Dexion News
September 2011
NB Global Floating Rate Income Fund Limited - Successful C Share issue
NB Global Floating Rate Income Fund Limited - Successful C Share issue of US$187 million
The board of directors of NB Global Floating Rate Income Fund Limited (the “Company") is pleased to announce that the Company has raised gross proceeds of approximately US$187 million by means of a Placing and Offer for Subscription of C Shares (the “Issue"). The Company has applied for admission of the U.S. Dollars C Shares and Sterling C Shares to listing on the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange ("Admission"), which is expected to take place on 5 October 2011. Oriel Securities Limited and Dexion Capital plc are acting as joint financial advisers, joint global co-ordinators and joint bookrunners. Oriel Securities Limited is also acting as sole sponsor to the Company.
Details of the Issue and Admission
• Subject to Admission, the Company has raised gross proceeds of US$187,206,164
• This significantly exceeds the Company’s target of raising in excess of US$100,000,000
• The Issue is expected to comprise 5,511,010 U.S. Dollar C Shares and 115,899,186 Sterling C Shares
• Following Admission on 5 October 2011, the Shares are expected to be traded under the ticker symbols NBCU.L / NBCU.LN for the U.S. Dollar Shares (ISIN: GG00B4WNWJ76), NBCS.L / NBCLN for the Sterling Shares (ISIN: GG00B6YSJD70)
William Frewen, Chairman of the Company, commented: “We are extremely pleased with the successful C share issue. Despite difficult market conditions we exceeded our target, reflecting ongoing investor demand for income generating investment products. In our opinion shareholders continue to be attracted by Neuberger Berman’s experienced bank loans team and track record combined with an investor-friendly structure.”
Background Information
The Company is a registered closed-ended investment company incorporated in Guernsey. It was launched in April 2011, raising approximately $507m. The Company is managed by Neuberger Berman Europe Limited, which has delegated certain of its responsibilities and functions to the sub-investment manager, Neuberger Berman Fixed Income LLC, both of which are indirect wholly owned subsidiaries of NB Group. The Company’s investment objective is to provide its shareholders with regular dividends, at levels that are sustainable, whilst growing the capital value of its investment portfolio over the long term. To pursue its investment objective, the Company will invest mainly in floating rate senior secured loans issued in U.S. Dollars, Sterling, and Euros by North American and European Union corporations, partnerships and other business issuers.
August 2011
Dexion Capital completes transition to full service boutique investment bank
Dexion Capital plc („Dexion‟), the boutique investment bank, today announced that it has brought its joint-venture corporate finance business, Katalyst Partners LLP, fully in-house.
The addition of a corporate finance department completes Dexion Capital‟s transition to a boutique investment bank focusing on the distribution of alternative funds and the provision of advisory services to the asset management industry.
The corporate finance team, led by Ravi Anand, previously a Managing Partner at Katalyst Partners LLP, will continue to undertake merger and acquisition activities in the asset management industry, as well as advising on fund transactions. Ravi also joins Dexion Capital plc‟s board.
Founded in July 2000 Dexion has raised more than $9.3 billion1 of capital for a broad range of alternative investment vehicles and advisory mandates over the last eleven years. Yesterday it was announced that Dexion Capital plc had, as Joint Placing Agents on behalf of Carador Income Fund Plc, raised approximately $75 million through a placing of C Shares. This comes in addition to the April completion of the IPO as joint book runner of NB Global Floating Rate Income Fund, raising $507 million. The year has also seen Dexion‟s appointment as corporate broker for two funds in the listed alternative investment sector.
Ana Haurie, Group Managing Director of Dexion Capital said: “Our long-held strategy has been to grow Dexion to ensure that we have the expertise and infrastructure to provide a top calibre, focused service to investors and fund managers alike. Dexion‟s talents in the alternative investment sector and their policy of investor led innovation are already well recognised. We are pleased to welcome Ravi and his team to help strengthen this service yet further.”
