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5 Jan 2017 07:00
HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (the "Company")
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BUYBACK PROGRAMME
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The Board, at its absolute discretion, may determine on a quarterly basis to offer shareholders a tender offer (each a "Tender Offer"). The Board announced a Tender Offer on 26 September, 2016 for up to 20 per cent of the shares then in issue (excluding any treasury shares), instructing a redemption from Highbridge Capital Corporation effective 31 December, 2016 for those Shareholders from whom tendered shares were repurchased.
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The Board is pleased to note the reduction in the discount of the share price to NAV over the subsequent three months and also the recent stability of the discount at around 5%. The Board has canvassed the views of a number of larger Shareholders, a majority of whom have indicated that they do not favour a further Tender Offer in the short term.
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The Board believes that, in the current circumstances, continuing to repurchase shares pursuant to the current buyback programme will be more effective than a Tender Offer at balancing the interests of all Shareholders. Further, as any market repurchases would be made at a discount to NAV, they would, as a result, be accretive to Shareholder returns.
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Given the low volatility of the Company's NAV returns, the Board is keen to ensure that shareholder returns are not damaged by a volatile or widening discount to NAV at which the shares trade. Accordingly it may implement the repurchase of Shares over the coming quarter, should it believe at that time that such repurchases are in the best interests of Shareholders. The Board is investigating a credit facility to assist with any repurchases and will make a further announcement should this be finalised.
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Whilst the Board has determined not to implement a Tender Offer for 31 March 2017, it will continue to consider each quarter whether or not to provide a Tender Offer and will make an announcement during the first quarter regarding any Tender Offer for 30 June 2017.
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For further information about this announcement contact:
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JTC Fund Solutions (Guernsey) Limited, Secretary
Tel: 01481 702400
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Tim Mitchell, J.P. Morgan Asset Management (UK), Investor Relations
Tel: 0207 742 8879
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This announcement contains inside information.
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END OF ANNOUNCEMENT
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E&OE - in transmission
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