Business
Results of Issue
Results of Issue.
About this update from Cavendish Plc
[{"type":"text","content":"\n FRM Credit Alpha Limited\n27 March 2007\n\nCompany Announcement\nFor Immediate Release 27 March 2007\n\n1437034\n\n\n\nFRM Credit Alpha Limited\n\n\n\nRe: Results of Issue\n\n\n\nTHIS COMMUNICATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO\nTHE UNITED STATES, CANADA, JAPAN OR AUSTRALIA\n\n\n\nTHIS COMMUNICATION IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND IS NOT AN OFFER\nTO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES\nOR IN ANY OTHER JURISDICTION\n\n\n\nThe Board of FRM Credit Alpha Limited (the 'Company'), a newly formed\nclosed-ended investment company listed on the Irish Stock Exchange and admitted\nto trading on the International Bulletin Board of the London Stock Exchange, is\npleased to announce that subscriptions have been received pursuant to the\nPlacing with an aggregate value of £46 million comprising 46 million Sterling\nShares issued at £1 per Share.\n\n\n\nThe Company will seek to deliver better risk adjusted returns than those\nachieved by making passive investments in corporate debt securities, when\nmeasured over a complete market cycle. The Company will seek to achieve its\nobjective by investing in a portfolio of hedge funds pursuing a variety of\ndifferent credit and credit related investment strategies. By investing in a\ncombination of investee funds managed by managers who adopt research-based value\n/ event-driven or long-short approaches, the Company believes that volatility\nand peak-to-trough drawdowns will be lower than those typically delivered by\nlong-only approaches.\n\n\n\nThe investment portfolio and general deployment of assets of the Company will be\nmanaged by FRM Investment Management Limited. Investment advice will be\nprovided by Financial Risk Management Limited, which has been allocating to\nCredit Strategies since 1998 and currently advises on credit strategy\nallocations valued at around US $1.5 billion. Both FRM Investment Management\nLimited and Financial Risk Management Limited are part of the FRM Group which\nwas founded in 1991, and as at December 31, 2006 had around US $12 billion in\nfunds of hedge funds assets under management. FRM has over 200 employees in\noffices in London, New York, Tokyo, Sydney and Guernsey.\n\n\n\nPaul Dunning, CEO of Financial Risk Management Limited, says: 'Credit hedge\nfunds with a research-dri...