April 2011
NB Global Floating Rate Income Fund Limited – Results of Issue
The board of directors of NB Global Floating Rate Income Fund Limited (the “Company") is pleased to announce that the Company has raised gross proceeds of approximately US$507 million by means of a Placing and Offer of Shares (the “Issue").
The Company has applied for admission of its Shares to listing on the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange ("Admission"), which is expected to take place on 20 April 2011.
Oriel Securities Limited and Dexion Capital plc are acting as joint global co-ordinators and joint bookrunners. Oriel Securities Limited is also acting as sole sponsor and financial adviser to the Company.
Details of the Issue and Admission
• Subject to Admission, the Company has raised gross proceeds of US$507,336,372
• This significantly exceeds the Company’s initial target of raising in excess of US$200,000,000
• The Issue is expected to comprise 107,220,280 U.S. Dollar Shares and 243,973,227 Sterling Shares
• Following Admission on 20 April 2011, the Shares are expected to be traded under the ticker symbols NBLU.L / NBLU.LN for the U.S. Dollar Shares (ISIN: GG00B3P7S359), NBLS.L / NBLS.LN for the Sterling Shares (ISIN: GG00B3KX4Q34)
William Frewen, Chairman of the Company, commented:
“We are delighted by the response of investors to this offering, which occurs in an environment where investors are actively seeking flexible, yield-focused opportunities. We believe that shareholders were attracted by Neuberger Berman’s investment expertise together with what we believe to be a carefully-developed structure, which includes daily NAV publication.”
December 2010
BH Credit Catalysts Limited - Results of Offer 09.12.2010
BH Credit Catalysts Limited (the “Company"), a newly established closed-ended, Guernsey-incorporated investment company which will invest in Brevan Howard Credit Catalysts Master Fund Limited (the “Master Fund"), is pleased to announce that it has raised net proceeds of US$160 million through the issue of 6,986,765 Sterling Shares and 5,167,674 US Dollar Shares to investors pursuant to the Placing and UK Offer for Subscription described in the Company’s prospectus dated 19 November 2010 (the “Offer").
It is expected that admission to the Official List will become effective and that trading will commence on the London Stock Exchange at 8.00 a.m. on 14 December 2010.
Below is a link to the RNS:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10735531
September 2010
BlueCrest AllBlue Fund Limited - Results of Placing
Further to the announcement on 15 September 2010, BlueCrest AllBlue Fund Limited (the “Company") is pleased to announce the results of the placing for cash of new ordinary shares (the “Placing"), which was oversubscribed.
In aggregate, 52,592,649 new shares (the “Placing Shares"), representing 9.99 per cent. of the issued share capital, have been placed by RBS Hoare Govett Limited and Dexion Capital plc with new and existing investors (including BlueCrest employees), raising the equivalent of approximately £83.3 million of new monies (before expenses).
Richard Crowder, Chairman of the Company, said: “This is BlueCrest AllBlue’s second successful fundraising in four months. We are pleased to have been able to further expand and diversify the investor base by satisfying demand from existing and new investors.”
Pursuant to the Placing, the Company will issue:
• 46,363,168 new Sterling Shares at a price of 165.2p;
• 977,928 new Euro Shares at a price of €1.594; and
• 5,251,553 new US$ Shares at a price of US$1.597.
Subject to the conditions of the Placing being satisfied, each class of Placing Shares will be issued credited as fully paid and will rank pari passu in all respects with the Company’s existing ordinary shares of the same currency class. The Company will apply for, and the Placing is conditional upon, admission of the Placing Shares to the Official List of the Financial Services Authority and to trading on the London Stock Exchange’s market for listed securities (together, “Admission"). It is expected that settlement and Admission will take place on 28 September 2010.
The Placing Price in each case represents a premium of approximately 1.5% to the NAV as at 17 September 2010 and after the costs of the Placing this is NAV per share accretive for existing Shareholders.
