Smo Gold Regulatory News (BARS)

17 Jan 2011 15:51

Not for release, publication or distribution in or into the United States, Canada, Australia or Japan.

BLACKROCK ABSOLUTE RETURN STRATEGIES LTD

Results of the Reverse Auction Tender Offer

The Board of BlackRock Absolute Return Strategies Ltd (the "Company") announces the results of the reverse Auction Tender Offer for up to 5.00 per cent of each of the Sterling, Euro and US Dollar denominated Shares in issue on 13 December 2010 (the "Available Shares") which closed on 14 January 2011.

Eligible Shareholders of each Share class were able to tender for purchase some or all of their Shares at their chosen level of discount to the month-end NAV as at 31 December 2010 (each a "Discount Level") subject however to a minimum discount level of 12.00 per cent. Valid tenders were received from Shareholders in respect of;

* 1,799,423 US Dollar denominated Shares (76.91 per cent of the Company's US

Dollar denominated Shares in issue on 13 December 2010, excluding treasury

shares);

- 246,875 Euro denominated Shares (14.09 per cent of the Company's Euro

denominated Shares in issue on 13 December 2010, excluding treasury shares);

and

- 3,223,510 Sterling denominated Shares (32.51 per cent of the Company's

Sterling denominated Shares in issue on 13 December 2010, excluding treasury

shares);

The Strike Discount to be applied in determining the Strike Price for each of the Company's share classes will be:

* US Dollar denominated Shares, 14 per cent; * Euro denominated Shares, 14 per cent; and * Sterling denominated Shares, 17.5 per cent.

Those shareholders who tendered Shares at a discount level narrower than the Strike Discount applied to the relevant share class(es) will not have their Shares repurchased.

US Dollar and Euro shareholders who validly tendered Shares at a discount level wider than the Strike Discount will have all such shares repurchased in full at the Strike Price.

Shareholders who validly tendered Shares at the Strike Discount have been scaled back pro rata in proportion to other Shares tendered for redemption at the Strike Discount with approximately 14.89 per cent of each such tender of US Dollar, 4.29 per cent of each such tender of Euro and 39.11 per cent of each such tender of Sterling denominated Shares tendered being accepted.

116,976 US Dollar denominated Shares (5.0 per cent of the Company's US Dollar denominated Shares in issue on 13 December 2010, excluding treasury shares), 87,612 Euro denominated Shares (5.0 per cent of the Company's Euro denominated Shares in issue on 13 December 2010, excluding treasury shares) and 495,731 Sterling denominated Shares (5.0 per cent of the Company's Sterling denominated Shares in issue on 13 December 2010, excluding treasury shares) will be repurchased under the Reverse Auction Tender Offer.

It is expected that the Strike Price for each of the share classes will be announced on 2 February 2011.

Settlement of the Reverse Auction Redemption Offer consideration is expected to be made on, or around 10 March 2011. A further announcement advising of the settlement date will be made in due course.

Defined terms in this announcement have the same meaning as in the Circular to shareholders dated 13 December 2010.

Enquiries:

Jonathan Ruck Keene / Kerry Higgins (Company Secretary) - 020 7743 3000 BlackRock Investment Management (UK) Limited

Will Rogers - 020 7397 1920Dion Di Miceli - 020 7397 1921Cenkos Securities plc

Date: 17 January 2011