HTCF.L Regulatory News (HTCF)

3 December 2021

HIGHBRIDGE TACTICAL CREDIT FUND LIMITED

(the "Company")Registration No. 44704

Registered Office:SARNIA HOUSE, LE TRUCHOT, ST PETER PORT,GUERNSEY GY1 1GR 

TELEPHONE: +44 1481 737600FACSIMILE: +44 1481 749829

Company Update

Distributions received from the Highbridge Tactical Credit Master Fund ("HTCMF")

On 23rd November 2021 the Company distributed the 4th of 4 quarterly distributions arising from the redemption of its initial core holding in the HTCMF.

Residual holding in HTCMF

There remains a residual holding in the HTCMF as a result of distributions being made during 2021 from Highbridge Multi Strategy Master Fund (Multi-Strategy Master Fund) (in wind down) in the form of shares allocated in HTCMF, with the most recent reinvestment occurring on 1 October 2021. This latter fund can only be redeemed over the course of a full calendar year in quarterly instalments which effectively extends the minimum wind down period for the Company's portfolio to twelve months from the last Multi-Strategy Master Fund conversion into HTCF. There has been a positive development in that regard, in response to a request from the Company, Highbridge has recently provided an ability to elect to receive any future distributions from Multi-Strategy Master Fund in the form of cash.

Residual holding in Multi-Strategy Master Fund

The Investment manager is endeavouring to monetise the final 3 holdings in Multi-Strategy Master Fund to enable cash to be distributed to all shareholders (including the Company). We are hopeful that the final holding in the Multi-Strategy Master Fund will be realised and distributed in the first half of 2022. However, there can be no certainty as to the timing of the final distribution from Multi-Strategy Master Fund

Residual holding in AllBlue Funds

As previously advised, BlueCrest (the former investment manager of the AllBlue funds- in liquidation) was ordered by the SEC in December 2020 to pay USD 170 million to harmed investors. At the beginning of November, the SEC advised of its proposal to apportion the assets of a Fair Fund in which the USD170 million will be lodged to only US Investors. The Company has availed of the opportunity to register its concerns with the SEC regarding the proposal being unfair to non-US investors such as the AllBlue Funds. The Liquidators of the AllBlue Funds have assured your board that they intend to lodge similar concerns with the SEC within the 30 days' consultation period.

Managing costs in wind down

To further reduce the fixed costs of the Company, the board have volunteered to implement an additional fee waiver in addition to the one that is currently in force and will waive 50% of their current fees with effect from 1st December 2021. The Company is likely to continue with its listing on the London Stock Exchange until mid-2022 to avoid the cost of reaching out to all investors and creditors for AML documentation.

The directors have decided that the accounting period should be extended to 30th June 2022 as this will provide the maximum permitted additional time under UK listing rules and Guernsey law for the SEC to respond on whether AllBlue investors will be entitled to a distribution from the Fair Fund and for Highbridge to liquidate the remainder of the HMSF portfolio.

The Company will produce an unaudited interim set of results as at 31 December 2021. Monthly estimated NAVs will continue to be produced until the Company delists from the London Stock Exchange and is handed over to a Liquidator.

NAVs from 30th Nov 2021 will include a provision for the estimated wind up costs allocated to shareholders. An appropriate portion of wind up costs will be allocated to creditors too, based on their pro rata share of the gross assets of the Company during the wind down process. 

For further information contact:

Praxis Fund Services Limited

Company Secretary

Tel: +44 (0) 1481 737 600

LEI: 213800397SYHLYFH5961