RNS Number:2879I
Bramdean Alternatives Limited
22 November 2007
RNS Announcement
Thursday 22nd November 2007
BRAMDEAN ALTERNATIVES LIMITED
Unaudited Interim Report and Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
Highlights
* The Company's net asset value per Sterling share and US Dollar share ("NAV")
were 97.19 pence and US$ 0.9747 on 30 September 2007.
* The closing mid-market price of the Company's GBP and US$ shares were 99.0
pence and US$ 1.02 on 30 September 2007.
* In line with the Company's dividend policy, the Board has not declared an
interim dividend.
* The Company is substantially invested. As at 30 September 2007, cash
represented 6.7% of the portfolio.
* The Company had invested in 32 funds by 30 September 2007 and made
commitments to four others by 1 October 2007.
* The portfolio comprises six private equity funds and two specialty funds, 11
transitional funds and 13 strategic hedge funds as at 30 September 2007.
* The Company had no debt at 30 September 2007.
* The Company's portfolio includes investments in Paulson Advantage Plus Ltd.,
Lansdowne UK Equity Fund, Kei Ltd., AIG Brazil Special Situations Fund II
L.P., Terra Firma Capital Partners III L.P., Thomas H Lee Parallel Fund VI
L.P.and MatlinPatterson Global Opportunities Partners III L.P.
* The Company's asset allocation as at 30 September 2007 was 55.0%
transitional; 29.5% strategic hedge funds; 6.7% cash; 6.3% private equity and
2.5% specialty.
* The Company's geographical allocation as at 30 September 2007 was 52.4%
Global; 25.4% North America; 18.7% Europe and 3.5% Asia & other.
Quote from Brian Larcombe, Chairman: "The Company's first reporting period has
coincided with considerable market turbulence. This had a negative impact on
performance in August, but it is pleasing that this was more than recovered in
September, bringing net asset value per share closely in line with the Offer
price, after writing off all formation expenses."
Nicola Horlick, Chief Executive Officer of Bramdean Asset Management LLP and
Investment Manager for Bramdean Alternatives Limited commented: "The Company
will continue with its private equity and specialty funds investment programme
to diversify over several vintages to reduce exposure to any vintage. The
Company may also introduce more long volatility bias, distressed opportunities,
and emerging market exposure to further diversify the portfolio."
Summary Information
Incorporation
Bramdean Alternatives Limited (the "Company") was incorporated on 5 January 2007
in Guernsey, Channel Islands, with limited liability under The Companies
(Guernsey) Law, 1994 (as amended) as an investment holding company. The Company
is now a Guernsey registered closed-ended Company, following its admission to
the London Stock Exchange. Trading in the Company's US$ and Sterling shares
commenced on 9 July 2007.
Statement of Directors' responsibilities
The Directors confirm that this Interim Report and Condensed Half-Yearly
Financial Statements have been prepared in accordance with IAS 34 as adopted by
the European Union, and that the Investment Manager's Report includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8.
The Directors of the Company are listed at the end of this Report.
Synopsis
The Company's assets are managed by Bramdean Asset Management LLP ("Bramdean")
where the investment team consists of five investment professionals and is led
by Nicola Horlick, Chief Executive Officer of Bramdean.
The annual management fee is 1.5% with a 10% performance fee subject to an 8%
preferred return, with a high watermark.
As part of the discount control mechanisms, the Board will consider implementing
a share buy-back at each quarterly Board meeting should the shares have been
trading at a discount to Net Asset Value of 10% or more for more than 90 days.
The Company has the authority to manage demand flows for its shares by
purchasing up to 14.99% of each class of share. Up to 10% may be held within its
Treasury function and resold. The remainder will be cancelled. Annual
shareholder approval will be sought to renew this authority.
Investment objective and policy
The investment objective of the Company is to generate long term capital gains.
The Company invests in a diversified portfolio of private equity funds, hedge
funds and other specialty funds as described below. The Company may also hold
direct holdings in unquoted companies and quoted securities.
The Company seeks to hold a broadly diversified portfolio of investments by
country, industry sector, investment stage and size of investment, as well as by
strategy.
The Company seeks to operate within the asset allocation ranges set out below.
While the Company is establishing its strategic allocation to private equity
funds and specialty funds, the Company manages the capital that is committed but
not yet called in a Transitional portfolio. This portfolio invests in funds that
reflect the characteristics of private equity and is also structured to preserve
that capital over the medium-term and to be as liquid as possible so that the
Company can satisfy capital calls.
Asset Allocation ranges:
The Company operates on the basis of the following long-term asset allocations:
Private Equity Funds 30%-60%
Strategic Hedge Funds 15%-45%
Specialty Funds 10%-30%
The actual percentage of the Company's gross assets invested in private equity
funds & direct holdings, strategic hedge funds and specialty funds may fall
outside of these ranges.
Private Equity funds and direct holdings
The Private Equity Funds portfolio comprises investments primarily in the
buy-out, growth equity, venture capital, secondaries and mezzanine debt sectors.
The Company may also make co-investments, either directly with the general
partners of the private equity funds that the Company invests in, or via a
co-investment fund. The underlying private equity funds are expected to be
primarily invested in Europe and the United States.
No co-investments have been made to date.
Strategic Hedge funds
The Company invests in a concentrated range of hedge funds which pursue multiple
investment strategies - specifically: Relative Value, Event Driven, Equity
Hedge, Global Macro and Managed Futures to create balance within the portfolio.
The Company will typically hold 10 - 15 underlying hedge funds at any given
point in time within its Strategic Hedge Fund portfolio. The Strategic Hedge
Fund portfolio is neither style nor strategy specific.
RMF Investment Management - Nassau Branch ("RMF") has been appointed as
Investment Sub-Manager under the terms of an Investment Sub-Management
Agreement. RMF is responsible for taking decisions on all individual hedge funds
which form part of the Company's Strategic Hedge Fund portfolio.
Specialty funds
The Company invests in a globally diversified portfolio of specialty funds which
include, but are not limited to:-
* Real estate funds;
* Infrastructure funds;
* Natural resources funds; and
* Structured finance funds.
Schedule of Investments
The schedule of investments held by the Company as of 30 September 2007 is set
out from page 7.
Over-Commitment
The Company has not implemented an over-commitment policy in the period.
