Business
Result of Tap Issue
Result of Tap Issue.
About this update from Cavendish Plc
[{"type":"text","content":"\n FRM Credit Alpha Limited\n22 February 2008\n\n\nFRM Credit Alpha Limited\n\nRe: Results of Tap Issue\n\nTHIS COMMUNICATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO\nTHE UNITED STATES, CANADA, JAPAN OR AUSTRALIA\n\nThis document constitutes the allocation statement and Admission announcement\nrelating to the issue of shares referred to in the announcement released by FRM\nCredit Alpha Limited (the 'Company') on 15 February 2008.\n\nThe Board of the Company, a closed-ended investment company listed on the Irish\nStock Exchange and admitted to trading on the International Bulletin Board of\nthe London Stock Exchange, is pleased to announce that subscriptions have been\nreceived for 7,526,370 Sterling Shares at a price of 113.04 pence per Share, a\n1.75% premium to the 31 January 2008 Net Asset Value of 111.1 pence per Share.\nThe number of Shares to be issued represents 10% of the number of Shares already\nin issue, the maximum allowable without publishing a prospectus under the\nProspectus Directive. The Shares issued will rank pari passu with the Shares\nalready in issue.\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 25 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.\n\nThe Company has produced net returns of 13.08% from inception on 1 April 2007\nthrough to 31 January 2008. After the issuance of Shares, a total of 82,790,071\nshares will be in issue, with a total Net Asset Value in excess of £92 million.\n\nThe Company's Sterling Shares of no par value will be admitted to listing on the\nIrish Stock Exchange and to trading on the International Bulletin Board of the\nLondon Stock Exchange with an ISIN code of GB00 B1QH6J27 and a TIDM of FCAP on\n27 February 2008. The investment portfolio and general deployment of assets of\nthe Company are managed by FRM Investment Management Limited. Investment advice\nis provided by Financial Risk Management Limited. Both FRM Investment Management\nLimited and Financial Risk Management Limited are part of the FRM Group which\nw...