MENHADEN RESOURCE EFFICIENCY PLC — Net Asset Value 2019

Jan 15, 2019

National Storage Mechanism | Additional information

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Menhaden Plc - Leverage Limits

PR Newswire

London, January 15

Leverage Limits

Menhaden PLC’s current leverage+ limits are 200% on a gross method and 120% on a commitment method (calculated after offset of hedging or netting arrangements).

The Directors have decided to raise the commitment limit from 120% to 200% in order to increase flexibility and allow the Portfolio Managers to take appropriately sized positions in strategies and instruments designed to protect shareholders’ funds and hedge against market risk where that strategy or instrument does not meet the strict definition of a hedge under the AIFMD Rules.

The borrowing limit of a maximum of 20% of net asset value remains in place and this change to the leverage limit will only be utilised by investments designed to reduce the risk, and protect the capital, of the Company.

The change will become effective on 15 February 2019.

15 January 2019

Frostrow Capital LLP

Company Secretary

Tel: 0203 709 8734

+             For the purpose of the Alternative Investment Fund Managers (AIFM) Directive, leverage is any method which increases the Company’s exposure, including the borrowing of cash and the issue of derivatives. It is expressed as a ratio between the Company’s exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company’s positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions, as defined in the AIFM Directive, are offset against each other.