Business
Proposed Fund Raising
Proposed Fund Raising.
About this update from Cavendish Plc
[{"type":"text","content":"\n FRM Credit Alpha Limited\n22 October 2007\n\n\nThis communication is not for release, publication or distribution in or into\nthe United States, Canada, Japan or Australia.\n\n\nThis communication is an advertisement within the meaning of the prospectus\nrules of the Financial Services Authority and not a prospectus. No offer to buy\nor a solicitation of an offer to buy any securities in the company is being made\nby this communication, in the United States or in any other jurisdiction.\n\n\nFRM Credit Alpha Limited (the 'Company')\n\n\nProposed fund raising\n\n\nFurther to the Company's announcement on 5 October 2007, FRM Credit Alpha\nLimited announces that it intends to proceed with a placing of new shares. A\nprospectus in connection with the placing is expected to be released on or about\n2 November 2007.\n\n\nThe Company seeks to generate significant returns over cash with low volatility\nand low beta to global credit markets when measured over a market cycle. The\nCompany's portfolio comprises between 12 to 20 'specialist credit' hedge funds,\nwhich utilise fundamental research, asset allocation, security selection and\nactivism to invest in credit securities, as opposed to investing according to\nmacro views on interest rate movements or spreads. The Company has returned 8.9%\nfrom its launch on 1 April 2007 through to 30 September 2007, compared to an\nincrease of 0.86% for the ML US High Yield Master II Index (GBP) for the same\nperiod.\n\n\nThe Company is listed on the Irish Stock Exchange and its shares are available\nto trade on the London Stock Exchange's International Bulletin Board.\n\n\nThe minimum subscription amount under the placing is £50,000 (in the case of\nsubscriptions for new Sterling shares), €75,000 (in the case of subscriptions\nfor Euro shares) or US$100,000 (in the case of subscriptions for Dollar shares).\n\n\nThe expected timetable is as follows:\n\n 2007\nProspectus published 02 November\nIssue Price of New Sterling Shares announced 20 November\nLatest time and date for commitments under the Placing 5.00 p.m. on 21 November\nDealings in New Shares commence 8.00 a.m. on 27 November\n\n\nThe investment portfolio and general deployment of assets of the Company are\nmanaged by FRM Investment Management Limited. Investment advice is provided by\nFinancial Risk Management Limited. Both FRM Inves...