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Snaefell II Alternative Investment Fund – Market Announcement
Hamilton, Bermuda – 07 January, 2014 – In a filing to the Bermuda Stock Exchange (BSX), Snaefell Alternative Investment Fund Limited (the “Company”) announced the release of financial results to year end 30 June, 2013. The filing read:
“Background information
Snaefell II Alternative Investment Fund Plc (the “Company”) is incorporated in the Isle of Man under the Companies Act 2006 as an “open-ended investment company” and is a specialist fund complying with the requirements of the Isle of Man Collective Investment Schemes (Specialist Fund) Regulations 2010 (the “Regulations”). The Company was incorporated on 17 February 2012.
The financial statements for the period 30 June 2013 were tabled and adopted at the Company’s Annual General Meeting held on 23 December 2013.
Financial Information
The statement of comprehensive income is set out on page 7 of the financial statements. The total comprehensive expense for the period 30 June 2013 was $462,903.
The statement of financial position as at 30 June 2013 is set out on page 8 of the financial statements. The net assets attributable to holders of redeemable participating shares, was $34,537,197 for the period ended 30 June 2013.
The statement of cash flow for the period ended 30 June 2013 is set out on page 10 of the financial statements. The cash at bank for the period ended 30 June 2013 was $4,585,095.
Investment movements as at 17 February 2012 were $64,724,825 compared to $29,961,834 as at 30 June 2013.
Post balance sheet events
Transfer of management shares
On 5 August 2013 a total of 100 management shares of US$1.00 each were transferred from Thomas Miller Investment (Isle of Man) Limited to BCB Paragon Trust Limited as Trustees of the Horseshoe Purpose Trust. Accordingly, BCB Paragon Trust Limited became the ultimate controlling party holding all the management shares in issue.
Listing
Following the period end an application was submitted to the Listing Committee of the Bermuda Stock Exchange. This application was approved on 4th September and consists of an unlimited number of non-voting participating redeemable preference shares under the regulations governing collective investment schemes and restricted to qualified investors as defined in Section I of the Bermuda Stock Exchange Listing regulations, being that the fund is marketed only to specialist investors, as required by the Isle of Man Collective Investment Schemes (Specialist Fund) Regulations 2010.
Should you have any queries please contact the Fund’s Administrator as follows:
Abacus Financial Services Limited
1st Floor, Sixty Circular Road
Douglas
Isle of Man IM1 1AE
Tel: +44 (0) 1624 689 750
Fax: +44 (0) 1624 689 602
Bermuda Listing Sponsor:
Appleby Securities (Bermuda) Limited
Attn: Mr. Sherman Taylor Tel: (441) 298-3582