28th Jun 2012 16:42
BlackRock Absolute Return Strategies Ltd(the "Company")
28 June 2012
Redemption of Shares
Further to the powers granted to the Board at the Company's extraordinary general meeting in August 2011, the Company today announces that approximately 55.85 per cent. of the Company's issued share capital will be redeemed at close of business on 6 July 2012 (the "Redemption Date") by way of a compulsory partial redemption of shares by reference to the unaudited estimated monthly NAV of the Company as at May 2012 of £10.1096 per Share (the "Second Redemption")
The Second Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Date (which is the record date for the purposes of the Second Redemption), being 6 July 2012. The payments made to shareholders in respect of redeemed shares will be as follows:
GBP18,263,541 to the Sterling share class (equivalent to £10.1096 per share)
Fractions of Shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares. The amount to be applied to the partial redemption of shares comprises the monies from the realisation of the Company's investments to be received up to and including 27 June 2012 pursuant to the winding down of the Company, less any funds used or required to settle any liabilities (including the estimated ongoing day to day running costs of the Company and the costs and expenses of this partial redemption).
As at today's date, the Company has 3,234,654 Sterling shares, in issue of which none are held in treasury. All of the shares redeemed on the Redemption Date will be cancelled.
The Company's Shares will be disabled in CREST on the Redemption Date and the existing ISIN number JE00B7GVN842 (Sterling) will expire. The new ISIN number JE00B8BKNL68 (Sterling) in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions from and including 9 July 2012. Up to and including the Redemption Date, Shares will be traded under the old ISIN and as such, a purchaser of such Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the new ISIN.
As communicated previously, the Board intends to continue to monitor the cost efficiency and benfits of retaining the Company's listing during the managed wind-down process and following this redemption the Board intends to liaise with shareholders with a view to gauging opinion as to the optimum timing for the Company's eventual winding-up and/or delisting.
Ian WebsterBlackRock (Channel Islands) Limited, Secretary
Enquiries
Will Rogers - 020 7397 1920 Chris Lunn -020 7397 1912Cenkos Securities plc
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