1 Sep 2008 16:43
FRM Credit Alpha Limited (the 'Company')
Publication of Prospectus
THIS COMMUNICATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND IS NOT AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION.
Investors should not subscribe to the shares referred to in this advertisement except on the basis of the information contained in the prospectus dated 1 September 2008 in connection with the placing and offer for subscription (and any supplement or amendment thereto). Copies of the prospectus will be available on the Company's website (www.frmcredit.com), at the Company's registered office, PO Box 173, Trafalgar Court, Admiral Park, St. Peter Port, Guernsey GY1 4HG, and at the offices of Herbert Smith LLP, Exchange House, Primrose Street, London EC2A 2HS
Further to the Company's announcement on 2 July 2008, FRM Credit Alpha Limited has today published a prospectus in respect of the admission of the Company's Shares to the Official List and to trading on the Main Market of the London Stock Exchange together with a Placing and Offer for Subscription of C Shares to be issued at £1 per C Sterling Share, €1 per C Euro Share and $1 per C Dollar Share.
The Company seeks to generate significant returns over cash, with low volatility and beta to global credit markets, when measured over a market cycle. The Company's portfolio comprises between 12 and 25 specialist credit hedge funds, which utilise fundamental research, asset allocation, security selection and activism to invest in credit securities, as opposed to investing primarily according to macro views on interest rate movements or spreads. Since inception on 1 April 2007, the Company has produced net returns of 17.8% (GBP) through 31 July 2008. The Company currently has a total Net Asset Value of approximately £96 million.
The minimum subscription amount under the placing is £50,000. The minimum subscription amount under the offer for subscription is £2,000.
The expected timetable is as follows:
| 2008 | |
| Offer for Subscription closes | 3pm, 18 September |
| Latest time and date for commitments under the Placing | 12 noon, 23 September |
| C Shares commence trading | 8am, 26 September |
The Prospectus has been submitted to the UKLA's Document Viewing Facility situated at 25 The North Colonnade, Canary Wharf, London, E14 5HS.
The investment portfolio and general deployment of assets of the Company are managed by FRM Investment Management Limited. Investment advice is provided by Financial Risk Management Limited. Both FRM Investment Management Limited and Financial Risk Management Limited are part of the FRM Group which was founded in 1991 and has approximately US $15 billion in funds of hedge funds assets under management and over 200 employees in offices in London, New York, Tokyo, Hong Kong, Guernsey and Sydney.
Additional information on the Company is available at www.frmcredit.com.
Enquiries:
Greg Taylor/Luke Burdess, Financial Risk Management 020 7968 6000
Darren Willis, Winterflood Investment Trusts 020 3100 0258
Roland Cross/Sally Moore/Neema Patel, Broadgate 020 7776 0508
This announcement is an advertisement and not a prospectus and is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction.
The issuer has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, the shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently, the shares may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer to register under the Investment Company Act. No offering of the shares will be made in the United States.
Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Any offer to acquire securities referred to in this advertisement should be made solely on the basis of information contained in a prospectus that will be made generally available at the UKLA's Document Viewing Facility situated at 25 The North Colonnade, Canary Wharf, London, E14 5HS. Copies of such prospectus may be obtained at no cost from FRM or the website of the issuer.
This communication is issued in the UK by Financial Risk Management Limited which is authorised and regulated by the Financial Services Authority and whose office is at 15 Adam Street, London WC2N 6AH.
This communication is directed only at (i) persons outside the United Kingdom, or (ii) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) (a) to (d) of the Order. Persons within the United Kingdom who receive this communication (other than persons falling within (ii) and (iii) above) should not rely on or act upon this communication.