Queens Walk Makes Third Tender Offer For Listed Fund

Jul 21 2008 | 10:29am ET

A listed Cheyne Capital Management hedge fund, expecting further difficulty in the asset-backed securities market, has made a tender offer to buy back as much as 10% of its shares.

The €15 million (US$22 million) tender offer is Queen’s Walk Investment’s third such buyback in less than a year, after tender offers in September and December. Under the offer, Queens Walk will buy shares at €5 each, using as much as half of the fund’s current cash reserves. The plan will be put before shareholders at an extraordinary meeting on Aug. 12; in the meantime, the fund has suspended its share buy-back program until Aug. 8, when the tender offer expires.

Cheyne’s own ABS Opportunities Fund, the listed fund’s largest shareholder with a 59.3% stake, will participate in the tender offer.

Queen’s Walk shares are trading at a roughly 20% discount to net asset value.


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note