TIDMCROP 
 
RNS Number : 5553C 
Ceres Agriculture Fund Limited 
17 November 2009 
 

Not for release, publication or distribution in or into the United States, 
Canada, Australia or Japan. 
Ceres Agriculture Fund Limited 
 
 
Discount control mechanism/ results of strategic review 
 
 
17 November 2009 - Ceres Agriculture Fund Limited ("Ceres" or the "Company"), a 
Guernsey domiciled, closed-ended investment company established to invest in an 
actively managed portfolio of exchange-traded agricultural commodity contracts 
and derivatives managed by FourWinds Capital Management ("FourWinds"), today 
announces the results of its strategic review. 
 
 
On 21 September 2009, the Board of Directors of the Company (the "Board") 
announced that a strategic review of the discount management mechanisms 
available to the Company, and potentially its corporate structure, was being 
undertaken. As part of that review the Board's advisers and FourWinds have 
spoken to shareholders holding in excess of 80 per cent of the share capital. In 
addition the Board has taken legal, financial and taxation advice on a number of 
alternative options and has considered the costs and timing implications of 
these options. 
 
The Board considers that a single intervention in the form of a tender offer 
would be insufficient to narrow the discount in a sustainable manner.  On the 
basis of the review, the option which the Board considers to be the most 
beneficial for the majority of shareholders at the current time and which, based 
on the views of the shareholders consulted, is likely to command the greatest 
support, is the implementation of a share buyback programme. This share buyback 
programme will have the aim of stablising the discount to net asset value at 
which the Company's ordinary shares trade and maintaining that discount within a 
narrower range. The Board expects the share buyback programme to continue until 
this objective has been achieved. 
 
 
The Board will monitor the effectiveness of its discount control policy and 
intends to review the position with regard to the discount and also the 
investment performance in six months time in order to consider whether any 
further action is necessary. 
 
 
Enquiries: 
 
 
FourWinds Capital Management, Investment Manager 
Kimberly Tara 
info@fourwindscm.com 
 
 
Cenkos Securities plc, Corporate Broker 
Will Rogers +44 (0)20 7397 1920 
Dion Di Miceli +44 (0)20 7397 1921 
 
 
HSBC Securities Services (Guernsey) Limited, Administrator 
Tel: +44 (0) 1481 707 000 
 
 
Citigate Dewe Rogerson, PR Advisor 
Sarah Gestetner /Lindsay Noton +44 207 638 9571 
 
 
Ceres is a Guernsey-domiciled Authorised Closed-ended investment scheme pursuant 
to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as 
amended and rule 6.02 of the Authorised closed-ended Investment Schemes Rules 
2008. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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