Company Update Liquidity Profile - January 2012
2012年2月3日 - 2:57AM
RNSを含む英国規制内ニュース (英語)
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BlackRock Absolute Return Strategies Ltd
Company Update - Liquidity Profile - January 2012
The Board of Directors is providing shareholders with an estimate of the
current liquidity profile of the portfolio of BlackRock Absolute Return
Strategies Ltd (the "Company"). This liquidity profile relates to the
availability of funds without taking into consideration issues of portfolio
balance. Generally, certain strategies such as Long/Short Equity are more
liquid than other strategies, such as Distressed investing. In order to
maintain portfolio balance, it may be deemed advisable to effectuate liquidity
in a balanced manner rather than the most expeditious manner. This may lead to
a slower pace of actualized monetizations as compared to the table below.
The table below sets forth the Company's current estimate of the earliest
possible redemption date schedule for the Company's portfolio. The liquidity
analysis assumes that: (1) where redemption notices are currently placed, it is
assumed redemption proceeds will be received in the normal course following the
applicable redemption date; (2) for portfolio holdings for which redemption is
possible but redemption notices have not yet been placed due to the balanced
manner in which the wind-down is being managed, and taking into consideration
lock-ups, fund-level gates that are currently implemented and any
investor-level gates, as applicable, it is assumed that redemption notices have
been placed at 1st January 2012 and proceeds will be received in the normal
course following the applicable redemption date(s); (3) for portfolio holdings
that are either in side-pockets, suspended or liquidating, redemption dates are
estimated based on the Investment Manager's current understanding of the
underlying fund's targeted date(s) for lifting its suspension or paying out
proceeds, as applicable. In each case, actual receipt of proceeds will follow
the corresponding redemption date.
Date Cumulative Proceeds
31st January 2012 75.8%
29th February 2012 75.8%
31st May 2012 84.4%
30th June 2012 89.8%
31st December 2012 94.7%
31st December 2013 95.6%
The above liquidity schedule is based on the Company's portfolio investments
and related estimated net asset values as of 1 January 2012(1), and actual or
anticipated changes in liquidity (gates, side pockets, suspension or
liquidation) that have been communicated to the Investment Manager by the
underlying funds.
Actual proceeds would be expected to be received following the relevant
redemption date in accordance with the underlying fund's stated terms,
generally within 60 days (with the exception of proceeds held back until the
completion of the applicable annual audit), although where liquidity is
constrained, receipt might be further delayed. Other factors, including future
events, may affect the Company's ability to redeem its holdings in accordance
with the estimated timeframes set out above, as well as the availability,
amount or timing of receipt of redemption proceeds.
The above details of the Company's estimated portfolio liquidity profile are
indicative only and should not under any circumstances be considered a
prediction, forecast or guarantee of the Company's actual portfolio liquidity
profile or an indication as to the timing of distributions to shareholders
pursuant to the managed wind-down of the Company's portfolio which was approved
by shareholders on 25 August 2011. In addition, there is no guarantee that the
Company's assets will be realized at their net asset value, and it is possible
that the Company may not be able to realize some of its assets at any value.
Notes:
(1) The above liquidity schedule is based on the estimated US dollar net asset
values communicated to the Investment Manager by the underlying funds. These
estimated net asset values do not take into account the potential impact of the
Company's currency hedging policy. Currency fluctuations may impact materially
the actual redemption proceeds available for distribution to shareholders.
This communication relating to the Company is being issued by the BlackRock
Alternative Advisors business unit of BlackRock, Inc. ("BAA") for informational
purposes only and does not constitute or form part of any offer to issue or
sell, or the solicitation of an offer to acquire, purchase or subscribe for,
any securities in any jurisdiction and should not be relied upon in connection
with any decision to subscribe for or acquire any Shares. In receiving this
document and the information contained herein, you will be deemed to have
represented and agreed for the benefit of the Company, BAA and its affiliates
(together with BAA, "BlackRock") that you are permitted, in accordance with all
applicable laws, to receive this document and such information.
In particular, this announcement does not constitute or form part of any offer
to issue or sell, or the solicitation of an offer to acquire, purchase or
subscribe for, any securities in the United States or to US Persons (as defined
in Regulation S under the US Securities Act of 1933, as amended ("US
Persons")). Neither this announcement nor any copy of it may be taken,
released, published or distributed, directly or indirectly to US Persons or in
or into the United States (including its territories and possessions), Canada,
Australia or Japan, or any jurisdiction where such action would be unlawful.
Accordingly, recipients represent that they are able to receive this
announcement without contravention of any applicable legal or regulatory
restrictions in the jurisdiction in which they reside or conduct business. No
recipient may distribute, or make available, this announcement (directly or
indirectly) to any other person. Recipients of this announcement should inform
themselves about and observe any applicable legal requirements in their
jurisdictions.
The Shares have not been and will not be registered under the US Securities Act
of 1933, as amended (the "Securities Act") or with any securities regulatory
authority of any state or other jurisdiction of the United States and,
accordingly, may not be offered, sold, resold, transferred, delivered or
distributed, directly or indirectly, within the United States or to US Persons.
In addition, the Company is not registered under the US Investment Company Act
of 1940, as amended (the "Investment Company Act") and shareholders of the
Company will not have the protections of that act.
No liability whatsoever (whether in negligence or otherwise) arising directly
or indirectly from the use of this announcement is accepted and no
representation, warranty or undertaking, express or implied, is or will be made
by the Company or BAA or any of their respective directors, officers,
employees, advisers, representatives or other agents ("Agents") for any
information or any of the opinions contained herein or for any errors,
omissions or misstatements. None of BAA nor any of its respective Agents makes
or has been authorised to make any representation or warranties (express or
implied) in relation to the Company or as to the truth, accuracy or
completeness of this announcement, or any other written or oral statement
provided. In particular, no representation or warranty is given as to the
achievement or reasonableness of, and no reliance should be placed on any
projections, targets, estimates or forecasts contained in this announcement and
nothing in this announcement is or should be relied on as a promise or
representation as to the future.
Other than as required by applicable laws, BlackRock gives no undertaking to
update this announcement or any additional information, or to correct any
inaccuracies in it which may become apparent and the distribution of this
announcement. The information contained in this announcement is given at the
date of its publication and is subject to updating, revision and amendment. The
contents of this announcement have not been approved by any competent
regulatory or supervisory authority.
This announcement includes statements that are, or may be deemed to be,
"forward looking statements". These forward looking statements can be
identified by the use of forward looking terminology, including the terms
"believes", "projects", "estimates", "anticipates", "expects", "intends",
"plans", "goal", "target", "aim", "may", "will", "would", "could", "should" or
"continue" or, in each case, their negative or other variations or comparable
terminology. These forward looking statements include all matters that are not
historical facts and include statements regarding the intentions, beliefs or
current expectations of BlackRock. By their nature, forward looking statements
involve risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and may be beyond the
BlackRock's ability to control or predict. Forward looking statements are not
guarantees of future performance. More detailed information on the potential
factors which could affect the financial results of the Company is contained in
the Company's public filings and reports.
All investments are subject to risk. Past performance is no guarantee of future
returns. Prospective investors are advised to seek expert legal, financial, tax
and other professional advice before making any investment decision. The value
of investments may fluctuate. Results achieved in the past are no guarantee of
future results.
END
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