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According to a communication obtained by Opalesque, Basis Capital confirmed that a third distribution of approximately US$36m, representing around 49% of the Basis Pac-Rim Opportunity Fund NAV (as at 28th February 2009), will be made this month of April.
Directors of Basis Pac-Rim Opportunity Fund previously sought approval, in the form of a circular dated 6th May 2008, from its shareholders to amend the Fund's Articles of Association to allow for a partial return of shareholders' capital as soon as possible. This approval was granted, and a compulsory redemption of shares and corresponding cash payment took place in July and October 2008. To date, US$145m has been returned to shareholders.
Basis' directors hereby give notice that a further 49% of remaining participating shares have been compulsorily redeemed and investors will receive a corresponding cash payment in the week commencing 6th April 2009.
According to the memo received, Basis says it remains the goal of this Fund to return as much cash to shareholders as soon as possible. It is envisaged that a fourth return of capital containing the sale proceeds of the remainder of the High Yield bond portfolio plus any proceeds from the remaining structured credit portfolio can be made around June 2009.
Sufficient cash will be left to attend to/cover winding up operations including Basis Yield Alpha salvage value, Lehman's (Europe) liquidation claim around US$450,000 and catching up on audits plu...................... To view our full article Click here
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