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Alternative Market Briefing

Guernsey event-driven hedge fund up 10% YTD, to gain from Lighthouse takeover

Monday, May 13, 2019

B. G., Opalesque Geneva:

The Helium Rising Stars Fund, which follows an event-driven, special situations strategy, returned +3.4% in April in its GBP share class (3.2% in its CHF class), and announced that its largest fund holding had received a cash offer.

The fund's co-investment adviser, ISP Capital, reports in a monthly update seen by Opalesque on 10th May that the largest holding of the fund, London-based financial advice firm Lighthouse Group, received a cash offer from Intrinsic, a subsidiary of the wealth management company Quilter. The offer price is not very generous, but in the present guarded climate and continuing Brexit caution, other bidders appear reluctant to engage. If the takeover goes through, it would be a third large takeover for the fund since inception, with an investment profit in this case of more than £5m ($6.5m).

Alliance News and others reported the same day that Lighthouse' investors had approved the £46.2m cash takeover by Quilter. Quilter - part of Old Mutual Ltd until June 2018 - made a 33 pence per share cash offer for Lighthouse which represented a 25% premium to its share price at the time. Shares in Lighthouse were 1% lower at 32.66 pence and Quilter' shares were up 0.5% at 143.90p on 10th May.

The Cayma......................

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