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|Anson posted out letters to beneficiaries of the Trust (ie the old shareholder list) last week, which detail the mechanics for the first cash distribution they are ready to make. See the anson client funds website:
Its 5.88p for CEAF, 10.58p for CECF/CED and 6.53p for JARF/JAC
Fees will go up if you stay in the trust after this payment, but there is a provision to elect to get the trustee to sell the rest of the assets in an auction if you want (it makes 100% economic sense for smaller players)
If you owned the shares directly you will receive these letters, but more likely it will be sent to your custodian/nominee. The timetable is short.
As these securities are not CREST settled etc anymore, and the procedure is quite laborious, I would expect the usual private client stockbrokers nominees (Barclays, HL, etc etc) to be tardy or even make a hash of setting up the corporate action to get responses from their investors.
So if you want your money you should get on to them!|
|My broker (Selftrade) sent me the takeover offer in July. For various reasons I did not pay any attention to it. Unable to find the official information about it on the anson-group website
But there is some other stuff about the Trust on Ask Jeeves
Search using "CECF 2010 Defaulting Note Trust"
23 June 2010
31 August 2011
23 August 2012
Not sure if the links work.|
|How do you understand that about tullett?|
|"Under the terms of the Company's Articles of Association as amended at the Extraordinary General Meeting and Class Meeting held on 19 February 2010, Shareholders are therefore due to receive a Final Capital Entitlement equal to the Net Asset Value of 185.28 pence per Share and, separately, an interest in the CECF 2010 Defaulting Note Trust. The Company's investments (excluding the Defaulting Note) have now matured and the Shares are being redeemed, with redemption proceeds expected to be paid to Shareholders on or around 5 March 2010".
(from RNS about CED Maturity and Redemption 2 March 2010)
I understand Tullett Prebon made a takeover offer for the Defaulting Notes in CECF 2010 at 3.78 pence per Note held. (Made in August and the offer has now lapsed I think)
I would be interested to know if anyone has a view on the possible value of the Notes.|
|I wonder if this could be used against the Directors of CED?
by Iain Martin on Feb 22, 2011 at 07:00
Investors plan legal action against Meteor over structured products
Meteor Asset Management may face legal action from a group of eight investors who lost money in structured products backed by Lehman Brothers.
Members of the group have each invested more than £100,000 in the products. They have complained to the Financial Ombudsman Service but plan to reject the FOS rulings in order to launch a legal challenge to try and recoup the full amount they invested.
The Financial Ombudsman Service (FOS) is limited to awarding compensation of up to £100,000 and investors who accept FOS rulings cannot then take their complaints to the courts. One of the members of the group, who has £150,000 invested, said they had been encouraged by a FOS ruling earlier this month against Meteor.
The FOS said the provider should have informed clients that Lehman Brother's credit rating had fallen below the Standard & Poor's A+ grade specified in the contract for Meteor Prima Growth Plan 7.
'We have told them in light of the recent FOS decision a full refund could save them a fortune in legal costs,' said the investor.|
|Oh and by the way, CED shares do not now exist. They were liquidated and the Glitnir note placed in a guernsey trust with the CED share register as the trusts beneficiaries. So if Weiss are sniffing they will only be able (i) to bid the trustees for the Glitnir bond or (ii) via the registrar make an offer to purchase beneficial interests in the defaulting note trust.
If they plan the former, I would not expect the trustees (Anson I think) to have a clue on the recovery value of the note so the trust is at risk of being pilfered. I would certainly encourage any former CED owners to make representations to the trustees that they are not interested in any bid for the note unless it is put to competitive tender via the ibank which is presently making the most active market in the bust Icelandic bonds|
|If Weiss a buyer no one should be a seller. I suspect glitnir recovery will be greater than 30% = 13p/CED share...probably in phases as liquidators carry on|
|No, but as soon as I hear I will let you know.|
|Any idea how much?|
|Offer via Weiss to buy residual shares apparently in the offing.|
|Finally got my money credited.
Any suggestions for similar investments ( apart from CED2) ?
|185.28p it is.|
|180 * 11 / 12 + 235 * 1 / 12 = 185p
plus possible Glitnir payouts sometime in the future|
|It makes it easier to work out what the final entitlement could be, but I agree it's misleading.|
|Yes, why indeed? are they deliberately trying to confuse - if so, why?|
|Yes but what is the point of illustrating u/l figures at a specific date when the final figure is not based on that but the preceeding 11 months average! Its a bit like that game show where the presenter says 'here's what you could have won'!|
|yes dave it's all very confusing as there are so many final entitilement figures.
My understanding of what I think they mean is:
222p if priced on u/l values averaged over final yr & if there are no defaults
180p if priced on u/l values averaged over final yr & if Glitnir defaults
291p if priced on u/l values at 13Jan & if there are no defaults
235p if priced on u/l values at 13Jan & if Glitnir defaults
[edit: BTW, I sold out recently because I think upside is limited (because of averaging ) unless they get something back from Glitnir ]|
What can't you follow?
|I can't follow this! ??? 14/01/2010 RNS
Based on the value of the Commodity Portfolio as at 13 January 2010, and
assuming the End Value+ of the Commodity Portfolio is the same, the Final
Capital Entitlement per Share on the Redemption Date would be approximately 291
pence+ subject to there being no counterparty default or any unforeseen
circumstances, and in the event of Glitnir Banki HF defaulting and having a zero
recovery rate and there being no insolvency of any other issuer of Debt
Securities held by the Company or any other event of default or any unforeseen
circumstances, the Final Capital Entitlement per Share on the Redemption Date
would be approximately 235 pence+.|
|Managed to sell some more CED at 192p which is pleasing given the subsequent fall in commodity prices.
The anticipated payout has softened by a couple of pence to 185p, and it must be hoped that the basket doesn't fall much further.|
|As each week goes by, the strength of the commodity basket is increasingly being negated by the averaging process. It now looks like a payout of 188p may be achieved if the basket remains constant for the final 12 weeks.
Notwithstanding the current strength, plus the possibility of an additional payout from Glitnir, I sold a few today at 190p. Given where the share price had been, I'm quite happy with the result.|
|A relatively quiet week for the basket of commodities, so very little change in the numbers.
187p still the anticipated payout on a no change basis.|
Highly unlikely, but it's not the total embarrassment it was. Add Glitnir back, and it would have performed well.
|Tilts - nice rise last week - you'll be in the money at this rate!|