Pendragon Capital LLP

May 02, 2008 17:59 ET

Funds Managed by Pendragon Capital LLP Sell Securities of Crew Gold Corporation

LONDON, ENGLAND--(Marketwire - May 2, 2008) - Pendragon Capital LLP ("Pendragon") announces that on April 1, 2008, funds managed by Pendragon sold 1,750,000 common shares in the capital of Crew Gold Corporation ("Crew") through the facilities of the Toronto Stock Exchange resulting in securities owned by the funds representing approximately 12.24% of Crew's issued and outstanding common shares assuming the conversion of only the debentures owned by the funds managed by Pendragon.

As a result of this sale and other transactions carried out over the course of the month, as at April 30, 2008, funds managed by Pendragon own 15,230,417 common shares in the capital of Crew, and bonds convertible into 46,045,454 common shares of Crew. Assuming the conversion of only the debentures owned by the funds managed by Pendragon, the securities owned by the funds represent approximately 12.00% of Crew Gold's issued and outstanding shares.

Pendragon exercises control over the Crew securities in its capacity as investment manager of a number of funds, including the Pendragon (Master) Fund Ltd., the Pendragon (Convertibles) Fund Ltd., and the CASAM Pendragon Event Value Fund Ltd. The funds managed by Pendragon acquired the Crew securities for investment purposes only, and may acquire additional securities of Crew in the future.

Contact Information

  • Pendragon Capital LLP
    John Pennells
    44 207 907 8445