ORBITA/ NOVUS / ABERDEEN ANNOUNCE CHANGES TO ITS GROUP OF COMPANIES

Date7-Jun-2010

 

Orbita Capital Return Strategy Limited

Orbita Capital Return Strategy (Euro) Limited

Orbita Capital Return Strategy (Sterling) Limited

Orbita European Growth Strategy Limited

Orbita European Growth Strategy (Dollar) Limited

Orbita European Growth Strategy (Sterling) Limited

Orbita Global Opportunities Strategy Limited

Orbita Global Opportunities Strategy (Euro) Limited

Orbita Global Opportunities Strategy (Sterling) Limited

Orbita Asian Growth Strategy Limited

Orbita Asian Growth Strategy (Euro) Limited

Orbita Asian Growth Strategy (Sterling) Limited

Orbita North American Growth Strategy Limited

Orbita North American Growth Strategy (Euro) Limited

Orbita North American Growth Strategy (Sterling) Limited

Orbita North American Growth Strategy (Singapore Dollar) Limited

Novus Natural Resources Strategy Limited

Novus Natural Resources Strategy (Euro) Limited

Novus Natural Resources Strategy (Sterling) Limited

Novus Global Emerging Markets Strategy Limited

Novus Global Emerging Markets Strategy (Euro) Limited

Novus Global Emerging Markets Strategy (Sterling) Limited

Novus Global Credit Opportunities Strategy Limited

Novus Global Credit Opportunities Strategy (Euro) Limited

Novus Global Credit Opportunities Strategy (Sterling) Limited

Novus Global Special Situations Strategy Limited

Novus Global Special Situations Strategy (Euro) Limited

Novus Global Special Situations Strategy (Singapore Dollar) Limited

Orbita Universal Strategies Limited

Aberdeen Investment Strategies Limited

(together the "Companies")

Further to the supplemental offering memoranda dated 17 February 2010, the boards of directors of the Companies have revised the Companies' offering memoranda and wish to announce the following:

1              Investment Policy

The Companies follow a 'multi-manager' investment approach. The Investment Manager allocates the assets of the Companies among a diversified group of Sub-Advisers. The Companies' assets are invested by the Sub-Advisers through Investment Vehicles.

 

In addition, assets of the Companies may be invested directly by a selected Sub-Adviser through an Investment Vehicle established as subsidiary entities of the Companies. Currently it is not intended that the Companies' assets be invested in such manner but the Directors reserve the right to do so in the future.

 

There are no restrictions on the type of instruments or type of markets in which Sub-Advisers may invest or the investment techniques which may be used.

2              Manager

Following the sale of part of the asset management business of The Royal Bank of Scotland Group Plc to Aberdeen Asset Management PLC (the "Transaction"), RBS Asset Management (Cayman) Limited is now a wholly owned subsidiary of Aberdeen Asset Management PLC.  Consequently the name of RBS Asset Management (Cayman) Limited was changed to Aberdeen Asset Management Cayman Limited.

As of 24 May 2010, the appointment of Aberdeen Asset Management Cayman Limited as Manager of the Companies has been approved by the Companies pursuant to the terms of the Management Agreement entered into between the Companies and Aberdeen Asset Management Cayman Limited.

The Manager is responsible for, among other things, selecting and supervising the Investment Manager, advising the Companies on the selection, appointment, supervision, removal or replacement of any service provider to the Companies and providing to the Companies such periodic reports of the performance of the Companies and the Sub-Advisers as shall be reasonably required by the Companies from time to time.

The Manager, with advice from the Investment Manager, is also responsible for the hedging strategy of the Companies and has appointed the Investment Manager to implement this strategy.

As at 31 March 2010, the Manager had assets under management of approximately US$6 billion.

3              Investment Manager

As of 24 May 2010, the appointment of Aberdeen Asset Managers Limited as Investment Manager of the Companies has been approved by the Companies pursuant to the terms of the Investment Management Agreement entered into between Aberdeen Asset Management Cayman Limited and Aberdeen Asset Managers Limited.

The Investment Manager is responsible for, among other things, seeking out and evaluating investment opportunities in accordance with the investment objectives and policies of the Companies, selecting and monitoring the Sub-Advisers to be retained by the Company, the allocation of assets, and other functions to advise and assist the Manager to perform its management functions on behalf of the Companies.

The Investment Manager is also responsible for implementing the Companies' hedging strategy and has discretion to enter into foreign exchange hedging transactions on behalf of the Companies.

The Investment Manager is authorised and regulated in the United Kingdom by the Financial Services Authority.

As at 31 March 2010, the Investment Manager was responsible for approximately US$66 billion of assets.

4              Directors

As part of the Transaction, Peter Tonissoo resigned as a director of the Companies with effect from 12 May 2010 and Victoria Brown, Martin Gilbert and Gary Marshall were appointed as directors of the Companies with effect from 12 May 2010.

5              Registered Office and Company Secretary

Maples Corporate Services Limited was appointed to provide the registered office function of the Companies with effect from 30 April 2010.

Maples Secretaries Limited was appointed as company secretary to the Companies with effect from 30 April 2010.

 

The company secretary receives a fee from the Companies for its services as company secretary negotiated at commercial rates for each of the Companies.  The company secretary is entitled, in addition to the company secretarial fees, to be reimbursed for all out-of-pocket expenses incurred by it.

6              Contact Details

The contact details for the new service providers are as follows:

Manager

Aberdeen Asset Management Cayman Limited

PO Box 309

Ugland House

Grand Cayman KY1-1104

Cayman Islands

Telephone: +1 345 949 8066

Facsimile: +1 345 949 8080

 

Investment Manager

 

Aberdeen Asset Managers Limited

1 Bread Street

Bow Bells House

London EC4M 9HH

United Kingdom

Telephone: +44 20 7463 6000

Facsimile: +44 20 7463 6001

 

Registered Office

 

Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman KY1-1104

Cayman Islands

Telephone: +1 345 949 8066

Facsimile: +1 345 949 8080

 

Company Secretary

 

Maples Secretaries Limited

PO Box 1093

Boundary Hall, Cricket Square

Grand Cayman KY1 1102

Cayman Islands

Telephone: +1 345 945 7099

Facsimile: +1 345 945 7100

 

For further information in relation to the above announcement please contact David Makin at the office of the Companies' Secretary, Maples Secretaries Limited (Tel: +1 345 814 5780 or david.makin@maplesfinance.com).