Fund of hedge funds AcenciA Debt Strategies Limited raised GBP 42,600,000 before expenses in its recent pricing and offer for subscription.
Under the structure of the issue, which was conducted by Bridgewell Securities Ltd and attracted a broad range of UK investors, all valid applications for shares received under the placing and offer for subscription have been accepted in full. Dealings in the shares were scheduled to commence on the London and Irish stock exchanges on Thursday 24 November.
The net proceeds of the issue are expected to be fully invested by 1 December, 2005. The company's investment objective is to produce returns in excess of LIBOR + 5 per cent over a rolling three-year period with annual standard deviation below 5 per cent. The board expects the company to pay an annual dividend of two thirds of total returns, capped at 3.5 per cent, of year-end Net Asset Value as cash or scrip.
The company will seek to achieve its investment objective through investment in an actively managed portfolio of predominantly debt-oriented hedge funds. The company has appointed Sandalwood Securities to act as its investment adviser.
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