It is anticipated that all or substantially all of the aggregate net proceeds of the Placing will be invested in the shares of AllBlue Limited by 1 October 2010, in accordance with the Company’s investment policy.
Accordingly, conditional on Admission, the Company’s issued share capital with effect from 28 September 2010 will be as follows:
Sterling Shares: 510,458,941;
Euro Shares: 10,766,999; and
US Dollar Shares: 57,819,649.
All shareholders have equal voting rights based on the number of shares held. Accordingly, the total number of voting rights in the Company is 578,595,589 (excluding 450,000 Sterling Shares held in treasury) and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA’s Disclosure and Transparency Rules.
June 2010
BlueCrest AllBlue Fund Limited - Results of Issue
The Board of BlueCrest AllBlue Fund Limited (the “Company") is pleased to announce that applications have been received pursuant to the Issue for C Shares with an aggregate value of approximately £348.6 million (using prevailing exchange rates as at 4.30 p.m. London time on 17 June 2010), comprising £309.5 million in respect of Sterling C Shares, EUR8.1 million in respect of Euro C Shares and US$47.8 million in respect of US$ C Shares.
Richard Crowder, Chairman of the Company, said: “This is the Company’s largest fundraising to date and its success is a testament to the Company’s track record of excellent performance. We have been delighted with the demand from existing and new investors and BlueCrest remains confident that market conditions are propitious for the Company’s future success.”
RBS Hoare Govett Limited and Dexion Capital plc acted as joint bookrunners to the Issue. RBS Hoare Govett Limited also acted as sole sponsor and corporate broker to the Issue.
May 2010
Dextra to be a specialist knowledge powerhouse for boards
A NEW compliance and corporate governance service, that will support company secretaries and their boards, is launched today.
Dextra is a trading division of Dexion Capital (Guernsey) Limited and will provide independent reviews of corporate governance, compliance and regulatory matters, company secretarial and company administration services for clients requiring tailored, flexible and cost-effective solutions.
The new venture is headed up by Anne Ewing and Carol Kilby and supported by a dynamic team with over 50 years combined technical industry experience.
Mrs Ewing has extensive knowledge of the financial services industry across the banking, insurance, asset, and fund management and regulatory advisory sectors. She joined Dexion Capital (Guernsey) Limited as a director in November 2009 and is a Fellow of the Institute of Chartered Secretaries, a Fellow of the Chartered Securities Institute, an Associate of the Association of Corporate Treasurers and has an MSc in Corporate Governance.
‘We have established a knowledge powerhouse against a compliance and risk landscape that is constantly evolving. Enforcement and heightened supervision is coming to the fore as global regulatory standards converge,’ said Mrs Ewing, who has 25 years experience in the finance industry.
Mrs Kilby is a Fellow of the Association of Chartered Certified Accountants and has worked for 20 years in Guernsey’s finance industry including accounting, banking and risk compliance roles and most recently in the corporate secretarial function. She joined Dexion Capital (Guernsey) Limited as a Director in March 2007.
‘Dextra will provide additional, independent, company secretarial support in an environment in which today’s company secretary plays a central role in the governance and administration of a company’s affairs, acting as a key adviser to the Chairman and board. Another core service offered by the company will be assurance of compliance in support of clients’ regulatory responsibilities alongside reviews of compliance arrangements,’ she said.
Dextra has a thorough understanding of the exacting corporate disciplines required and can deliver services through outsourcing or co-sourcing, by augmenting a client’s existing internal resources.
Dextra is located at 1 Le Truchot, St Peter Port, Guernsey GY1 1WD
April 2010
BlueCrest AllBlue Fund Limited C-share Issue: Dexion Capital plc and RBS Hoare Govett Limited appointed as joint bookrunners
Further to the announcement by the Company, on 31 March 2010, of the proposals for a further issue of equity securities (the “Issue"), the Board is pleased to announce the appointment of RBS Hoare Govett Limited and Dexion Capital plc as joint bookrunners to the Issue. RBS Hoare Govett Limited has been appointed as sole sponsor to the Issue.
