NSAI Newstar AB Inc

    RNS Number : 2176V
  New Star Absolute Return Fund PCC 
  23 May 2008
   


    NEW STAR ABSOLUTE RETURN FUND PCC LIMITED
    (A closed-ended investment company incorporated in Guernsey with registered number 45060 under the provisions of The Companies
(Guernsey) Law 1994 to 1996 and the Protected Cell Companies Ordinance 1997 to 1998, as amended)

    23 May 2008

    CONVERSION FACILITY

    Conversion Day

    The Company's Articles of Association incorporate provisions to enable Shareholders to submit a written request to the Company (a
"Conversion Request") to convert some or all of their Shares in one Class into Shares of any other Class on the first Business Day of
January, April, July and October in each year or such other days as the Directors may determine (each a "Conversion Day") by giving at least
5 Business Day's notice (a "Share Conversion").

    The next Conversion Day will be 1 July 2008.

    Conversions Procedure

    A Conversion Request must specify the number and Class of Shares to be converted from (the "first class") and the Class of Shares into
which they are to be converted to (the "new Class"). Once given, a Conversion Request will be irrevocable without the consent of the
Directors.

    Share Conversions will be effected by redeeming the Shares of the first Class and the issue of Shares of the new Class. Shares of the
first Class will be converted into Shares of the new Class by reference to the ratio of the most recently published NAV per Share of the
relevant Share Classes (the "Conversion Ratio").

    The Board may at any time set a maximum number of Shares of a Class which may be converted on any Conversion Date and may change such
maximum in their absolute discretion from time to time. If this limit is exceeded, the number of Shares in a Conversion Request will be
reduced pro rata and the request for the conversion will be deemed not to apply to the balance of the Shares in the Conversion Request.

    The costs of conversions are expected to be minimal and will be borne by the Company. However, the Directors reserve the right to vary
the calculation of the Conversion Ratio such that Shareholders making Share Conversions will bear the costs of the conversion.

    A Shareholder electing to convert Shares will be unable to deal in those Shares in the period between submitting a conversion Request
and the actual date of conversion. Under the Articles of Association the Directors have the discretion to postpone Share Conversions for
such period as they see fit.

    All Share Conversions will take place in accordance with, and are subject to, the Articles of Association.

    Shares held in uncertificated form

    A Conversion Request in respect of Shares held in uncertificated form must be accompanied by the submission of the relevant USE
instruction no later than 5.00pm on 24 June 2008.

    Shares held in certificated form

    A Conversion Request in respect of Shares held in certificated form must be accompanied by the relevant share certificate and must
arrive at the following address no later than 5.00pm on 24 June 2008:

    Capita Registrars Limited
    The Registry
    34 Beckenham Road
    Beckenham
    Kent BR3 4TH

    Tax consequences

    The Directors have been advised that under the current UK tax legislation, a conversion of Shares of any Class in the Company into
Shares of any other Class or Classes within the same Cell in the Company should not be treated, for the purposes of UK taxation of
chargeable gains, as crystallising either any disposal of the converted Class of Shares or any acquisition of the other Class or Classes of
Shares. The Shares of the latter Class or Classes should be treated, for those purposes, as having been acquired for the same consideration,
and at the same time, as the Class of Shares that the Shareholder has chosen to convert, so that the capital gains tax base cost of the
Shares arising from the conversion would be the same as the base cost of the Shares which the Shareholder has elected to convert. If any
Shareholder is in any doubt as to their taxation position they are strongly recommended to consult their professional adviser without
delay.
      
    Expected Timetable

 Latest date for receipt of Conversion Requests and  5.00 p.m. on 24 June
 submission of the relevant USE instruction or                       2008
 share certificate (as appropriate)

 Conversion Day                                               1 July 2008

 Expected date that CREST accounts will be debited           11 July 2008
 / credited pursuant to Share Conversions

 Expected date that new Share certificates and any           11 July 2008
 balancing Share certificates will be despatched



    Enquiries

    Alison Bilham, HSBC Securities Services (Guernsey) Limited
    Tel: + 44 (0)1481 707213



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
CONUOUVRWBRVUAR

Newstar AB Inc (LSE:NSAI)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Newstar AB Inc (LSE:NSAI)
Historical Stock Chart
Von Jun 2023 bis Jun 2024