RNS Number : 5961W
Close AllBlue Fund Limited
12 June 2008
12 June 2008
CLOSE ALLBLUE FUND LIMITED ("THE "COMPANY")
To be renamed BlueCrest AllBlue Fund Limited
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS FOR YEAR ENDED 31 DECEMBER 2007
The directors announce the Company's annual results for the year ended 31 December 2007 as follows:-
Highlights
* 10.04% Sterling Share NAV return
* 8.19% Euro Share NAV return
* 9.50% USD Share NAV return
* Proposed migration to the Official List and to trading on the main market of the London Stock Exchange
* Change of name to Bluecrest AllBlue Fund Limited
* Appointment of two additional Board members
* Changes to the Company's advisers
Notes to Editors
The Company is a closed-ended investment company incorporated in Guernsey on 21 April 2006 with an unlimited life. The Company has three
classes of shares in issue being Sterling Shares, Euro Shares and US$ Shares. On 25 May 2006 all three classes were admitted to trading on
AIM and the Sterling Shares only were admitted to listing and trading on the Channel Islands Stock Exchange. On 30 May 2008, the Company
received approval from Shareholders to change its name from Close AllBlue Fund Limited to BlueCrest AllBlue Fund Limited, and, conditional
on the UK Listing Authority granting admission of the Shares to the Official List and the London Stock Exchange, to cancel admission of the
Shares of the Company from trading on AIM and listing on the Channel Islands Stock Exchange. It is expected that the name change will take
effect on the 13 June 2008 and the admission of the Shares to the Official List and the London Stock Exchange will occur on 19 June 2008.
Enquiries
Anson Fund Managers Limited 00 44 1481 722260
Collins Stewart Europe Limited 00 44 207 523 8350
Hugh Field
INVESTMENT OBJECTIVE AND POLICY
The investment objective of the Company is to seek to provide consistent long-term capital growth through an investment policy of
investing substantially all of its assets in AllBlue Limited ("AllBlue") or any successor vehicle of AllBlue. The proceeds raised from the
issue of Sterling Shares are substantially invested in the Sterling share class of AllBlue. The proceeds raised from the issue of Euro
Shares are substantially invested in the Euro share class of AllBlue. The proceeds raised from the issue of US$ Shares are substantially
invested in the US$ share class of AllBlue.
AllBlue is a fund of hedge funds incorporated in the Cayman Islands which seeks to provide consistent long-term appreciation of its
assets through investment in a diversified portfolio of underlying funds, the majority of which are managed by BlueCrest Capital Management
L.P. ("BlueCrest") and the remainder of which are managed by investment managers sharing close links with BlueCrest.
Investors in the Company are therefore offered an opportunity to participate indirectly in the same investment portfolio as that of
AllBlue.
The Company's investments as at 31 December 2007 were:
Valuation Total Net Assets
INVESTMENT %
�
AllBlue Limited Sterling Shares �151,074,538 93.91%
AllBlue Limited Euro Shares �4,542,181 2.82%
AllBlue Limited US Dollar Shares �5,415,934 3.37%
CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2007
Since I wrote to you at the time of the first annual report, we saw the net asset value per Sterling Share in the Company rise to 111.72
pence, an increase of approximately 10.0% for the year. Although the share prices traded at a discount to Net Asset Value throughout most of
the year all three classes are currently trading at a premium.
The year under review was marked by considerable volatility especially in the second half of the period within the markets that AllBlue
invests in. This volatility provided a favourable backdrop for certain strategies whilst adversely affecting other strategies. BlueCrest
acted swiftly to reduce or remove capital allocations within AllBlue where opportunities were believed to have deteriorated, for example
long/short equity, which was reduced to zero from 17.4% of assets in the period.
BlueCrest increased existing capital allocations or initiated new capital allocations within AllBlue in line with perceived market
opportunities. In particular, BlueCrest increased the capital allocated to Systematic Trading from 19.7% to 25.4% and made initial
allocations to Trade Finance trading, High Frequency equity trading and Credit Relative Value trading.
The Board has been advised by BlueCrest that the evolving nature of the markets within which AllBlue, and thus the Company, operates
requires a flexible approach to capital allocation which implies that allocations to underlying funds will be varied and new funds added to
the present group in the future. All capital allocation decisions are made with the intention of delivering consistent long-term capital
growth for investors.
