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BlueCrest AllBlue broadens capital base

BlueCrest AllBlue Fund, the investment company previously known as Close AllBlue, has unveiled a placing and offer for subscription of variably priced C shares.

The company will issue C shares denominated in sterling, euro and US dollars, with the placing targeted at professional investors and high net worth individuals.

The C shares will be available under a subscription offer in the UK only. The minimum subscription amount will be £50,000 or EUR55,000 or $80,000.

'The issue of C Shares is designed to overcome the potential disadvantages for both existing and new investors, which could arise out of a conventional fixed price issue of further ordinary shares of an existing issued class for cash,' the company said.

The different denominations of C shares will be treated discretely until the 'calculation time' ? the point at which the C shares will be converted into sterling, euro or US dollar shares as appropriate.

'At the Calculation Time, the net assets attributable to each class of ordinary shares then in issue, the net assets attributable to each class of C Share, and hence the Conversion Ratios, will be calculated,' the company said.

The net proceeds of the issue will be mostly invested in shares of AllBlue, a fund incorporated in the Cayman Islands that invests in other funds.

BlueCrest is the appointed investment manager of AllBlue.

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