The company was registered in Bermuda as an exempted limited partnership on May 5, 1994.
The investment objective of the Partnership is to receive consistent income and profits from a diversified portfolio of hedged convertible securities. The Partnership is a Hedge Fund which buys, sells and trades convertible and related securities while utilizing hedging strategies in an attempt to minimize the risk of such investments. The Fund was closed to new investors on April 1, 1998, and has total assets of over $220 million.
The Fund is managed by Carrigaholt Holdings Ltd., the investment consultant, which has obtained a three year license, expiring on May 31, 1999, granting it the use of certain licensed convertible securities and market research data which it makes available to the Partnership. The data is used to develop the convertible hedge strategy for the Partnership and is the same as Carrigaholt Holdings Ltd. uses in their private client portfolios.
The issue is being introduced for listing under the restricted marketing provisions of the BSX, meaning that shares may only be distributed to Qualified Investors and may not be traded in lots with an initial value of less than U.S. $100,000.
Mr. Henry J. Cox, Managing Director of Carrigaholt Holdings Ltd, said, "We are delighted to receive approval from the BSX for the listing of Argent on the Exchange. Argent is the first limited partnership to be listed on the Exchange. As we develop further alternative investment vehicles, which are presently in the pipeline, we hope to also list these vehicles on the Bermuda Stock Exchange"
"The BSX welcomes this listing, which brings the total number of funds listed on the BSX to 112," said Mr. James S. McKirdy, Listing Manager of the BSX. "The BSX looks forward to listing more alternative investment vehicles such as the Argent Fund."
The listing of Argent Classic Convertible Arbitrage Fund (Bermuda) L.P. is sponsored by Bermuda International Securities Ltd., a wholly owned subsidiary of the Bank of Bermuda Ltd. in Hamilton, Bermuda.
For further information on the Fund, please contact Henry J. Cox at 441-292-9718. For additional information on the BSX, please contact Robin H. McPhee, Tel: 441-292-7212 or e-mail info@bsx.com, or visit the BSX Website at www.bsx.com