Further to the announcement on 18 January 2008 of the proposal to move the listing of the Company from AIM to the Official List, on 30
May 2008 the shareholders approved:
* the proposal that the Company should cancel admission of its Shares to trading on AIM, de-list its Sterling Shares from the
Channel Islands Stock Exchange and seek admission for all its Shares to the Official List and to trading on the Main Market of the London
Stock Exchange;
* a change of the Company's name to "BlueCrest AllBlue Fund Limited";
* the adoption of new Articles of Association, including provisions to allow the issue of C Shares, provisions to purchase Shares
into treasury and amendments to the discount management provisions; and
* the disapplication of the pre-emption rights contained in the new Articles of Association.
Following the general meeting on 30 May 2008, the Board also announced that the Company is considering, in the absence of unforeseen
circumstances, a placing and offer for subscription of C Shares which it is currently expected will be completed in July.
The Directors believe that the migration to the main market should raise the profile of the Company, and therefore enhance the liquidity
of the shares and broaden the investor base. The transitional costs of the migration will largely be borne by BlueCrest. The further capital
raising should assist in meeting investor demand and will also provide a larger asset base across which the fixed costs of the company may
be spread.
The Board has augmented its number by the appointment of Jonathan Hooley and Andrew Dodd as non-executive directors. Mr Hooley brings to
the Company accounting and taxation expertise gained from working with a large number of investment funds, while Mr Dodd has a detailed
knowledge of BlueCrest. Mr Hooley is to be appointed as the Chairman of the Audit Committee during this year.
On 19 March 2008, the Company announced that it had served protective notice on Close Investments Limited ("CIL") to terminate the
Shareholder Liaison Agreement and that such agreement would, therefore, cease to be effective as of 28 February 2009. The Company has
subsequently agreed with CIL to terminate the Shareholder Liaison Agreement with effect from 31 July 2008, in consideration for the payment
by the Company to CIL of an early termination fee of �325,000.
On 30 April 2008, the Company appointed Hoare Govett as sole corporate broker to the Company with effect from the date of admission of
its Shares to the Official List and to trading on the Main Market.
I look forward to reporting to you again in the half-yearly financial report and accounts for the half year ended 30 June 2008 and thank
you for your continued support.
Richard Crowder
Chairman
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF OPERATIONS
for the year ended 31 December 2007
Sterling Euro US$
Share Share Share
Class Class Class
Total
� EUR $
�
Net gain on financial assets at fair value through profit or loss
14,937,225 517,102 1,018,096
15,837,963
Operating expenses (1,172,012) (49,652) (87,097)
(1,249,310)
Net gain for the year attributable to shareholders 13,765,213 467,450 930,999
14,588,653
Earnings per share for the year Pence (�) Cent (EUR) Cents ($)
- Basic and Diluted 10.19 8.23 9.67
In arriving at the results for the financial year, all amounts above relate to continuing operations.
There are no recognised gains or losses for the year other than those disclosed above.
Reconciliation of earnings per share for investment purposes to earnings per share per the financial statements:
Pence (�) Cent (EUR) Cents ($)
Earnings per share for investment purposes 11.06 9.11 10.57
Adjustment to include expenses on an accruals basis (0.87) (0.88) (0.90)
Earnings per share per the financial statements 10.19 8.23 9.67
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they
relate.
The earnings per share for investment purposes represents the earnings per share attributable to shareholders in accordance with
the Prospectus.
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF OPERATIONS
for the period from incorporation on 21 April 2006 to 31 December 2006
Sterling Euro US$
Share Share Share
Class Class Class
Total
� EUR $
�
Net gain on financial assets at fair value through profit or loss
5,461,831 172,515 417,851
5,791,376
Operating expenses (719,956) (31,150) (52,822)
(769,061)
Net gain for the period attributable to shareholders 4,741,875 141,365 365,029
5,022,315
Earnings per share for the period Pence (�) Cent (EUR) Cents ($)
- Basic and Diluted 3.51 2.49 3.79
In arriving at the results for the financial period, all amounts above relate to continuing operations.
There are no recognised gains or losses for the period other than those disclosed above.
Reconciliation of earnings per share for investment purposes to earnings per share per the financial statements:
Pence (�) Cent (EUR) Cents ($)
Earnings per share for investment purposes 4.04 3.04 4.34
Adjustment to include expenses on an accruals basis (0.53) (0.55) (0.55)
Earnings per share per the financial statements 3.51 2.49 3.79
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they
relate.
The earnings per share for investment purposes represents the earnings per share attributable to shareholders in accordance
with the
the Prospectus.
