BlackRock Hedge Selector Ltd (the "Company") Cash Exit Results On 17 December 2012, the Company provided Cash Fund Shareholders with details of the terms and conditions for participating in a Cash Fund Shares Exit. The deadline for Cash Fund Shareholders wishing to participate to submit their Redemption Notices, as extended by an announcement of 29 January 2013, was 1.00 p.m. (Jersey time) on 4 February 2013. Redemption requests have been received from shareholders in respect of 7,281,871 Cash Fund Shares. Payment of the redemption proceeds (based on the Net Asset Value of Cash Fund Shares as at 31 January 2013, less the costs of implementing such disposal and any other deductions as the Directors, in their absolute discretion, deem appropriate) in respect of these redemption requests will be made to Cash Fund Shareholders on or around 11 February 2013, in the case of uncertificated Cash Fund Shareholders, and commencing 18 February 3013 in the case of Cash Fund Shareholders. In the announcement made on 17 December 2012, Cash Fund Shareholders were informed that if they did not participate in the Cash Exit, any Cash Fund Shares remaining in issue following the Cash Exit would be COMPULSORILY CONVERTED to UK Emerging Companies Shares, pursuant to the powers contained in the Company's Articles. Holders of 31,631 Cash Fund Shares did not elect to participate in the Cash Exit, and these shares will therefore be compulsorily converted into UK Emerging Companies Shares. This conversion will be implemented on or shortly after 11 February 2013. The number of UK Emerging Companies Shares that a Shareholder will receive as a result of a conversion will be equal to: A - B where: A = the aggregate Net Asset Value of the Cash Fund Shares to be converted as at 31 January 2013 less: (i) the costs and expenses of effecting the conversion and (ii) such other amount as the Directors may, in their absolute discretion, determine is appropriate to ensure fair treatment of the existing holders of UK Emerging Companies Shares. B = the Net Asset Value per Share of the UK Emerging Companies Shares as at 31 January 2013. Following this conversion the Company will seek the necessary clearances to delist the Cash Fund shares in due course. New discount management arrangements As previously announced, the Board recognises the importance that shareholders place on liquidity and discount control. The Board is currently taking legal, financial and taxation advice in relation to potential discount control mechanisms and will make a further announcement in due course. Enquiries: Ian Webster - 01534 600 802 BlackRock Investment Management (Channel Islands) Limited Will Rogers - 020 7397 1920 Sapna Shah - 020 7397 1922 Cenkos Securities plc Date: 5 February 2013 END -0- Feb/05/2013 16:33 GMT
BLACKROCK HEDGE SELECTOR LTD: Doc re Cash Exit Results
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