BlueCrest All Blue says its rolling 12 month discount floor provision has been triggered for its Sterling class of shares (the discount, based on the October month end figure, was too wide). This requires, in accordance with the Company’s articles of association, a continuation vote to be proposed for this class by way of ordinary resolution.
In the Board’s opinion, it is likely that the Company’s rolling 12 month discount floor provision will also be triggered for the US Dollar class of the Company’s shares by reference to the final NAV’s as at 30 November 2015, 31 December 2015 or 31 January 2016.
It is proposed that the continuation votes for both classes be held at the same time. Accordingly, the Board intends to post a circular to Shareholders in due course (but potentially before the continuation vote for the US Dollar class has been formally triggered). The circular will convene separate class meetings to be held at which the requisite continuation resolutions will be proposed.
In the event that a continuation vote in respect of either class of shares is not passed, the Company’s articles of association require the Directors, within 3 months, to put forward proposals to offer to redeem all of the Company’s shares of that class. However, where the class or classes of shares in respect of which a continuation vote is/are not passed collectively represent in aggregate 75 per cent. or more of the Company’s aggregate net assets, the Directors (at their discretion) may first put to all Shareholders proposals to offer to repurchase their shares or to reorganise, reconstruct or wind up the Company.
BABS / BABU : BlueCrest All Blue continuation vote triggered