Highbridge Multi-Strategy set for EGM to change investment policy – The board of Highbridge Multi-Strategy (HMSF) has this morning announced that having completed its review of the options available to the company and consulted with the company’s major shareholders, it intends to convene an EGM to seek shareholder approval to change HMSF’s investment policy.
Should the change to the investment policy be approved, it is intended that HMSF will, net of the cash exit opportunity described below, invest in the tactical credit fund managed by Highbridge Capital Management, as per the opportunity outlined by HCM in its letter dated 17 June 2019 and published by the HMSF.
TCF is a multi-strategy credit fund that seeks to generate return from relative value and idiosyncratic opportunities. TCF, which launched in November 2013, invests in six credit focused sub-strategies – mid-cap convertible credit, European convertible credit, capital structure arbitrage, event credit, income investments and distressed credit & reorganized equities.
Shareholders can opt for a cash exit
The proposals will also provide the company’s shareholders with an opportunity to receive a full or partial cash exit, at shareholders’ election.
HMSF say that full details of the proposals will be set out in a circular to shareholders. It is currently expected that the circular and notice of EGM will be posted to shareholders in late July 2019, and that the EGM will be held by no later than 14 August 2019.
HMSF: Highbridge Multi-Strategy set for EGM to change investment policy