Termination of Currency Hedging Arrangements
July 15 2010 - 2:00AM
UK Regulatory
TIDMGMNT
RNS Number : 3648P
Gottex Market Neutral Trust Limited
15 July 2010
Gottex Market Neutral Trust Limited (the "Company")
(a closed-ended investment company incorporated with limited liability under the
laws of Guernsey with registered number 46429)
15 July 2010
Notice of termination of existing currency hedging arrangements
After careful consideration, and in conjunction with a proposed second
distribution of cash to shareholders by way of a compulsory partial redemption
of shares, the Board has determined that it is no longer in the interests of
shareholders to maintain the existing currency hedging programme.
The currency hedging programme aims to remove, from the Net Asset Value ("NAV")
of the Company, the effects of changes in the rate of exchange between the US
Dollar and Sterling. In order to maintain a currency heding programme the
Company is required to maintain a cash position of between 15-20 per cent to
meet possible margin calls that might otherwise be distributed to shareholders.
Effective 30 July 2010 the underlying assets of the Company will be held
unhedged, in their base currency, US Dollars. Cash will generally be held in
Sterling but, for operational reasons, it is likely that small US Dollar
balances may be held from time to time. The removal of the currency hedging
will cause the NAV of the Compay to decline when, all else remaining equal, the
US Dollar declines against Sterling and to increase when, all else remaining
equal, the US Dollar rises against Sterling.
Shareholders whose base currency is Sterling may wish to consider arranging
their own hedging facility if they wish to reduce the risk of a reduction in NAV
caused by a decline in the US Dollar.
All Enquiries:
John Marren
Northern Trust International Fund Administration Services (Guernsey) Limited -
Company Secretary
Tel: 01481 745660
Fax: 01481 745077
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFVEDAISLII
Gottex Market (LSE:GMNT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Gottex Market (LSE:GMNT)
Historical Stock Chart
From Nov 2023 to Nov 2024