Gearing
The Company may borrow up to 25 per cent of the Net Asset Value of the Company
for short-term purposes as may be necessary for settlement of transactions, or
for long-term purposes to fund over-commitments, to fund hedging contracts or to
meet ongoing expenses. The Company will also be geared indirectly to the extent
that underlying funds are themselves geared.
The Company had no debt at the end of the period.
Chairman's Statement
As this is my first statement as your Chairman, may I start by welcoming you as
investors in the Company.
Shares in the Company began trading on the London Stock Exchange on 9 July 2007
following the Placing and Offer in June which raised #131 million. The
Investment Manager has pursued the investment policy set out in the Prospectus
and the Company is now substantially invested.
This Report covers the period from 1 April to 30 September 2007. A number of
commitments to private equity funds were made in the period prior to launch on 9
July, facilitated by a loan facility which was repaid on 12 July. The majority
of the Company's investment activity has been made since 1 August when the
Company was first fully able to subscribe to investments in its Strategic Hedge
Fund and Transitional portfolios. The Company had invested in 32 funds by 30
September and made commitments to four others by 1 October. These are described
more fully in the Report.
The Company's first reporting period has coincided with considerable market
turbulence. This had a negative impact on performance in August, but it is
pleasing that this was more than recovered in September, bringing net asset
value per share closely in line with the Offer price, after writing off all
formation expenses.
The Company had no debt at 30 September. In line with the Company's dividend
policy, the Board has not declared an interim dividend.
Brian Larcombe
Chairman
Investment Managers' Report
Synopsis
Following the successful fundraising in July which raised #131 million for the
Company, its assets remained predominantly in cash until 1 August. As a result,
the Company avoided some of the downturn in the market at the end of July.
Future fundraisings are envisaged, depending on market conditions.
As at 30 September 2007, the Net Asset Values per share for the Sterling and US
Dollar share classes were 97.19p and US$0.9747.
Investment portfolio
The majority of the Transitional and Strategic Hedge Fund portfolios were
subscribed to at the beginning of August 2007. The Company is now substantially
invested. As at 30 September, 6.7% of the portfolio remained in cash.
Investments had been made in six private equity funds and two specialty funds as
at 30 September 2007. In addition, the Company had made commitments to a further
two private equity funds, Lehman Brothers Venture Partners V L.P. and Silver
Lake Partners II L.P., but no capital had been drawn-down for investment on
these funds as at 30 September 2007. Two new commitments were approved during
the period, to Oaktree OCM Opportunity Fund VIIb L.P. and Pine Brook Capital
Partners L.P., but subscription occurred at the beginning of October. At the end
of the reported period, the total amount that had been drawn-down on the
commitments made was US$24.3 million and the total amount of distributions was
US$435,000. The Company intends to reinvest the distributions.
At the end of the period, there were 11 funds in the Company's Transitional
portfolio. The Strategic Hedge Fund portfolio, which is managed by RMF, was
subscribed to on 1 August and by the end of September the portfolio had invested
in 13 funds.
Hedging activity
In August, the Company implemented a monthly rolling currency forward contract
with Bank of Scotland to hedge 70% of the portfolio's US Dollar exposure and
expects to keep the hedge in place in the near term. At the beginning of
October, the hedge ratio was increased to 75%.
Private Equity Funds Portfolio review
There are six private equity funds in the portfolio. Five of the Company's
private equity funds are 2006 vintage. Silver Lake Partners III L.P. is 2007
vintage. All six funds are large-cap funds which made substantial investments
prior to the July-August credit crisis. They benefited from the favourable
lending environment for private equity funds during that period and secured
attractive financing packages. These managers are positive about the deals
completed in 2006 and early 2007, as they believe these were generally acquired
on better financing terms than the ones immediately prior to and post the
July-August crisis. The credit crisis has affected the ability of private
equity firms to obtain financing at attractive terms and deal flow is expected
to slow down significantly as a result.
Goldman Sachs Capital Partners VI L.P invests in mid-cap transactions globally,
while AIG Brazil Special Situations Fund II L.P invests in mid-cap transactions
in Latin America. The mid-cap private equity market has remained robust
subsequent to the credit crisis, as it is not as dependent on leverage to
generate returns as the large-cap sector. These managers expect to continue
their investing pace as before. The purpose of the two secondary funds in the
portfolio, both 2006 vintages, is to provide vintage year diversification (their
strategy is to acquire primarily pre-2006 funds across a range of vintages) to
the Company's private equity portfolio. They are also expected to provide
distributions to fund future private equity and specialty fund draw-downs. Each
of the funds has had one distribution and this accounts for all the
distributions to the Company to date, which are referred to earlier.
The Company has completed its private equity investment programme for 2007. It
anticipates committing to one or two new funds by the calendar year-end, but
these will be 2008 vintage year funds.
The Company has the ability to over-commit to private equity funds in order to
manage its cash-flows efficiently. Any such over-commitment would be
counter-balanced by gearing to ensure the Company would be able to satisfy any
draw-downs from previous commitments. The Company can gear up by 25% of the Net
Asset Value.
Specialty Funds Portfolio review
The Company had invested in two specialty funds as at 30 September 2007. The
commitment to SVG's Strategic Recovery Fund II L.P was made prior to launch.
Since July, an investment has been made in MatlinPatterson Global Opportunities
Partners III L.P. On 1 October 2007, two further commitments were made to
Oaktree OCM Opportunity VIIb L.P and to Pine Brook Capital Partners L.P. The
role of these funds is to provide a counterbalance to the private equity
portfolio, as they make their best returns in more difficult economic
environments as distressed debt managers.
Transitional Portfolio review
There are 11 funds in the Company's Transitional portfolio. There are two parts
of the investment strategy within this portfolio - the first is made up of
investments in specialist global equity managers, long/short equity and
event-driven managers as these classes demonstrate the most similar
characteristics to private equity. The second strategy is to reduce exposure to
market risk through market neutral and relative value funds. The liquidity of
the investments made by the Company ranges between one month and one year. It is
the policy of the Company to draw-down on its most liquid investments first to
satisfy capital calls from within the Private Equity funds portfolio.
The Transitional portfolio's proximity to private equity means that those
investments in equity-correlated assets will not perform well during short-term
equity market downturns. However, these investments are intentionally
counter-balanced by investments in market neutral funds.
The Company may seek to implement portfolio protection through the use of
derivatives from time to time for some portion of the Transitional portfolio,
although the Company has not used derivatives for this purpose to date.