CLOSE ALLBLUE FUND LIMITED
BALANCE SHEET Sterling Euro US$
as at 31 December 2007 Share Share Share
Class Class Class
Total
� EUR $
�
FIXED ASSETS
Unquoted financial assets designated at fair value through profit or loss
151,074,538 6,180,091 10,750,087
161,032,653
CURRENT ASSETS
Debtors 9,611 374 721
10,249
Cash at bank 24,078 981 1,849
25,731
33,689 1,355 2,570
35,980
CURRENT LIABILITIES
Bank overdrafts - - -
-
Creditors - due within one year 188,005 7,323 14,104
200,493
188,005 7,323 14,104
200,493
NET CURRENT ASSETS / (LIABILITIES) (154,316) (5,968) (11,534)
(164,513)
TOTAL ASSETS LESS CURRENT LIABILITIES 150,920,222 6,174,123 10,738,553
160,868,140
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 150,920,222 6,174,123 10,738,553
160,868,140
Represented by:
CAPITAL AND RESERVES
Share capital - - -
-
Share premium - - -
-
Purchase of own shares (202,023) - -
(202,023)
Retained earnings 151,122,245 6,174,123 10,738,553
161,070,163
TOTAL ASSETS LESS CURRENT LIABILITIES 150,920,222 6,174,123 10,738,553
160,868,140
SHARES IN ISSUE 135,085,599 5,676,877 9,632,602
NAV PER SHARE �1.1172 EUR1.0876 $1.1148
Reconciliation of NAV for investment purposes to NAV per the financial statements:
� EUR $
NAV per share for investment purposes �1.1184 EUR1.0886 $1.1160
Adjustment to include expenses on an accruals basis (�0.0012) (EUR0.0010) ($0.0012)
NAV per share per the financial statements �1.1172 EUR1.0876 $1.1148
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they
relate.
The NAV per share for investment purposes represents the NAV per share attributable to shareholders in accordance with
the
Prospectus.
The financial statements were approved by the Board of Directors on 11 June 2008 and are signed on its behalf by:
Director Director
CLOSE ALLBLUE FUND LIMITED
BALANCE SHEET Sterling Euro US$
as at 31 December 2006 Share Share Share
Class Class Class
Total
� EUR $
�
FIXED ASSETS Notes
Unquoted financial assets designated at fair value through profit or loss
137,752,831 5,723,515 9,836,851
146,630,747
CURRENT ASSETS
Debtors 13,718 583 1,016
14,629
Cash at bank Bank overdrafts 1,100 23 88
1,160
14,818 606 1,104
15,789
CURRENT LIABILITIES
Bank overdrafts 118,063 5,017 8,741
125,905
Creditors - due within one year 292,554 12,431 21,660
311,986
410,617 17,448 30,401
437,891
NET CURRENT ASSETS / (LIABILITIES) (395,799) (16,842) (29,297)
(422,102)
TOTAL ASSETS LESS CURRENT LIABILITIES 137,357,032 5,706,673 9,807,554
146,208,645
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 137,357,032 5,706,673 9,807,554
146,208,645
Represented by:
CAPITAL AND RESERVES
Share capital - - -
-
Share premium - - -
-
Purchase of own shares - - -
-
Retained earnings 137,357,032 5,706,673 9,807,554
146,208,645
TOTAL ASSETS LESS CURRENT LIABILITIES 137,357,032 5,706,673 9,807,554
146,208,645
SHARES IN ISSUE 135,283,599 5,676,877 9,632,602
NAV PER SHARE �1.0153 EUR1.0052 $1.0182
Reconciliation of NAV for investment purposes to NAV per the financial statements:
� EUR $
NAV per share for investment purposes �1.0183 EUR1.0082 $1.0212
Adjustment to include expenses on an accruals basis (�0.0030) (EUR0.0030) ($0.0030)
NAV per share per the financial statements �1.0153 EUR1.0052 $1.0182
In accordance with International Financial Reporting Standards, expenses should be attributed to the period to which they
relate.
The NAV per share for investment purposes represents the NAV per share attributable to shareholders in accordance with
the
Prospectus.
