (7.35%) (8.96%)
Euro Shares
Shares in issue 1,751,854 1,751,854
NAV per Share EUR1.1756 EUR1.1649
Price per Share EUR1.115 EUR1.080
Premium/(Discount) to NAV (5.15%) (7.29%)
KEY FUND DATA 30 sept 2011 31 dec 2011
Dollar Shares
Shares in issue 9,681,034 7,938,548
NAV per Share US$1.0869 US$1.0774
Price per Share US$1.04 US$1.01
Premium/(Discount) to NAV (4.31%) (6.26%)
Material Events
Interim Financial Statements
The Company released its Interim Financial Statements for the
six months ended 30 September 2011 on 25 November 2011. These have
been distributed to all shareholders.
Treasury Shares
During the period from 1 October to 31 December 2011, the
Company bought back into Treasury 15,587,663 Sterling Shares for
GBP18,608,661 and 1,342,995 Dollar Shares for US$1,359,818.
Block Listing Facility
The Company did not issue any shares from its block listing
facility during the period. The Company confirmed the number of
shares held in the facility on 4 February 2012.
Redemption Facility
The Directors announced on 8 March 2011 that they had resolved
not to activate the Company's half yearly redemption facility at 31
December 2011.
Total Voting Rights
Following all conversions and redemptions in the period, the
total number of shares in issue as at 31 December 2011 was:
82,078,090 Sterling Shares, 1,751,854 Euro Shares and 7,938,548
Dollar Shares. The total number of voting rights in the Company was
91,768,492.
Other than as described above, the Board is not aware of any
events during the three month period ending 31 December 2011 which
would have a material impact on the financial position of the
Company.
Administrator
On 22 June 2011, the Directors agreed in principle, subject to
regulatory approval, to appoint State Street (Guernsey) Limited as
administrator to the Company in place of Northern Trust
International Fund Administration Services (Guernsey) Limited.
Details of the timing of the change will be communicated to
Shareholders in due course.
PORTFOLIO
The following is a summary of the portfolio as at 30 September
2011 and 31 December 2011.
30 SEPT 2011 31 DEC 2011
------------------- -------------------- --------------------
No of No of
Holdings % NAV Holdings % NAV
------------------- ---------- -------- ---------- --------
Equity Long Short 9 33.36 9 28.15
------------------- ---------- -------- ---------- --------
Macro 6 31.40 6 26.93
------------------- ---------- -------- ---------- --------
Multi-Strategy 3 20.50 4 26.08
------------------- ---------- -------- ---------- --------
Credit 2 16.68 2 16.87
------------------- ---------- -------- ---------- --------
Real Estate 2 7.09 2 5.46
------------------- ---------- -------- ---------- --------
Insurance 1 6.70 1 5.25
------------------- ---------- -------- ---------- --------
Resources 8 4.18 7 4.71
------------------- ---------- -------- ---------- --------
Distressed 1 5.11 1 6.22
------------------- ---------- -------- ---------- --------
Event Driven 1 3.56 1 2.03
------------------- ---------- -------- ---------- --------
Liquid Strategies 1.09 1.13
------------------- ---------- -------- ---------- --------
Other 1 0.82 1 0.95
------------------- ---------- -------- ---------- --------
Currency (1.59)
------------------- ---------- -------- ---------- --------
Cash (28.90) (23.78)
------------------- ---------- -------- ---------- --------
Total 34 100.00 34 100.00
------------------- ---------- -------- ---------- --------
The following material events have occurred in the period since
31 December 2011:
Redemption Facility
On 6 January 2012 the Company announced that the Redemption
Facility would not be operated in 2012.
Treasury Shares
For the period from 1 January 2012 to 17 February 2012, the
Company bought back for cancellation 875,000 Sterling Shares for
GBP1,044,670 and cancelled 9,119,787 Sterling Shares, 194,650 Euro
Shares and 882,061 Dollar Shares from Treasury.
Extraordinary General Meeting (EGM) & Continuation Vote
On 8 February 2012 the Company held an EGM for Shareholders to
vote on resolutions for a continuation of the Company, a tender
offer for 50 per cent. of each class of share in issue and the
renewal of the Company's buy-back authority. All of these
resolutions were duly passed.
The tender will therefore proceed in accordance with the
circular to shareholders dated 5 January 2012 and the Tender Price
is expected to be announced on or around 30 April 2012 with
settlement made in late May or early June 2012.
For any further information please visit the Company's website
www.trmultihedge.co.uk or contact:
Michael Warren at Thames River Capital LLP: 020 7360 1200
Fraser Hiddelston at Northern Trust International Fund
Administration Services (Guernsey) Limited: 01481 745738
The Company is an authorised closed-ended investment scheme
domiciled in Guernsey. As an existing closed-ended fund the Company
is deemed to be granted an authorisation declaration in accordance
with section 8 of the Protection of Investors (Bailiwick of
Guernsey) Law 1987, as amended and rule 6.02 of the Authorised
Closed-ended Investment Schemes Rules 2008 on the same date as the
Company obtained consent under the Control of Borrowing (Bailiwick
of Guernsey) Ordinance 1959 to 1989.
This information is provided by RNS
The company news service from the London Stock Exchange
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