Strategic Hedge Fund Portfolio review
There are 13 funds in the Strategic Hedge Fund portfolio. With a strong market
run prior to inception, the initial portfolio was constructed with a significant
long volatility bias to guard against a market correction. This helped minimise
the downside during the market downturn in August.
In September, the portfolio delivered a strong return as the managers moved
swiftly to profit from emerging opportunities both on the long and the short
side of their portfolios.
Overall, almost all the style strategies in the Strategic Hedge Fund Portfolio
provided positive returns during the quarter, with global macro being the only
style to sustain a loss.
The Company has agreed investment parameters with RMF to target a 12% net annual
return within 5%-7% volatility. The portfolio has a low correlation to both
global equities and global bonds and is diversified across the five main hedge
funds strategies set out in the Summary on page 1.
Portfolio Strategy & Outlook
The financial markets are expected to remain more volatile than they were prior
to July 2007. The credit markets, especially the asset-backed securities markets
in the US, are expected to continue to have a negative impact on the overall
economic environment. The reduction in the allocation to Third Avenue Value
Equity Offshore Fund Ltd. and the subscription to Arcas MAC 79 Ltd., a dedicated
short-term trader, means that the overall portfolio now has a slightly more
defensive stance than before.
We recognise that significant risks lie ahead with large uncertainty surrounding
the robustness of US corporate earnings growth. We are already seeing weakness
in third quarter earnings reports and our managers remain vigilant for further
bouts of market volatility. The Strategic Hedge Fund portfolio maintains a
significant long volatility bias and we remain confident it will provide strong
diversification irrespective of market directionality.
The Company will continue with its private equity and specialty funds investment
programme to diversify over several vintages to reduce exposure to any vintage.
The Company may also introduce more long volatility bias, distressed debt
opportunities, and emerging market exposure to further diversify the portfolio.
Portfolio Holdings (Invested Capital) as at 30 September 2007 (see footnote 1)
Fund Description Type Portfolio Liquidity Size of
Weighting % underlying
Notice fund
(see footnote
2)
Aarkad Plc Aarkad plc builds a Transitional 2.8% 180 days $300 m
diversified portfolio of
highly-collateralised
specialty structured
finance loans primarily
consisting of short-term
duration (3-12 months)
secured loans
collateralised by
commercial property in
the UK and Ireland.
Abchurch Europe Fund Ltd. Long-short equity, Strategic Hedge 3.2% 90 days $615 m
European large- and Fund
mid-cap companies.
Managed by Oxburgh
Partners LLP. This fund
invests in listed and
unlisted equities, debt
securities (which may be
below investment grade),
other unregulated
Collective Investment
Schemes, exchange-traded
funds, options, warrants
& other derivatives.
AIG Brazil Special Brazil-focused special Private Equity 0% Long-term $375 m
Situations Fund II L.P. situations and
opportunistic
investments in Mexico
and Colombia.
Arcas MAC 79 Ltd. Equity hedged, short Strategic Hedge 0.6% 30 days $270m
selling with well Fund
diversified portfolio of
over 300 positions.
Brencourt Enhanced The fund was launched in Transitional 4.4% 60 days $1,700 m
Multi-Strategy February 2001 and is an
International Ltd. event-driven
multi-strategy product.
Coller International Coller is a secondaries Private Equity 0.5% Long-term $4,775 m
Partners V-A L.P. private equity manager
that purchases limited
partnership interests in
private equity funds on
the secondary market and
also acquires portfolios
of directly-owned
companies. Coller
Capital invests globally
and provides the Company
with geographical
diversification
worldwide.
CIP V-A provides vintage
diversification to the
Company's private equity
investments and provides
distributions that can
be used to reinvest into
further private equity
funds.
CIP V-A has invested in
15 secondaries
portfolios.
D.E. Shaw Oculus Global macro, global Strategic Hedge 3.2% 90 days $10,200 m
International Members trading. Specialises on Fund
Interest intersection between
technology and finance.
Firm founded in 1988 by
David Shaw.
Deephaven Global Relative value, Strategic Hedge 3.3% 91 days $2,000 m
Multi-Strategy Fund Ltd. multi-strategies. Firm Fund
founded 1994 by Irv
Kessler. Focuses on
convertible arbitrage,
event-driven strategies,
long-short equities,
volatility arbitrage,
credit arbitrage and
distressed security
trading.
Defender Ltd. Defender's assets are Transitional 4.0% 10 days $400 m
managed by Barnard
Madoff Investment
Securities, which is the
world's largest
market-maker in
off-exchange trading of
listed US equities.
Madoff implements only
one trade that consists
of a long position in a
limited basket of S&P
100 shares and trades an
index option strategy
against these shares
(bull spread). The
manager will only enter
into this trade if it
believes that it will
make money. Otherwise,
the money is invested in
US Treasury-bills.
The Company invests in
Defender as a vehicle to
provide short-term
liquidity to fund
private equity capital
calls given that it is a
low-risk, high-liquidity
fund.
Enso Global Equities Fund Founded in 2002, Enso is Transitional 5.2% 90 days $900 m
Ltd. a long/short global
equities manager that
believes in in-depth
analysis. The fund aims
to maintain a very low
equity beta.
The period since
inception to the end of
September was a
difficult one for the
manager.
Enso has been stressing
its models for a major
slowdown in economic
growth and is reshaping
its portfolios
accordingly.
Goldman Sachs Capital A Cayman Private Equity 0.8% Long-term $20,000 m
Partners VI L.P. Islands-exempted limited
partnership which
invests in a range of
opportunistic
investments, including
leveraged buy-outs,
public-to-private
transactions, build-ups,
strategic capital
investments, private
investments in public
entities and growth
capital investments
across a range of
industries and
geographies.
Greenpark International Greenpark is a Private Equity 1.7% Long-term Euro732.3 m
Investors III L.P. secondaries private
equity manager that
primarily purchases
limited partnership
interests in primary
private equity funds on
the secondary market.
Its primary focus is on
Europe and provides the
Company with
geographical
diversification.
Greenpark provides
vintage diversification
to the Company's private
equity investments and
provides distributions
that can be used to
reinvest into further
private equity funds.
As of its second quarter
report, the fund had
committed to investments
in 12 secondaries
portfolios.
Hard Assets 2X Fund Ltd. Global macro, Strategic Hedge 3.3% 90 days $224 m
commodities. Managed by Fund
Van Eck Absolute Return
Advisers Corp., founded
in 1955. One of the
world's largest managers
of gold and natural
resource securities.
