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BSX Approves Amendment To Investment Strategy For Argent Classic Convertible Arbitrage Fund Ltd.
Hamilton, Bermuda: 30 November, 2005 - The Board of Directors (the "Directors") of Argent Classic Convertible Arbitrage Fund Ltd. (the "Fund") wish to announce that with effect from 1st December 2005, an amendment to the investment strategy of the Fund has been approved by the Directors.
Investment Objective
The Investment Strategy of the Fund has been amended to include the following wording:
"€¦In addition the Fund may acquire securities that are exempt from registration under Rule 144A, as well as investment fund interests, including those managed by the Manager or offered by companies whose managers may be related to consultants of the Investment Consultant and/or overseen by the investment committee of such consultants. The Fund may invest in securities which may be rated or unrated."
The Investment Strategy of the Fund now reads:
The Fund's objective is to receive consistent income and profit production from a diversified portfolio of hedged Convertible Securities. The Fund will buy, sell and trade Convertible Securities and Related Securities whilst utilising hedging strategies in an attempt to minimise the risk of such investment. In addition, the Fund may acquire securities that are exempt from registration under Rule 144A, as well as investment fund interests including those managed by the Manager or offered by companies whose managers may be related to Consultants of the Investment Consultant and/or overseen by the investment committee of such consultants. The Fund may invest in securities which may be rated or unrated. It is also the policy of the Fund not to exceed a maximum leveraged position of 3 times the amount of capital invested in the Fund with the objective of averaging no more than 1.5 times the amount of capital invested in the Fund on an annual basis.
The Articles preclude the Fund from modifying this investment policy without first notifying the shareholders in advance of doing so. There is no assurance that the Fund will achieve its investment objective and potential investors are cautioned that a subscription in the Fund contains an element of risk.
Other than the above change there have been no other changes to the objectives or policy of the Fund.