Scanning through, it appears to me that CQS Cayman's preference is for the offer not to be accepted:
For these reasons, CQS Cayman views the purchase of Ironsides' stake in CQS Rig Finance Fund as a positive outcome for the CQS Rig Finance Fund and Shareholders as a whole (notwithstanding that the purchase of Ironsides' stake results in the Offer being required under the Code, due to CQS Group's resultant shareholding exceeding 30 per cent. of the issued share capital of CQS Rig Finance Fund). The CQS Group continues to believe in the long-term future of CQS Rig Finance Fund and that CQS Rig Finance Fund will benefit from having a wide and like-minded shareholder base. Further, CQS Cayman has continued confidence in the opportunity presented by the rig finance asset class in which CQS Rig Finance Fund focuses its investment strategies and, therefore, intends that CQS Rig Finance Fund should remain: (i) a public company, (ii) listed on the CISX, (iii) admitted to trading on AIM, and (iv) following its existing investing policy and dividend policy.
However, CQS Cayman wishes to assure Shareholders that, in the event that (contrary to its intentions in making the Offer) acceptances are received which, when taken together with the interests of CQS Cayman and the other members of the CQS Group, would exceed 75 per cent. of the issued share capital of CQS Rig Finance Fund and the Board of CQS Rig Finance Fund considers that it would not be in the best interests of Shareholders to keep CQS Rig Finance Fund listed on the CISX, nor for its Shares to continue to be traded on AIM, CQS Cayman would likely take steps to delist, to cancel the admission of its Shares to trading on AIM and to wind-up CQS Rig Finance Fund in order to ensure that Shareholders would not be in the situation of remaining as minority Shareholders in an unlisted private vehicle.
The Board of Directors of the Company are pleased to announce that, at the Annual General Meeting of the Company held on 6 March 2012, the following resolutions were unanimously approved by shareholders:
Ordinary Resolutions - Ordinary Business
1.That the Company's annual report and audited financial statements for the year ended 30 September 2011 be received and adopted.
2.That Ernst & Young LLP be re-appointed as the Company's auditors and that the Directors be authorised to agree their remuneration.
3.That the Company's Investing Policy be approved as set out in the Company's annual report and audited financial statements for the year ended 30 September 2011. that subject to satisfaction by the Company of the solvency test contained in The Companies (Guernsey) Law, 2008, as amended (the "Law"), a final dividend of 0.6 pence per Ordinary Share of no par value be paid on 11 April 2012 to the holders of such shares on the register of shareholders of the Company at the close of business on 16 March 2012.
Ordinary Resolution - Special Business
4.To renew the Company's authority under and in accordance with the Articles of Association of the Company and section 315 of the Law to make market acquisitions (within the meaning of section 316 of the Law) of ordinary shares of no par value in the capital of the Company and to cancel such shares or hold such shares as treasury shares on the four terms set out in the notice of the meeting. - - - -
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