Alternative Liquidity makes plans to expand – The board and the manager, Warana Capital have been exploring various growth strategies for Alternative Liquidity Fund. The board is now announcing proposals to introduce a new class of ordinary shares which, when issued, will be used to invest in a diversified portfolio of illiquid funds, funds of funds and other assets including the new segregated portfolio of the Warana SP Master Fund SPC. As part of these proposals it is intended that the existing ordinary shares will be re-designated as realisation shares and the existing assets would form a realisation portfolio. This realisation portfolio will be turned into cash as rapidly as possible [QD: which is what we thought was already happening] and the proceeds returned to realisation shareholders.
As part of the proposals the board is recommending that:
- the investment policy be amended;
- the current articles of association be amended and new articles adopted (including extending the continuation vote from being held at the annual general meeting in 2020 to 2023 and then every second year thereafter);
- shareholders give the board authority to allot and issue up to 100 million new ordinary shares for cash on a non pre-emptive basis; and
- grant the board the discretion to buy back up to 14.99 per cent of the ordinary shares
In addition, Sunrise Partners Limited Partnership and LIM Advisers Limited (the manager of the LIM Asia Special Situations Master Fund Limited), both substantial shareholders in the company, have indicated that they may subscribe for new shares.
ALF : Alternative Liquidity makes plans to expand