Smo Gold Regulatory News (BARS)

16 Nov 2012 13:54

BlackRock Absolute Return Strategies Limited (the "Company")

16 November 2012

Redemption of Shares

Further to the powers granted to the Board at the Company's extraordinary general meeting in August 2011, the Company today announces that approximately 35.26 per cent. of the Company's issued share capital will be redeemed at close of business on 23 November 2012 (the "Redemption Date") by way of a compulsory partial redemption of shares by reference to the unaudited estimated monthly NAV of the Company as at 31 October 2012 of £9.71 per Share (the "Third Redemption").

The Third Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Date (which is the record date for the purposes of the Third Redemption), being 23 November 2012. The payments made to shareholders in respect of redeemed shares will be as follows:

GBP4,889,439 to the Sterling share class (equivalent to £9.71 per share)

Fractions of Shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares. The amount to be applied to the partial redemption of shares comprises the monies from the realisation of the Company's investments to be received up to and including 13 November 2012 pursuant to the winding down of the Company, less any funds used or required to settle any liabilities (including the estimated ongoing day to day running costs of the Company and the costs and expenses of this partial redemption).

As at today's date, the Company has 1,428,138 Sterling shares, in issue of which none are held in treasury. All of the shares redeemed on the Redemption Date will be cancelled.

The Company's Shares will be disabled in CREST on the Redemption Date and the existing ISIN number JE00B8BKNL68 (Sterling) will expire. The new ISIN number JE00B705MR41 (Sterling) in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions from and including 26 November 2012. Up to and including the Redemption Date, Shares will be traded under the old ISINs and as such, a purchaser of such Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISINs.

Cancellation of the Company's listing

Since the announcement on 28 June 2012, the Board of BlackRock Absolute Return Strategies Ltd has continued to monitor the cost efficiency and benefits of retaining the Company's listing during the managed wind-down process. Given the resulting size of the Company following this third redemption, the Board announces that an extraordinary general meeting (EGM) shall be convened to consider the cancellation of the admission of ordinary shares to the Official List and to trading on the London Stock Exchange's Main Market for listed securities. Such cancellation is expected to become effective, subject to shareholder approval at the EGM, in early January 2013. A shareholder circular and formal notice in respect of the EGM will posted to shareholders as soon as practicable with a view to holding the meeting in December 2012. The meeting will be held at One Waverley Place, Union Street, St Helier Jersey JE2 3RF. The time and date of the meeting will be confirmed in the notice.

Ian WebsterBlackRock (Channel Islands) Limited, SecretaryEnquiriesWill Rogers - 020 7397 1920Sapna Shah - 020 7397 1922 Chris Lunn - 020 7397 1912Cenkos Securities plc