Saturday, 18 April 2015
Last updated 16 hours ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…