Thames River Multi Hedge PCC Ltd REDEMPTION OF SHARES & EXTENSION FINANCIAL PERIOD (8254A)

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RNS Number : 8254A

Thames River Multi Hedge PCC Ltd

25 March 2013

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)

Redemption of shares AND EXTENSION OF FINANCIAL PERIOD

Return of capital

The Company today announces that it currently expects to return approximately GBP13.7 million to shareholders at the end of April 2013 representing approximately 45% of the Company's net asset value at the end of January 2013. This expectation is based on information currently available and the Manager's estimate of cash proceeds from the redemption of underlying investments.

The capital will be returned by way of a compulsory redemption of Shares (the "Second Redemption") in accordance with the powers granted to the Board at the Company's general meeting on 11 September 2012. The Company will make a further announcement in April 2013 containing details of the actual percentage of Shares to be redeemed, a timetable for the Second Redemption and for the distribution of proceeds, and the Redemption Price per Share.

Liquidation and delisting

The Board is mindful of the significant costs which are being incurred by the Company in relation to the listing of its Shares on the Official List of the UKLA and their trading on the Main Market of the London Stock Exchange. Taking into account the anticipated size of the Company following the Second Redemption, the Board is taking financial, legal and tax advice in relation to placing the Company into liquidation and / or delisting the Shares in the third quarter of this year.

Further, in order to reduce the Company's fixed cost base the Board has further exercised its discretion to extend the financial period end from 31 March 2013 to 30 September 2013 in accordance with Guernsey Company Law. Shareholders should note that should the Company be placed into liquidation prior to 30 September 2013 there can be no guarantee that audited financial statements will be published for the period. The Company will continue to publish unaudited weekly Net Asset Value estimates and the half yearly Interim Management Statements.

A further announcement will be made in due course.

Portfolio Update

On the basis of the Net Asset Value (NAV) of the portfolio as at 31 January 2013, the Investment Manager estimates that the sale of the remaining investments will generate cash as follows:

Estimated cumulative

percentage of

NAV settled in cash

(%)

   By 30 April 2013                       45% 
   By 31 July 2013                         88% 
   By 30 September 2013*             93% 
   Unknown **                             100%

* The timetable anticipates 5% of the NAV being settled in August and September 2013. The majority of this settlement amount is in relation to an investment in Newtonian China Real Estate Offshore Fund Limited, which represented 4.6% of the Company's NAV as at 31 January 2013. The Investment Manager is seeking to realise this investment through a secondary market transaction but there is no guarantee that this will be achieved nor that any sale may be achieved at the current valuation.

** The table assigns 7% of the NAV to an unknown period. This relates to investments in certain BlueCrest Funds. Shareholders should note that these investments continue to be subject to restrictions on transfer and the Board has no current indication that such restrictions will be waived (in whole or part) in the foreseeable future. The Board and the Investment Manager will continue to seek to realise these assets for value, however, no confirmation can be given as to if and when such a realisation will be achieved.

This timetable is indicative only and is not a prediction or forecast as to the timing or quantum of cash settlements from investment redemptions or secondary market sale transactions or cash distributions to Shareholders. It does not take into account any redemption costs incurred in realising these investments nor does it take into account any delays in cash settlement created by the underlying investments.

No guarantee is given that the portfolio will be realised in accordance with the above timetable and there is no guarantee that the Company's assets will be realised at their 31 January net asset value. It is possible that the Company may not be able to realise some of its assets at any value.

Ken Kinsey-Quick

Ken Kinsey-Quick will be leaving his position as head of the multi-manager alternative team at Thames River Capital LLP on 31 March 2013. The members of the F&C/Thames River investment team will continue to manage Company's portfolio for the remainder of the wind-down.

Queries to:

Tracy Fennell at Thames River Capital LLP: + 44 20 7011 4455

Stephen Rouxel at State Street (Guernsey) Limited: + 44 1481 704544

Dion Di Miceli at Cenkos Securities Plc : + 44 20 7397 1921

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

END

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