Fund seeks to generate
absolute returns through
leveraged investments in
natural resource
equities and
commodities. Core
competence in gold,
timber and energy.
IKOS Financial Too Fund Managed futures, multi Strategic Hedge 1.2% 30 days $1,480 m
strategies. Firm Fund
established by Elena
Ambrosiadou in 1991.
Three strategies
employed, all
implemented all of the
time, in fundamental,
momentum and short term.
High frequency trading.
Ivory Offshore Flagship Long/short equity, US Strategic Hedge 0.5% 90 days $1,600 m
Fund Ltd. mid and small-cap Fund
companies. Bottom-up
approach, using
valuations based upon
fair asset value and
future cash flows. Team
has a private equity and
LBO background. Core
skill is analysing
complex financial
situations.
Kaiser Trading Diversified Managed Futures, Strategic Hedge 1.3% 30 days $570 m
2X Segregated Portfolio systematic short term Fund
trading; formed June
1999, registered in
Victoria, Australia.
Trades any market that
is highly liquid,
typically financials,
major currency pairs and
some metal and commodity
markets.
Kei Ltd. Managed futures, Strategic Hedge 1.6% 1 day $1,600 m
systematic short term Fund
trading. Managed by
Quantitative Investment
Management, based
Charlottesville,
Virginia. Founded in
2001. Developed
proprietary algorithms
for predicting short,
medium and long-term
price markets for a wide
variety of markets.
King Street Capital Ltd. Event-driven, distressed Strategic Hedge 2.0% 90 days $6,400 m
opportunities. Firm Fund
founded 1994. Seeks out
mis-priced securities
and events or series of
events to re-evaluate.
Maintains passive
investments, not control
positions.
Lansdowne UK Equity Fund Long/short equity, Strategic Hedge 2.5% 90 days $3,750 m
Europe. Strategy aims to Fund
generate relative value
and absolute ideas on
fundamental proprietary
research in combination
with a macro view. No
risk hedged out in
absolute positions,
relative positions hedge
out undesired risk. Firm
founded 1998.
MatlinPatterson Global MatlinPatterson Specialty 0.4% Long-term $5,000 m
Opportunities Partners III primarily takes
L.P. positions in companies
in distressed situations
with the aim of
controlling and driving
the financial and
operational
restructuring of the
company. It will also
take minority positions
in companies to trade
around stressed and
distressed situations.
Oak Hill Credit Alpha Fund Oak Hill is a credit Transitional 2.8% 60 days $2,100 m
Offshore Ltd. long/short hedge fund.
It invests across the
capital structure in
North America and Europe
through long/short and
capital structure
arbitrage trades.
Oldfield Partners, Oldfield Partners Transitional 6.7% 1 day $761 m
Overstone Global Equity manages a concentrated
Fund long-only global equity
portfolio with a
long-term investment
horizon. The fund
invests in 20 companies
that tend to be large
blue chip companies that
are significantly
undervalued and
misunderstood by the
market.
As at the end of
September, the fund was
well diversified with
allocations towards the
US, Japan and UK and a
bias towards technology,
financials and consumer
discretionary.
Paulson Advantage Plus Firm founded 1994. Strategic Hedge 3.6% 90 days $4,000 m
Ltd. Event-driven, special Fund
situations with core
focus on merger
arbitrage. Special
situations include
spin-offs, litigations,
proxy contexts and post
bankruptcy equities &
credit.
Platinum Grove Contingent Fixed income relative Transitional 6.2% 45 days $1,100 m
Capital Offshore Fund Ltd. value - trading based
strategy with risk
spread globally. Its
largest allocation of
30% is to the US.
Renaissance Institutional RIEF is a quantitative Transitional 3.3% 35 days $26,600 m
Equities Fund US equity long/short
International L.P. fund. The fund is net
100% long at any one
point and it may have a
maximum position of 175%
long and 75% short. It
also aims to minimize
the equity beta within
the fund.
Rye Select Broad Market XL Managed by Tremont Strategic Hedge 3.3% 90 days $222 m
Portfolio Ltd. Partners, Relative Fund
value, derivative
arbitrage. Takes long a
basket of S&P 500 shares
and trades an index
option strategy against
them.
Strategic Recovery Fund II The fund takes large Specialty 2.1% Long-term #70.8 m
L.P. minority stakes in
publicly-listed,
small-to-medium-sized UK
companies and works with
their management to make
fundamental changes
within that firm to
increase the company's
share price. This is
essentially a friendly,
activist strategy of
applying private equity
techniques in public
markets. The fund is
advised by SVG Advisers
Ltd.
Terra Firma Capital Terra Firma is focused Private Equity 1.7% Long-term Euro5,400 m
Partners III L.P. on large buy-outs of
businesses which are
complex, in unfavoured
sectors and in need of
change.
The manager has
completed two deals to
date. One deal was an
add-on acquisition,
Pegasus Aviation, to a
portfolio company in the
prior vintage fund,
AWAS, thus creating the
largest independent
aircraft lessor in the
world. The second
completed deal was to
acquire EMI.
Third Avenue Value Equity Third Avenue is a Transitional 10.5% 30 days $124 m
Offshore Fund Ltd. long-only global value
investor that follows a
private equity
investment philosophy
when it comes to
allocating cash. The
portfolio is run on a
concentrated basis with
approximately 25
holdings and seeks
long-term capital
appreciation. It invests
opportunistically in
companies around the
globe believed to be "
safe and cheap".
Thomas H. Lee Parallel Thomas H. Lee is one of Private Equity 1.6% Long-term $8,100 m
Fund VI L.P. the most historic and
established large-cap
private equity firms in
the US. The firm has
continued to focus
primarily on the U.S.,
with opportunistic
investments in Europe.
Thomas H. Lee has
invested in seven deals
to date, with six of
them having been
negotiated and/or
completed during 2006,
when private equity
valuations were lower
than at the present
time.
York Asian Opportunities The fund was launched in Transitional 3.4% 60 days $400 m
Unit Trust April 2006 and is an
Asian event-driven fund
with a strong focus on
valuation. The fund will
invest across event
equities, credit, value
equities and risk
arbitrage in the Asian
region including Japan.
