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11 Feb 2009 07:00
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11 February 2009
Argo Group LimitedĀ ("Argo")
Update about the Argo Global Special Situations Fund ("AGSSF)
As set out in Argo's admission document in November 2008,Ā redemption requestsĀ had beenĀ receivedĀ at that time in respect ofĀ approximately 35 to 40 per cent.Ā of net assets under managementĀ inĀ Argo Global Special Situations FundĀ as of end of October 2008 ("AGSSF's Assets").
Since then, further redemption requestsĀ which in aggregate equal around 30 per cent. of theĀ AGSSF's Assets have been received. Following the implementation of a gate on redemptions, a new subsidiary of AGSSF, AGSSF Holdings Limited ("AHL"), has been established to hold approximately 40 per cent. of AGSSF's current net assets, representing assets thatĀ are currently moreĀ difficult to liquidate. Redemptions received will be satisfied in a mixture of cash and shares in AHL.
AHL will be managed byĀ Argo Capital Management (Cyprus) Limited, a subsidiary of Argo Group Limited.
Enquiries:
Shamillia Sivathambu 020 7535 4000
Argo Group Limited
Dominic Morley
Panmure Gordon 020 74593 600
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