For filings with the FSA include the annex

For filings with issuer exclude the annex 

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

New Star Absolute Return Fund PCC Limited Income Shares

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached 

No

An event changing the breakdown of voting rights

No

Other (please specify):______________

No

3. Full name of person(s) subject to notification obligation:

Midas Capital plc

4. Full name of shareholder(s) (if different from 3):

(see section 9 below)

5. Date of transaction (and date on which the threshold is crossed or reached if different):

09/05/2008

6. Date on which issuer notified:

13/05/2008

7. Threshold(s) that is/are crossed or reached:

5%

8: Notified Details 

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GB00B17J4K48

1,590,000

1,590,000

790,000

790,000

n/a

4.07%

n/a

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

n/a

n/a

n/a

n/a

n/a

Total (A+B)

Number of voting rights

Percentage of voting rights

790,000

4.07%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

CF Midas Balanced Income Fund - 365,000

(Registered: Bank of New York Nominees a/c3925131)

Chartwell Balanced Income - 35,000

(Registered: HSBC Global Custody Nominee(UK)Ltd a/c630426 

CF iimia Growth & Income Fund - 200,000

(Registered: HSBC Global Custody Nominee(UK)Ltd a/c949169

CF iimia Income Fund - 190,000

(Registered: HSBC Global Custody Nominee(UK)

Proxy Voting:

10. Name of proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

n/a

12. Date on which proxy holder will cease to hold voting rights:

n/a

13. Additional information:

Iimia plc, Miton Asset Management Ltd and Midas Capital Partners Ltd are all subsidiaries of Midas Capital plc

14 Contact name:

Helen Craig

15. Contact telephone name:

01392475972