York European The fund was launched in Transitional 5.5% 30 days $2,800 m
Opportunities Unit Trust January 2004. It has a
diversified European
event-driven and
value-oriented strategy
that favours
catalyst-driven
investments, principally
in Europe, but possibly
opportunistically
outside Europe.
Footnotes
1 Note that the fund sizes given are based on the latest
information provided to the Company by the managers of the underlying funds.
2 The liquidity notice periods are intended to provide a
guide to investors only. Terms and conditions apply in each individual case and
may be subject to change. Early redemption penalties may apply. Notice may be
required to be given at the end of a specified period such as a quarter-end.
Condensed Half-Yearly Income Statement (Unaudited)
For the period from 1 April 2007 to 30 September 2007
1 April 2007 to 30
September 2007
Notes US$
Income
Interest income 1,014,540
Net changes in fair value of financial assets at fair value 5
through profit or loss
3,035,241
4,049,781
Expenses
Management fee 13 883,894
Legal and professional fees 10,975
Audit fees 23,560
Administration fee 13 29,465
Custody fee 13 27,260
Loan interest 924,500
Directors' fees 122,324
Sundry expenses 134,648
2,156,626
Gain for the period 1,893,155
The gain for the period was derived from continuing operations.
There were no gains or losses other than those recognised in the Condensed
Half-Yearly Income Statement.
The gain for the period has been prepared on the historical cost basis as
modified by the revaluation of financial assets and financial liabilities at
fair value through profit or loss.
The notes on pages 19 to 27 form an integral part of these Condensed Half-Yearly Financial Statements.
Condensed Half-Yearly Balance Sheet (Unaudited)
As at 30 September 2007
30 September 2007 31 March 2007
Notes US$ US$
Assets
Non-Current Assets
Financial assets at fair value through profit or loss 5 242,073,567 -
Current Assets
Cash at bank 4,977,007 -
Short Term notes 10,500,000
Trade and other receivables 6 2,636,871 4
Total Assets 260,187,445 4
Equity & Liabilities
Current Liabilities
Trade and other payables 7 761,833 67,274
Borrowings 8 - 450,244
Total Liabilities 761,833 517,518
Equity
Equity Share capital 9 258,049,975 4
Retained earnings 1,375,637 (517,518)
Total Equity 259,425,612 (517,514)
Total Equity and Liabilities 260,187,445 4
Net asset value per share
- US$ Shares USD 0.9747 -
- Sterling Shares GBP 0.9719 -
The Condensed Half-Yearly Financial Statements on pages 15 to 27 were approved
by the Board of Directors on 21 November 2007 and signed on its behalf by:
M.P. Barton
N.D. Moss
Directors
The notes on pages 19 to 27 form an integral part of the Condensed Half-Yearly Financial Statements.
Condensed Half-Yearly Statement of Changes in Equity (Unaudited)
For the period from 1 April 2007 to 30 September 2007
Note Equity Share Capital Retained Earnings Total
US$ US$ US$
As at 5 January 2007 - - -
Issue of shares 4 - 4
Loss for the period - (517,518) (517,518)
As at 31 March 2007 4 (517,518) (517,514)
Issue of shares 265,177,656 - 265,177,656
Less: Costs of issue (7,127,685) (7,127,685)
Gain for the period - 1,893,155 1,893,155
As at 30 September 2007 258,049,975 1,375,637 259,425,612
The notes on pages 19 to 27 form an integral part of these Condensed Half-Yearly Financial Statements.
Condensed Half-Yearly Cash Flow Statement (Unaudited)
For the period from 1 April 2007 to 30 September 2007
Notes 1 April 2007 to 30
September 2007
US$
Cash flows from operating activities
Gain for the period 1,893,155
Unrealised gains on investments (2,135,041)
Increase in trade and other payables 694,559
Change in trade receivables (2,636,867)
Purchase of investments 5 (239,938,526)
Net cash outflows from operating activities (242,122,720)
Cash flows from financing activities
Repayment of loan 8 (450,244)
Issue of shares 9 265,177,656
Costs relating to issue of shares (7,127,685)
Net cash inflows from financing activities 257,599,727
Net change in cash and cash equivalents for the period 15,477,007
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 15,477,007
The notes on pages 19 to 27 form an integral part of these Condensed Half-Yearly Financial Statements.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
1. General Information
Bramdean Alternatives Limited (the "Company") was incorporated with limited
liability and registered in Guernsey on 5 January 2007. The Company's US$ and
Sterling shares were listed on the London Stock Exchange on 9 July 2007
whereupon the Company became a closed-ended investment company.
2. Accounting Policies
The principal accounting policies applied in the preparation of the Condensed
Half-Yearly Financial Statements are set out below. These policies have been
consistently applied, unless otherwise stated.
Basis of preparation
The Condensed Half-Yearly Financial Statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS"). The Condensed
Half-Yearly Financial Statements have been prepared under the historical cost
convention, as modified by the revaluation of financial assets and financial
liabilities at fair value through profit or loss.
The preparation of Condensed Half-Yearly Financial Statements in conformity with
IFRS requires the use of certain critical accounting estimates. It also requires
the Board of Directors to exercise its judgement in the process of applying the
Company's accounting policies.
Foreign currency
(a) Functional and presentation currency
The Company aims to make investments primarily denominated in US Dollars ("US$")
and to make returns to investors in US$. The Board of Directors considers US$ as
the currency that most faithfully represents the economic effects of the
underlying transactions, events and conditions. The Condensed Half-Yearly
Financial Statements are presented in US$, which is the Company's functional and
presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies other than US$ are recognised in the Condensed
Half-Yearly Income Statement. Translation differences on non-monetary financial
assets and liabilities such as "Financial assets at fair value through profit or
loss" are recognised in the Condensed Half-Yearly Income Statement within "Net
changes in fair value of financial assets at fair value through profit or loss".
Income and expense
Income and expenditure are recognised in the Condensed Half-Yearly Financial
Statements on an
accruals basis.