During 2009, the NAV of the sterling shares of the Company increased from £1.2525 to £1.5225, a return of 21.6%. Over the year, AllBlue Limited, the fund into which the Company invests, recorded twelve consecutive positive months of performance. The strong performance has continued in 2010 and as at 9 April 2010, the date of the latest estimated NAV, the Company’s sterling shares had returned 4.1%.
It is proposed that the Issue will be structured as a placing and offer for subscription of C shares in the Company. It is currently anticipated that a prospectus will be published by the Company in mid-May 2010 and that the placing and offer for subscription will close in mid-June 2010. A further announcement containing details of the Issue will be issued in due course.
September 2009
MAN Investments and Dexion Capital announce the launch of MAN AHL Diversity
A world leading trend follower available to UK investors via UCITS III
Man Investments, a world leading alternative asset manager, and Dexion Capital Group, one of the
UK’s leading hedge fund advisory and marketing firms, have announced the launch of a new
UCITS III trend following product, Man AHL Diversity.
The product will be managed by AHL, a division of Man Investments and one of the largest and
most consistently successful trend following managers. Trend followers – often known as managed
futures managers – seek to exploit persistent trends and other market inefficiencies in a systematic
way using highly liquid futures markets. Their funds are designed to perform whether prices trend
up or down with the result that returns tend to be uncorrelated with traditional stock
Link to the full press release
March 2009
Dexion Capital Launches Market Making
Alternatives marketing and advisory firm, Dexion Capital, today announced that it has launched its Market Making operations which will leverage off the Group’s existing distribution capabilities and research expertise.
Market making will be headed by Richard Crawford and Roy Martin. Richard brings over 20 years’ experience trading in the closed ended fund market for JP Morgan and Roy has also joined from the investment trust team at JP Morgan. The team will initially make markets in about 50 listed funds in the hedge fund sector. The launch of Market Making is part of Dexion Capital’s move to position itself as a full service provider to its investor client base in the primary and secondary markets.
Ana Haurie, managing director of Dexion Capital, said: “Over the past nine years Dexion Capital has gained a strong reputation and presence in the hedge fund sector as a marketing and advisory
specialist. Our extensive sales distribution network encompasses a significant proportion of banks, institutional asset managers and private client investment advisory firms within the UK and across Europe. We have seen significant growth in listed alternative investment funds in recent years and believe that investors are in need of specialist capital market coverage in this area. Supported by our network of market intelligence and expertise we believe that Dexion is ideally positioned to address this demand. The addition of an experienced Market Making team to our existing sales and analytical research capabilities enables us to gain a strong footing as a ‘first call’ niche provider in this sector.”
September 2008
Rebecca Donaldson appointed Head of Marketing Communications for Dexion Capital plc
Leading hedge fund marketing and advisory firm Dexion Capital Plc today announced that Rebecca Donaldson has joined the firm as Head of Marketing Communications.
Rebecca will be responsible for satisfying the evolving requirement amongst investors for comprehensive communications and for accessible and timely information regarding the Dexion product range.
Prior to joining Dexion, Rebecca was Head of Communications at International Asset Management Limited. She has over 18 years’ experience in marketing communications and education within asset management, including previous roles at UBS and GAM. Rebecca will be assisted by Allison Tater, who has been transferred internally to the role of Marketing Associate. Allison was previously in equity research at the Bank of America and has over 15 years of investment experience.
Ana Haurie, Dexion’s Group Managing Director, said: “We are delighted to have been able to attract someone of Rebecca’s calibre to Dexion at this important moment in our growth. Dexion as a group has long been characterised by its innovative response to investor requirements. These latest changes are a clear commitment to our belief in the importance of keeping in touch with our investors."