FCAP.L Regulatory News (FCAP)

22 Feb 2008 16:55

FRM Credit Alpha Limited22 February 2008 FRM Credit Alpha Limited Re: Results of Tap Issue THIS COMMUNICATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTOTHE UNITED STATES, CANADA, JAPAN OR AUSTRALIA This document constitutes the allocation statement and Admission announcementrelating to the issue of shares referred to in the announcement released by FRMCredit Alpha Limited (the 'Company') on 15 February 2008. The Board of the Company, a closed-ended investment company listed on the IrishStock Exchange and admitted to trading on the International Bulletin Board ofthe London Stock Exchange, is pleased to announce that subscriptions have beenreceived for 7,526,370 Sterling Shares at a price of 113.04 pence per Share, a1.75% premium to the 31 January 2008 Net Asset Value of 111.1 pence per Share.The number of Shares to be issued represents 10% of the number of Shares alreadyin issue, the maximum allowable without publishing a prospectus under theProspectus Directive. The Shares issued will rank pari passu with the Sharesalready in issue. 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 25 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 produced net returns of 13.08% from inception on 1 April 2007through to 31 January 2008. After the issuance of Shares, a total of 82,790,071shares will be in issue, with a total Net Asset Value in excess of £92 million. The Company's Sterling Shares of no par value will be admitted to listing on theIrish Stock Exchange and to trading on the International Bulletin Board of theLondon Stock Exchange with an ISIN code of GB00 B1QH6J27 and a TIDM of FCAP on27 February 2008. The investment portfolio and general deployment of assets ofthe Company are managed by FRM Investment Management Limited. Investment adviceis provided by Financial Risk Management Limited. Both FRM Investment ManagementLimited and Financial Risk Management Limited are part of the FRM Group whichwas founded in 1991 and has over US $14 billion in funds of hedge funds assetsunder management and over 200 employees in offices in London, New York, Tokyo,Sydney and Guernsey. Additional information on the Company is available at www.frmcredit.com. Enquiries: Financial Risk Management Limited Luke Burdess, 020 7968 6208 Tina Hugo, 020 7968 6209 Winterflood Investment Trusts Darren Willis, 020 3100 0258 Broadgate Roland Cross, Broadgate, 020 7776 0512 Sally Moore, Broadgate, 020 7776 0508 The defined terms used in this announcement have the meanings set out in theCompany's Prospectus dated 5 November 2007. There is no guarantee that thereturns that the company seeks to deliver will be achieved or that losses willnot be incurred. 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 therefrom and under circumstances which will not require theissuer to register under the Investment Company Act. No offering of the shareswill 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 referred to in this advertisementshould be made solely on the basis of information contained in a prospectus madegenerally available in Ireland on 5 November 2007. Copies of such prospectus maybe obtained at no cost from FRM, through the website of the Irish FinancialServices Authority or the website of the issuer. This communication is issued in the UK by Financial Risk Management Limitedwhich is authorised and regulated by the Financial Services Authority and whoseoffice 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 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