20th Jul 2010 15:59
Not for release, publication or distribution in or into the United States, Canada, Australia or Japan.
BLACKROCK ABSOLUTE RETURN STRATEGIES LTD
Results of the Reverse Auction Tender Offer
The Board of BlackRock Absolute Return Strategies Ltd (the "Company") announces the results of the reverse Auction Tender Offer for up to 7.50 per cent of each of the Sterling, Euro and US Dollar denominated Shares in issue on 30 April 2010 (the "Available Shares") which closed on 19 July 2010.
Valid tenders were received from Shareholders in respect of;
- 222,158 US Dollar denominated Shares (10.96 per cent of the Company's US Dollar denominated Shares in issue on 30 April 2010); - 341,623 Euro denominated Shares (15.61 per cent of the Company's Euro denominated Shares in issue on 30 April 2010); and - 4,470,458 Sterling denominated Shares (41.86 per cent of the Company's Sterling denominated Shares in issue on 30 April 2010, excluding treasury shares);
The Strike Discount to be applied in determining the Strike Price for each of the Company's share classes will be:
- US Dollar denominated Shares, 9.00 per cent;
- Euro denominated Shares, 11.00 per cent; and
- Sterling denominated Shares, 14.00 per cent.
Those shareholders who tendered Shares at a discount level narrower than the Strike Discount applied to the relevant share class(es) will not have their Shares repurchased.
Those shareholders who validly tendered Shares at a discount level wider than the Strike Discount will have all such shares repurchased in full at the Strike Price.
Shareholders who validly tendered Shares at the Strike Discount have been scaled back pro rata in proportion to other Shares tendered for redemption at the Strike Discount with approximately 64.23 per cent of each such tender of US Dollar, 8.61 per cent of each such tender of Euro and 17.46 per cent of each such tender of Sterling denominated Shares tendered being accepted.
165,505 US Dollar denominated Shares (7.5 per cent of the Company's current issued US Dollar denominated Shares), 164,178 Euro denominated Shares (7.5 per cent of the Company's current issued Euro denominated Shares,) and 801,045 Sterling denominated Shares (7.5 per cent of the Company's current Sterling denominated Shares, excluding treasury shares) will be repurchased under the Reverse Auction Tender Offer.
The Strike Price for each of the share classes will be announced on 2 August 2010.
Settlement of the Reverse Auction Redemption Offer consideration is expected to be made on, or before 7 September 2010. A further announcement advising of the settlement date will be made in due course.
Defined terms in this announcement have the same meaning as in the Circular to shareholders dated 30 April 2010.
Enquiries:
Jonathan Ruck Keene / Kerry Higgins (Company Secretary) - 020 7743 3000 BlackRock Investment Management (UK) Limited
Peter Hindmarsh - 020 7397 1983Cenkos Securities plc
Date: 20 July 2010
vendorRelated Shares:
Smo Gold