Financial assets at fair value through profit or loss
Investments are classified as financial assets at fair value through profit or
loss. Fair value is the amount at which an investment could be exchanged between
knowledgeable willing parties in an arms length transaction. Purchases of
investments are recognised on the trade date, being the date that amounts are
due for payment. Investments are derecognised when the rights to receive cash
flows from the investments have expired or the Company has transferred
substantially all risks and rewards of ownership.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
Financial assets at fair value through profit or loss (continued)
Investments are initially recognised at fair value being the transaction price
or the amount subscribed. Transaction costs for all financial assets carried at
fair value through profit or loss are expensed as incurred. Subsequent to
initial recognition, all financial assets at fair value through profit or loss
are measured at fair value. Gains and losses arising from changes in fair value
of the "financial assets at fair value through profit or loss" category are
presented in the Condensed Half-Yearly Income Statement in the year in which
they arise. Interest income from financial assets at fair value through profit
or loss is recognised in the Condensed Half-Yearly Income Statement within
interest income using the effective interest method. Dividend income from the
financial assets at fair value through profit or loss is recognised in the
Condensed Half-Yearly Income Statement within dividend income when the Company's
right to receive payments is established.
For the ongoing fair valuation of such investments, which are not traded in an
active market, the Administrator on behalf of the Company reviews information
provided by the underlying partnerships and other business partners and apply
valuation techniques such as time of last financing, multiples analysis and
third party valuations to estimate a fair value at the Condensed Half-Yearly
Balance Sheet date. The Directors review and approve the net asset values
prepared by the Administrator.
Fair value is primarily based on the net asset value and capital account
information ascertained from the periodic valuations provided by the managers
and general partners to those investments. Such valuations are necessarily
dependent upon the reasonableness of the valuations by the managers and general
partners of the underlying investments and whether the valuation bases used are
also IFRS and fair value compliant. The Investment Manager and the Administrator
also review management information provided by the underlying investments on a
regular basis. In those cases where the management information is not fair value
compliant, the Administrator will work with the manager or general partner of
that investment in an attempt to obtain more meaningful fair value information.
Notwithstanding the above, the variety of valuation bases adopted and the
quality of management information provided by the underlying investments and the
lack of liquid markets for the investments held means that there are inherent
difficulties in determining the fair values of certain of these investments that
cannot be fully eliminated.
Borrowings
Borrowings are initially recognised as proceeds received net of issue costs
incurred and are subsequently measured at amortised cost using the effective
interest method.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, demand deposits, other
short-term highly liquid investments with original maturities of three months or
less and bank overdrafts.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
3. Critical Accounting Estimates and Judgments
The Directors make estimates and assumptions concerning the future. The
resulting accounting estimates will, by definition, seldom equal the actual
results. The estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the
next financial year are outlined below.
Fair value of unquoted investments
The Company may, from time to time, hold financial instruments that are not
quoted in active markets. Fair values of such instruments are determined by
using valuation techniques. For the valuation of such investments, the
Administrator on behalf of the Company reviews information provided by
underlying investments and other business partners and applies widely recognised
valuation methods such as time of last financing, multiple analysis and third
party valuation to estimate a fair value as at the Condensed Half-Yearly Balance
Sheet date. The Directors review and approve net asset values prepared by the
Administrator.
The variety of valuation bases adopted and quality of management information
provided by the underlying investments and the lack of liquid markets for the
investments held mean that there are inherent difficulties in determining the
fair values of these investments that cannot be eliminated. Therefore, the
amounts realised on the sale of investments will differ from the fair values
reflected in these Condensed Half-Yearly Financial Statements and the
differences may be significant.
4. Taxation
The States of Guernsey Income Tax Authority has granted the Company exemption
from Guernsey Income Tax under the provisions of The Income Tax (Exempt Bodies)
(Guernsey) Ordinance, 1989 and as a result the Company's liability to Guernsey
taxation is limited to an annual fee of #600. The Directors intend to ensure
that the Company is managed in such a way that it continues to qualify for such
exemption in the future.
In response to the review carried out by the European Union Code of Conduct
Group the States of Guernsey decided on 30 June 2006 that from 1 January 2008:
* certain regulated business (i.e. specified banking activities) will be
subject to income tax at 10%
* the basic rate of income tax on all other companies will be zero percent
* resident individuals will continue to pay income tax at 20% on assessable
income; and
* "wealth taxes" such as inheritance and capital gains taxes will not be
introduced.
In addition, the Treasury and Resources Department were directed to investigate
a system of goods and services tax and to prepare enabling legislation.
Notwithstanding the above changes, it is intended that dividends and interest
paid to non-residents of Guernsey by schemes with exempt status are regarded as
having their source outside of Guernsey and are not subject to Guernsey income
tax.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
5. Financial assets at fair value through profit or loss
1 April to 30
September 2007
US$
Cost at beginning of the period -
Additions 241,119,480
Capital calls expenses (1,180,954)
Cost at end of the period 239,938,526
Unrealised gains on investments 2,135,041
Market value at end of the period 242,073,567
Capital calls expenses are paid to general partners upon the acquisition of
private equity investments. These payments represent partnership expenses as
opposed to the acquisition price of the underlying investments.
30 September 2007 31 March 2007
US$ US$
Financial assets and liabilities at fair value through profit or
loss consist of the following:
Investments in hedge funds 219,367,862 -
Investments in private equity funds 22,705,705 -
242,073,567 -
Net changes in financial assets at fair value through profit or loss
30 September 2007
US$
Unrealised gains on investments 2,135,041
Capital calls expenses (1,180,954)
Net gains on foreign exchange 2,081,154
3,035,241
6. Trade and other receivables
30 September 2007 2007 31 March 2007
US$ US$
Unrealised gain on forward foreign exchange 2,427,725 -
Prepayments 28,258 -
-
Accrued interest 1,458 -
Other receivables 179,430 4
2,636,871 4
7. Trade and other payables
30 September 2007 2007 31 March 2007
US$ US$
Management fee 639,845 -
Administration fee 21,329 -
-
Custodian fee 20,637 -
Sundry expenses 80,022 -
761,833 -
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
8. Borrowings
30 September 2007 31 March 2007
US$ US$
Bank of Scotland - 450,244
The revolving loan facility with Bank of Scotland matured on 12 July 2007 and
was fully repaid on that date.
9. Share Capital and Share Premium
30 September 2007 31 March 2007
US$ US$
Management shares
Authorised: 10,000 shares of #1.00 each
Issued 2 shares of #1.00 each 4 4
Ordinary shares
Authorised: unlimited number of shares of no par
value
- -
Issued and fully paid
130,142,311 # shares of no par value 263,392,656 -
1,785,000 US$ shares of no par value 1,785,000 -
Less costs of issue (7,127,685) -
Balance as at 30 September 2007 258,049,975 4
The authorised share capital of the Company on incorporation was divided into an
unlimited number of shares of no par value, which upon issue the Directors were
able to designate as # shares, US$ shares or as C shares or otherwise as
determined by the Directors at the time of issue, and 10,000 Management shares
of #1 each.
