Fri, 28/10/2005 - 07:03
Julius Baer is to reorganise its Diversified Fixed Income Hedge Fund into a Master/Feeder structure.
At an EGM held on 25 October, the shareholders of the Fund have approved the reorganisation of the Fund into a Master/Feeder structure. The reorganisation will be implemented on 3 January 2006.
The reorganisation will involve the transfer by the Fund of all of its assets to JB Diversified Fixed Income Master Hedge Fund (the "Master Fund"), a limited liability company incorporated on the 9 September 2005 under the laws of the Cayman Islands, in return for the issue of shares in the Master Fund. A further announcement will be made at the time of the reorganisation.
The following changes will also be made to the Fund:
1. Change in authorised share capital of Fund and creation of additional share classes
The shareholders of the Fund have approved the increase of the authorised share capital of the Fund and the creation of two Swiss Franc denominated share classes in the Fund, A CHF Shares and B CHF Shares and the introduction of an additional US Dollar denominated class of shares to be designated as "Class X Shares". The authorised share capital of the Fund has increased by CHF 25,000 divided into 2,500,000 ordinary shares of par value CHF0.01 each, which may be issued as A CHF Shares and B CHF Shares. The Fund's share capital has also been increased by USD 20,000 divided into 2,000,000 ordinary shares of par value USD 0.01 each which may be issued as A USD Shares, B USD Shares or Class X Shares.
The Fund will apply for the A CHF Shares and B CHF Shares to be admitted to the Official List of the ISE on 3 January 2006. It is not the current intention for the Class X Shares to be listed on the ISE.
2. Change of name of Fund
The shareholders of the Fund have approved the change of the name of the Fund from "Julius Baer Diversified Fixed Income Hedge Fund" to "JB Diversified Fixed Income Hedge Fund" effective immediately.
3. Amendment to Memorandum and Articles of Association of the Fund
The shareholders of the Fund have approved the amendments to the Memorandum and Articles of Association of the Fund consequential to the changes approved above, effective immediately.
4. Changes to investment restrictions
The investment objective and approach that were applicable to the investment of the Fund's portfolio of assets will be adopted by the Master Fund in the management of the Master Fund's portfolio of assets after the reorganisation. The investment restrictions that were applicable to the Fund will also be adopted by the Master Fund after the reorganisation save for the following that the shareholders of the Fund have approved:
The permitted level of leverage will be increased from five times the Net Asset Value of the Fund to eight times the Net Asset Value of the Master Fund. Consequentially the maximum permitted market value of total long (or total short) positions will also be increased from five times the Net Asset Value of the Fund to eight times the Net Asset Value of the Master Fund.
The limit of value at risk ("VaR") attributable to foreign exchange ("FX") will be increased from 2 per cent of Net Asset Value of the Fund to 2.5 per cent of the Net Asset Value of the Master Fund. The total VaR limit of 6 per cent will remain unchanged.
A new restriction on FX Leverage, of four times Net Asset Value of the Master Fund will also be introduced.
The restriction limiting the level of gross assets of the Fund that may be invested in illiquid securities to 20 per cent will be removed.
The amendments to the investment restrictions will take effect at the same time as the reorganisation of the Fund discussed above.
Revised listing particulars incorporating these changes will be prepared in due course.
The Julius Baer Diversified Fixed Income Hedge Fund is up 57.7 per cent since inception in January 2002, with assets under management of USD 1.7bn.
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