RNS Number : 3708J
Saltus European Debt Strategies Ltd
06 August 2012
SALTUS EUROPEAN DEBT STRATEGIES LIMITED
(Registered in Guernsey - Number 46912)
2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE,
ST PETER PORT, GUERNSEY GY1 3NQ
TELEPHONE: +44 1481 720321
FACSIMILE: +44 1481 716117
For immediate Release
6 August 2012
Saltus European Debt Strategies Limited
Change of name to
Alternative Liquidity Solutions Limited
At the Company's Annual General Meeting held on 13 July 2012, shareholders unanimously approved resolutions to restructure the Company. The purpose of the restructuring is to create a share class to enable a managed wind down and return of capital to those shareholders who wish to have their shares redeemed ("Run-Off Shares"). In addition, after the Board was approached by significant Shareholders wishing to stay invested but with a new investment objective, the restructuring also provides the alternative of a continuation class for those investors who prefer to remain invested ("Ordinary Shares") but with a new investment objective and policy to generate a gross internal rate of return of at least 20 per cent. per annum by acquiring and actively managing secondary hedge fund positions, both of a credit and distressed orientated nature as well as illiquid and unquoted equity positions.
The proposals approved by Shareholders also included that, in view of the intended change of Company's investment objective for the Ordinary Shares and the fact that the Company will no longer be focused upon investing solely in European credit hedge funds, its name be changed to Alternative Liquidity Solutions Limited to reflect better the intended future investment activities of the Company.
The Board is now pleased to announce that the name change was effected on 2 August 2012.
Notes to editors
Proposed equity fund raising to be conducted in the autumn to ensure that the net asset value attributable to the Ordinary Shares is at least £35m. All of the Ordinary Shares will be redesignated as Run-Off Shares and the entire Company wound down if the equity fundraise is not completed by 31 December 2012 or fewer than 40% of existing Shareholders elect to participate in the continuation class.
Butterfield Fulcrum Group (Guernsey) Limited
St Peter Port
Guernsey GY1 3NQ
Tel: 01481 720321
Fax: 01481 716117
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