Tender Offer - Alternative Investment Partners Absolute Return Fund STS
Form Type: SC TO-I
Filing Date: 2025-02-25
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525034638
Filing Summary: On February 25, 2025, Alternative Investment Partners Absolute Return Fund STS initiated a tender offer for its shares, offering to purchase them from shareholders at their net asset value (NAV) determined as of a specified valuation date. The total transaction valuation is approximately $42.5 million. The offer is concurrent with similar tenders from the Offshore Fund and the Master Fund, with the Master Fund allowing up to 15% of its net assets for purchase. Shareholders can submit their tender requests up to the initial notice date of March 27, 2025, and withdraw their requests until the initial expiration date on April 7, 2025. Payments for accepted shares will be made in the form of a non-interest bearing promissory note, with an initial payment of at least 90% of the NAV and potential adjustments based on a subsequent audit. The document outlines various deadlines and conditions related to the tender offer, including the rights of shareholders to withdraw their tenders and the Fund's rights to extend or amend the offer.
Additional details:
Transaction Valuation: $42,488,579
Filing Fee: None
Initial Notice Date: 2025-03-27
Initial Expiration Date: 2025-04-07
Acceptance Date: 2025-04-23
Valuation Date: 2025-06-30
Fiscal Year End Date: 2025-12-31
Form Type: SC TO-I/A
Filing Date: 2025-02-25
Corporate Action: Tender-offer
Type: Update
Accession Number: 000119312525034620
Filing Summary: This document is an amendment to the Issuer Tender Offer Statement on Schedule TO, filed by Alternative Investment Partners Absolute Return Fund STS, regarding an offer to purchase shares of beneficial interest from its shareholders at their net asset value. The fund had previously announced an offer to repurchase shares in the amount of up to 15% of the net assets of the Master Fund. Shareholders were required to submit their tenders by a specified date and could withdraw their tenders until the expiration date. The document outlines that valid tenders totaling $2,298,193 were accepted for repurchase, and the net asset value calculations for the shares tendered were as of December 31, 2024. Payments were made via promissory notes on October 24, 2024, with an initial disbursement of $2,272,253 made by January 31, 2025. Shareholders are also entitled to a contingent post-audit payment based on the adjusted net asset value of their tendered shares after the annual audit.
Additional details:
Amount Of Filing Fee: $44,407,007
Issuer Name: Alternative Investment Partners Absolute Return Fund STS
Notice Date: 2024-09-27
Expiration Date: 2024-10-07
Total Tendered Value: $2,298,193
Net Asset Value Tendered Date: 2024-12-31
Promissory Note Payment Date: 2024-10-24
Total Initial Payment: $2,272,253
Post Audit Payment Information: Contingent on the annual audit adjustments.
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