TIDMTRMA TIDMTRMB TIDMTRMU
RNS Number : 2868L
Thames River Multi Hedge PCC Ltd
31 August 2012
THAMES RIVER MULTI HEDGE PCC LIMITED
(a closed-ended, umbrella investment, protected cell company
incorporated with limited liability under the laws of Guernsey with
registered number 41511)
Interim Management Statement
For the period 31 March to 30 June 2012
This statement has been prepared to provide additional
information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and
Transparency Rules. It should not be relied upon by any other party
for any other purpose.
Investment Objective
The investment objective of Thames River Multi Hedge PCC Limited
(the "Company") in respect of its cell Thames River Hedge+ is to
produce attractive absolute returns relative to the level of risk
assumed, through a dynamic multi manager approach.
The Company appointed Thames River Capital LLP, a limited
liability partnership incorporated in England & Wales on 10
January 2005, as Manager with responsibility for the day-to-day
discretionary management of the Company's assets (including cash)
in accordance with the Company's investment objective and policy,
subject to the overall supervision of the Directors. Thames River
Capital LLP is a subsidiary undertaking of Thames River Capital
(UK) Limited which became a wholly owned subsidiary of F&C
Asset Management plc on 1 September 2010.
The Manager seeks to accomplish this investment objective by
investing the assets of Thames River Hedge+ predominantly in
absolute return orientated funds worldwide. The resultant portfolio
collectively provides a variety of investment strategies across all
asset classes.
A fundamental part of the investment policy of Thames River
Hedge+ is to be innovative in terms of portfolio construction
technique as well as in strategy allocation.
Key Fund Data 31 MARCH 2012 30 JUNE 2012
Total Net Asset Value (NAV) US$93.05m US$86.9m
equivalent to: GBP58.3m GBP55.4m
Gross Exposure (as % of NAV) 86.4% 92.4%
Sterling Shares (see below)
Shares in issue 40,351,440 40,001,343
NAV per share GBP1.3508 GBP1.3151
Price per Share GBP1.175 GBP1.160
Premium/(Discount) to NAV (13.01%) (11.79%)
KEY FUND DATA 31 MARCH 2012 30 JUNE 2012
Euro Shares
Shares in issue 875,929 700,363
NAV per share EUR1.2297 EUR1.1955
Price per Share EUR1.078 EUR1.083
Premium/(Discount) to NAV (12.38%) (9.45%)
Dollar Shares
Shares in issue 3.969.257 3,013,105
NAV per share US$1.1378 US$1.1068
Price per Share US$1.00 US$1.005
Premium/(Discount) to NAV (12.11%) (9.20%)
PORTFOLIO
The following is a summary of the portfolio as at 31 March 2012
and 30 June 2012.
31 MARCH 2012 30 JUNE 2012
No of No of
Holdings % NAV Holdings % NAV
---------- -------- ---------- --------
Equity Long/Short 6 18.97 5 15.43
---------- -------- ---------- --------
Multi-Strategy 5 18.24 5 24.06
---------- -------- ---------- --------
Macro 6 24.73 6 24.32
---------- -------- ---------- --------
Credit 2 13.37 2 18.15
---------- -------- ---------- --------
Real Estate 2 4.19 1 2.41
---------- -------- ---------- --------
Resources 3 2.58 3 2.12
---------- -------- ---------- --------
Distressed 1 3.09 1 4.68
---------- -------- ---------- --------
Other 1 0.90 1 1.26
---------- -------- ---------- --------
Equities 1 0.30 - -
---------- -------- ---------- --------
Cash 13.63 7.57
---------- -------- ---------- --------
Total 37 100.00 24 100.00
---------- -------- ---------- --------
THREE MONTH REVIEW
Audited Financial Statements
The Company released its Annual Report and Audited Financial
Statements for the year ended 31 March 2012 on 21 June 2012. These
have been distributed to all shareholders.
Annual General Meeting
The Company sent notice of its Annual General Meeting to all
shareholders and this meeting is to be held at its registered
office on 11 September 2012.
Block Listing Facility
The Company did not issue any shares from its block listing
facility during the period. The Company confirmed 15,158,759
Sterling Shares and 4,352 Euro Shares were held in block on 31
August 2012.
Total Voting Rights
Following all conversions, tender offers, buy backs in the
period, details of which can be found in the Audited Financial
Statements published on the 21 June 2012 the total number of shares
in issue as at 30 June 2012 was: 40,001,343 Sterling Shares,
700,360 Euro Shares and 3,013,105 Dollar Shares. The total number
of voting rights in the Company was 43,714,808.
The following significant events have occurred in the period
since 30 June 2012:
Circular to Shareholders and proposal to hold an Extraordinary
General Meeting on 11 September 2012
The Chairman's Report in the Annual Report and Audited Financial
Statements for the year ended 31 March 2012 notes thatthe Board had
determined to recommend to Shareholders that the Company should
commence a managed wind-down of its portfolio with a view to
realising its investments in an orderly fashion, in a manner
consistent with the principles of prudent investment management. As
this will constitute a material change in the Company's investment
policy, the Board has prepared documentation to seek Shareholders'
approval at an Extraordinary General Meeting as soon as
practicable.
A Circular and Notice of the Extraordinary General Meeting (EGM)
to be held on 11 September 2012 was distributed to all Shareholders
on 31 July 2012. The resolutions to be voted on at the EGM and at
separate meetings of the holders of each of the Sterling, Euro and
Dollar Shares are:
-- amending the Company's Investment Objective and Policy to
commence the Managed Wind-down process;
-- amending the Articles (i) to permit the compulsory redemption
of Shares at the discretion of the Board until the Company's
voluntary liquidation, the purposes of such amendment being to
facilitate the return to Shareholders of cash proceeds in
accordance with the proposed Investment Objective and Policy and
(ii) to permit the Board to merge the Euro Share class and the
Dollar Share class into the Sterling Share class at its sole
discretion
Administrator
With effect from 1 July 2012, State Street (Guernsey) Ltd
replaced Northern Trust International Fund Administration Services
(Guernsey) Limited as Administrator and Company Secretary to the
Company.
With effect from 1 July 2012, State Street Capital Markets
Services (Jersey) Limited replaced Northern Trust International
Fund Administration Services (Guernsey) Limited as the Channel
Islands Stock Exchange listing sponsor to the Company
Other than as described above, the Board is not aware of any
significant events or transactions that have occurred between 30
June 2012 and the date of publication of this statement which would
have a material impact on the financial position of the
Company.
This interim management statement has been prepared solely to
provide information to meet the requirements of the UK Listing
Authority's Disclosure and Transparency Rules.
For any further information please visit the Company's website
www.trmultihedge.co.uk or contact:
Edward Morse at Thames River Capital LLP: 020 7360 1200
Stephen Rouxel at State Street (Guernsey) Limited: 01481
704544
The Company is an authorised closed-ended investment scheme
domiciled in Guernsey. As an existing closed-ended fund the Company
is deemed to be granted an authorisation declaration in accordance
with section 8 of the Protection of Investors (Bailiwick of
Guernsey) Law 1987, as amended and rule 6.02 of the Authorised
Closed-ended Investment Schemes Rules 2008 on the same date as the
Company obtained consent under the Control of Borrowing (Bailiwick
of Guernsey) Ordinance 1959 to 1989.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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