The no par value shares were issued on 4 July 2007 as a result of the Company
announcing the placing and offer for subscription of its ordinary shares on 6
June 2007.
On 30 April and 31 October of each year shareholders may elect to convert some
or all of their Ordinary Shares of one currency class into Ordinary Shares of
another currency class.
Subject to any restrictions set out in the Company's articles of association,
each US$ share carries one vote per share and each Sterling share carries 2.0194
votes per share at a general meeting.
The capital and assets of the Company shall on a winding-up be divided amongst
the shareholders on the basis of the capital attributable to the respective
classes of shares at the date of winding-up and amongst the members of a
particular class pro rata according to their holdings of shares of the class.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
10. Financial Risk Management
The Company's activities expose it to a variety of financial risks: market price
risk, interest rate risk, credit risk, currency risk and liquidity risk. The
Company's overall risk management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on the
Company's financial performance. The risk management policies employed by the
Company to manage these risks are discussed below:
Market price risk
The Company's unlisted equity securities are susceptible to market price risk
arising from uncertainties about future values of the investment securities.
Bramdean Asset Management LLP provides the Company with investment
recommendations that are consistent with the Company's objectives.
The method of valuation of these investments is described within the accounting
policies. The nature of some of the Company's investments, which are unquoted
investments in private equity funds, means that the investments are valued by
the Administrator on behalf of the Company after due consideration of the most
recent available information from the underlying investments as adjusted where
relevant by the Directors.
Interest rate risk
The Company is exposed to interest rate risk. The Company invests primarily in
private equity and hedge funds that are non interest bearing investments that
are primarily subject to market price risk. Interest receivable on bank deposits
or payable on loan positions will be affected by fluctuations in interest rates.
As at 30 September 2007 the Company's interest bearing assets, all of which
receive or pay interest at a variable rate, were as follows;
30 September 2007 31 March 2007
US$ US$
Cash and Short-Term Notes 15,477,007 -
Loan payable - 450,244
Credit risk
The Company takes on exposure to credit risk, which is the risk that a
counterparty will be unable to pay amounts in full when due. Impairment
provisions are provided for losses that have been incurred by the Condensed
Half-Yearly Balance Sheet date, if any.
The risk of default is considered to be limited as presently in the investment
portfolio there are no investments where amounts are paid to or received from
parties other than directly with the actual investment fund via the call notices
received pursuant to the subscription agreements.
Currency risk
The Company has assets and liabilities denominated in currencies other than US$,
the functional currency. The Company is therefore exposed to currency risk, as
the value of the assets and liabilities denominated in other currencies will
fluctuate due to changes in exchange rates. The Company may from time to time
engage in currency hedging in an attempt to reduce the impact on the Sterling
Shares of currency fluctuations. The US Dollar exposure of the Sterling Shares
is managed through the use of forward exchange transactions although there can
be no guarantee that the management of currency risk and exposure will be
successful. The expense or benefit of such activity will be allocated to the
Sterling Shares and reflected in their Net Asset Value per Share. As a result,
the Net Asset Values of the different Classes of Share may differ over time as
the differing gains and losses realised on the hedging contracts are applied to
the relevant Class of Share.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
The table below summarises the Company's exposure to currency risks at the
period end.
US$ GBP EUR Total US$
Financial assets at fair value 227,868,761 5,381,137 8,823,669
through profit or loss
242,073,567
Cash and Short-Term Notes 14,885,868 589,778 1,361 15,477,007
Other assets and liabilities 1,926,802 (51,764) - 1,875,038
244,681,431 5,919,151 8,825,030 259,425,612
Liquidity risk
The Company's financial instruments include investments in unlisted securities,
which are not traded in an organised public market and may generally be
illiquid. As a result, the Company may not be able to liquidate quickly its
investments in these instruments at an amount close to fair value in order to
respond to its liquidity requirements or to specific events.
11. Financial assets at fair value through profit or loss
The table below summarises commitments to the underlying investments of the
Company.
At 30 September 2007 Total Commitments Outstanding
Commitments
Currency US$ Currency US$
Terra Firma Capital Partners III EUR 15,000,000 21,332,271 EUR 11,552,981 16,430,088
L.P.
Greenpark International EUR 14,600,000 20,763,410 EUR 11,332,963 16,117,189
Investors III L.P.
Goldman Sachs Capital Partners 15,000,000 13,047,984
VI L.P.
Coller International Partners V 15,000,000 13,404,316
L.P.
Thomas H. Lee Parallel Fund VI 15,000,000 10,530,626
L.P.
Silver Lake Partners III L.P. 15,000,000 14,932,247
Strategic Recovery Fund II L.P.
GBP 7,500,000 15,279,928 GBP 4,795,585 9,770,159
MatlinPatterson Global
Opportunities Partners III L.P.
10,000,000 8,998,946
AIG Brazil Special Situations 10,000,000 9,768,592
Fund II L.P.
Lehman Brothers Venture Partners 12,500,000 12,500,000
V L.P.
Oaktree OCM Opportunity Fund VII 15,000,000 15,000,000
b L.P.
Pine Brook Capital Partners L.P. 10,000,000 10,000,000
At 30 September 2007 174,875,609 150,500,147
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
Net asset value
The net asset value of each # share is determined by dividing the net assets of
the Company attributable to the # shares of #126,487,244 by 130,142,311, being
the number of # shares in issue at the period end.
The net asset value of each US$ share is determined by dividing the net assets
of the Company attributable to the US$ shares of US$1,739,900 by 1,785,000,
being the number of US$ shares in issue at the period end.
12. Ultimate controlling party
In the opinion of the Directors on the basis of shareholdings advised to them,
the Company has no ultimate controlling party.
13. Significant agreements and related parties
Investment management
The Company has appointed Bramdean Asset Management LLP as the Investment
Manager of the Company. The Investment Manager is paid by the Company a fee
equal to one-twelfth of 1.5% per month of the net asset value of the Company
(before deduction of any performance fee). The fee is calculated and accrued as
at the last business day of each month and is paid monthly in arrears.
Total fees payable to the Investment Manager for the period ended 30 September
2007 amounted to US$883,894 of which US$639,845 was outstanding at 30 September
2007.
