FCAP.L Regulatory News (FCAP)

22 Oct 2007 07:01

FRM Credit Alpha Limited22 October 2007 This communication is not for release, publication or distribution in or intothe United States, Canada, Japan or Australia. This communication is an advertisement within the meaning of the prospectusrules of the Financial Services Authority and not a prospectus. No offer to buyor a solicitation of an offer to buy any securities in the company is being madeby this communication, in the United States or in any other jurisdiction. FRM Credit Alpha Limited (the 'Company') Proposed fund raising Further to the Company's announcement on 5 October 2007, FRM Credit AlphaLimited announces that it intends to proceed with a placing of new shares. Aprospectus in connection with the placing is expected to be released on or about2 November 2007. The Company seeks to generate significant returns over cash with low volatilityand low beta to global credit markets when measured over a market cycle. TheCompany's portfolio comprises between 12 to 20 'specialist credit' hedge funds,which utilise fundamental research, asset allocation, security selection andactivism to invest in credit securities, as opposed to investing according tomacro views on interest rate movements or spreads. The Company has returned 8.9%from its launch on 1 April 2007 through to 30 September 2007, compared to anincrease of 0.86% for the ML US High Yield Master II Index (GBP) for the sameperiod. The Company is listed on the Irish Stock Exchange and its shares are availableto trade on the London Stock Exchange's International Bulletin Board. The minimum subscription amount under the placing is £50,000 (in the case ofsubscriptions for new Sterling shares), €75,000 (in the case of subscriptionsfor Euro shares) or US$100,000 (in the case of subscriptions for Dollar shares). The expected timetable is as follows: 2007Prospectus published 02 NovemberIssue Price of New Sterling Shares announced 20 NovemberLatest time and date for commitments under the Placing 5.00 p.m. on 21 NovemberDealings in New Shares commence 8.00 a.m. on 27 November The investment portfolio and general deployment of assets of the Company aremanaged by FRM Investment Management Limited. Investment advice is provided byFinancial Risk Management Limited. Both FRM Investment Management Limited andFinancial Risk Management Limited are part of the FRM Group which was founded in1991 and has over US $13 billion in funds of hedge funds assets under managementand over 200 employees in offices in London, New York, Tokyo, Sydney andGuernsey. Additional information on the Company is available at www.frmcredit.com. Enquiries: Tina Hugo/Luke Burdess, Financial Risk Management 020 7968 6000 Chris Gook, Winterflood Investment Trusts 020 3100 0256 Roland Cross/Sally Moore, Broadgate 020 7776 0508 This communication is an advertisement within the meaning of the prospectusrules of the Financial Services Authority and not a prospectus. No offer to buyor a solicitation of an offer to buy any securities in the company is being madeby this communication, in the United States or in any other jurisdiction. This communication has been approved and issued solely for distribution in theUK for the purposes of section 21 of the Financial Services and Markets Act 2000by Financial Risk Management Limited which is authorised and regulated by theFinancial Services Authority and whose office is at 15 Adam Street, London WC2N6AH. The issuer has not been and will not be registered under the US InvestmentCompany Act of 1940, as amended (the "Investment Company Act"). In addition, theshares have not been and will not be registered under the US Securities Act of1933, as amended (the "Securities Act"). Consequently, the shares may not beoffered, sold or otherwise transferred within the United States or to, or forthe account or benefit of, US persons except in accordance with the SecuritiesAct or an exemption there from and under circumstances which will not requirethe issuer to register under the Investment Company Act. No offering of theshares will be made in the United States. Neither this document nor anything contained herein shall form the basis of, orbe relied upon in connection with, any offer or commitment whatsoever in anyjurisdiction. Any offer to acquire securities pursuant to the proposed offeringwill be made, and any investor should make his investment, solely on the basisof information that will be contained in a prospectus to be made generallyavailable in Ireland in connection with such offering. When made generallyavailable (which is currently expected to be in November 2007), copies of suchprospectus may be obtained at no cost from FRM, through the website of the IrishFinancial Services Authority or the website of the issuer. This communication is directed only at (i) persons outside the United Kingdom,or (ii) persons having professional experience in matters relating toinvestments who fall within the definition of "investment professionals" inArticle 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 (the "Order") or (iii) high net worth companies,unincorporated associations and partnerships and trustees of high value trustsas described in Article 49(2) (a) to (d) of the Order. Persons within the UnitedKingdom who receive this communication (other than persons falling within (ii)and (iii) above) should not rely on or act upon this communication. This information is provided by RNS The company news service from the London Stock Exchange