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2007
Sterling Euro US$
Share Share Share
Class Class Class
Total
� EUR $
�
Opening balance 137,357,032 5,706,673 9,807,554
146,208,645
Issue of shares - - -
-
Share issue costs
-
Net gain for the year attributable to shareholders 13,765,213 467,450 930,999
14,588,653
Currency consolidation adjustment - - -
272,865
Purchase of own shares (202,023) - -
(202,023)
Closing balance 150,920,222 6,174,123 10,738,553
160,868,140
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CHANGES IN EQUITY
for the period from incorporation on 21 April 2006 to 31 December 2006
Sterling Euro US$
Share Share Share
Class Class Class
Total
� EUR $
�
Issue of shares 135,283,599 5,676,877 9,632,602
144,304,622
Share issue costs (2,668,442) (111,569) (190,077)
(2,847,898)
Net gain for the period attributable to shareholders 4,741,875 141,365 365,029
5,022,315
Currency consolidation adjustment - - -
(270,394)
Closing balance 137,357,032 5,706,673 9,807,554
146,208,645
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CASH FLOWS
for the year ended 31 December 2007
Sterling Euro US$
Share Share Share
Class Class Class
Total
� EUR $
�
Operating activities
Net gain for the year attributable to shareholders 13,765,213 467,450 930,999
14,588,653
Less: Unrealised appreciation on financial assets at fair value through profit or loss
(14,839,581) (514,799) (1,012,272)
(15,735,692)
Less: Interest income (3,796) (132) (213)
(3,993)
Add: Interest expense 12,110 500 930
12,914
Less: Decrease in accrued expenses (104,549) (5,108) (7,556)
(111,493)
Add: Decrease in prepayments and accrued income 4,107 209 295
4,380
Net cashflow from operating activities (1,166,496) (51,880) (87,817)
(1,245,230)
Investing activities
Interest received 3,796 132 213
3,993
Proceeds from sale of financial assets 1,517,874 58,223 99,036
1,610,562
Net cashflow from investing activities 1,521,670 58,355 99,249
1,614,554
Financing activities
Proceeds of issue of shares - - -
-
Share issue costs - - -
-
Purchase of own shares (202,023) - -
(202,023)
Interest paid (12,110) (500) (930)
(12,914)
Net cashflow from financing activities (214,133) (500) (930)
(214,937)
Cash at beginning of period (116,963) (4,994) (8,653)
(124,745)
Exchange losses on currency balances - - -
(3,911)
Increase in cash and cash equivalents 141,041 5,975 10,502
154,387
Cash at end of period 24,078 981 1,849
25,731
CLOSE ALLBLUE FUND LIMITED
STATEMENT OF CASH FLOWS
for the period from incorporation on 21 April 2006 to 31 December 2006
Sterling Euro US$
Share Share Share
Class Class Class
Total
� EUR $
�
Operating activities
Net gain for the period attributable to shareholders 4,741,875 141,365 365,029
5,022,315
Less: Unrealised appreciation on financial assets at fair value through profit or loss
(5,461,831) (172,515) (417,851)
(5,791,376)
Less: Interest income (79,725) (1,439) (4,402)
(83,033)
Add: Interest expense 595 25 42
634
Add: Increase in accrued expenses 292,554 12,431 21,660
311,986
Less: (Increase) in prepayments and accrued income (13,718) (583) (1,016)
(14,629)
Net cashflow from operating expenses (520,250) (20,716) (36,538)
(554,103)
Investing activities
Interest received 79,725 1,439 4,402
83,033
Purchase of financial assets (132,291,000) (5,551,000) (9,419,000)
(140,839,373)
Net cashflow from investing activities (132,211,275) (5,549,561) (9,414,598)
(140,756,340)
Financing activities
Proceeds of issue of shares 135,283,599 5,676,877 9,632,602
144,304,624
Share issue costs (2,668,442) (111,569) (190,077)
(2,847,898)
Purchase of own shares - - -
-
Interest paid (595) (25) (42)
(634)
Net cashflow from financing activities 132,614,562 5,565,283 9,442,483
141,456,092
Cash at beginning of period - - -
-
Currency consolidation adjustment - - -
(270,394)
Increase in cash and cash equivalents (116,963) (4,994) (8,653)
145,649
Cash at end of period (116,963) (4,994) (8,653)
(124,745)
Please note that this preliminary statement does not comprise the full annual report and accounts of the Company for the year to 31
December 2007. The full report and accounts is expected to be posted to shareholders on or by 16 June2008 and will also be available to
download in pdf format on the Company's website immediately.
Close AllBlue Fund Limited is a closed-end Guernsey Investment Company listed on the Channel Islands Stock Exchange (CAB) and traded on
AIM, a subsidiary of the London Stock Exchange. For further information about the fund and its investment strategies, please visit;
www.closeallbluefund.com
For further information contact:
Anson Fund Managers Limited
00 44 1481 722260
Collins Stewart Europe Limited
Nominated Advisor
Hugh Field
00 44 207 523 8350
12 June 2008
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
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