In addition, the Investment Manager will also be entitled to a performance fee
of 10% with respect to each Class of Shares based on the total increase in the
net asset value of the relevant Class at the end of each performance period
(period to 31 March each year). In order for a performance fee to be paid the
Investment Manager must achieve returns in excess of a preferred return of 8%
(subject to a high watermark). No performance fee has been earned in the period
to 30 September 2007.
Administration
The Administrator is paid by the Company a fee not greater than 0.06% per annum
of the net asset value of the Company, subject to a minimum annual fee of
#50,000.
Total fees payable to the Administrator for the period ended 30 September 2007
amounted to US$29,465 of which US$21,329 was outstanding at 30 September 2007.
Custody
The Custodian is paid by the Company a fee not greater than 0.06% per annum of
the net asset value of the Company, subject to a minimum annual fee of #10,000.
Total fees payable to the Custodian for the period ended 30 September 2007
amounted to US$27,260 of which US$20,637 was outstanding at 30 September 2007.
Notes to the Unaudited Condensed Half-Yearly Financial Statements
For the period from 1 April 2007 to 30 September 2007
Directors' fees
The Chairman of the Board receives an annual fee of #75,000, the remaining four
Directors each receive an annual fee of #27,000. Directors' fees are paid
quarterly in arrears. Total fees payable for the period ended 30 September 2007
amounted to US$122,324. No fees were outstanding as at 30 September 2007.
Schedule of Investments
As at 30 September 2007
Nominal Market % of NAV
Investments (Cost USD239,938,526) Holding Value
US$
Hedge Funds
Aarkad Plc 5,152,395 7,254,572
2.8
Abchurch Europe Fund Ltd. 75,570 8,381,076
3.2
Arcas MAC 79 Ltd. 1,794 1,573,229
0.6
Brencourt Enhanced Multi-Strategy International Ltd. 10,677 11,333,057
4.4
D. E. Shaw Oculus International Members Interest 8,500,000 8,297,802
3.2
Deephaven Global Multi-Strategy Fund Ltd. 8,500 8,508,898
3.3
Defender Ltd. 10,136 10,362,577
4.0
Enso Global Equities Fund Ltd. 14,200 13,574,403
5.2
Hard Assets 2X Fund Ltd. 8,500 8,584,481
3.3
IKOS Financial Too Fund 205,788 3,119,743
1.2
Ivory Offshore Flagship Fund Ltd. 1,200 1,226,401
0.5
Kaiser Trading Diversified 2X Segregated Portfolio 2,909 3,330,350
1.3
Kei Ltd. 3,323 4,008,407
1.6
King Street Capital Ltd. 14,956 5,274,233
2.0
Lansdowne UK Equity Fund 21,716 6,408,176
2.5
Oak Hill Credit Alpha Fund Offshore Ltd 7,100 7,245,408
2.8
Oldfield Partners, Overstone Global Equity Fund 129,045 17,436,506
6.7
Paulson Advantage Plus Ltd. 36,309 9,206,655
3.6
Platinum Grove Contingent Capital Offshore Fund Ltd. 16,300 16,145,313
6.2
Renaissance Institutional Equities Fund International 8,500,000 8,555,378
L.P. 3.3
Rye Select Broad Market XL Portfolio Ltd. 7,673 8,649,807
3.3
Third Avenue Value Equity Offshore Fund Ltd. 25,512 27,570,025
10.5
York Asian Opportunities Unit Trust 7,748 8,897,272
3.4
York European Opportunities Unit Trust 1,012,956 14,424,093
5.5
219,367,862 84.4
Private Equity & Specialty
AIG Brazil Special Situations Fund II L.P. 73,012 73,012
0.0
Coller International Partners V L.P. 1,350,000 1,350,000
0.5
Goldman Sachs Capital Partners VI L.P. 1,950,000 1,950,000
0.8
Greenpark International Investors III L.P. 3,120,980 4,438,506
1.7
MatlinPatterson Global Opportunities Partners III L.P. 1,001,054 1,001,054
0.4
Strategic Recovery Fund II L.P. 2,641,277 5,381,137
2.1
Terra Firma Capital Partners III L.P. 3,083,472 4,385,164
1.7
Thomas H Lee Parallel Fund VI L.P. 4,126,832 4,126,832
1.6
22,705,705 8.8
Total Investments 242,073,567
93.2
Short Term Notes
BNP 3,500,000 3,500,000
1.4
HBOS 3,500,000 3,500,000
1.4
Royal Bank of Canada 3,500,000 3,500,000
1.4
10,500,000 4.2
Cash 4,977,007
1.9
Other assets less liabilities 1,875,038
0.7
TOTAL 259,425,612 100.0
Management and Administration
Directors
B. P. Larcombe - Chairman (appointed 30 May 2007)
C.N. Anquillare, JP (appointed 30 May 2007)
M.P.S. Barton (appointed 30 May 2007)
M.D. Buckley (appointed 30 May 2007)
N.D. Moss (appointed 30 May 2007)
C. Le Tissier (resigned 30 May 2007)
W. Simpson (resigned 30 May 2007)
Investment Manager
Bramdean Asset Management LLP
100 Brompton Road
London SW3 1ER
Company Secretary, Administrator and Registered Office
RBC Offshore Fund Managers Limited
Canada Court
Upland Road
St Peter Port
Guernsey GY1 3QE
Custodian
Royal Bank of Canada (Channel Islands) Limited
Canada Court
Upland Road
St Peter Port
Guernsey GY1 3BQ
Sponsor and Placing Agent
Cenkos Securities plc
6,7,8 Tokenhouse Yard
London EC2R 7AS
Independent Auditors
PricewaterhouseCoopers CI LLP
PO Box 321
National Westminster House
Le Truchot
St Peter Port
Guernsey GY1 4ND
UK Solicitors to the Company
Simmons & Simmons
CityPoint
One Ropemaker Street
London EC2Y 9SS
Guernsey Advocates to the Company
Ogier
Ogier House
St. Julian's Avenue
St. Peter Port
Guernsey GY1 1WA
Registrar
Capita Registrars (Guernsey) Limited
2nd Floor
No. 1 Le Truchot
St. Peter Port
Guernsey GY1 4AE
This RNS announcement will be published on the Company's website,
www.bramdeanalternatives.com. The announcement will be published in print format
on the website by the end of this week.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FLLFLDFBZFBB
Bramdean � (LSE:BRAL)
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Bramdean � (LSE:BRAL)
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