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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Close Enhanced | LSE:CED | London | Ordinary Share | GB00B05QHC32 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 186.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCED RNS Number : 5878C Close Enhanced Commodities Fund Ld 16 November 2009 Close Enhanced Commodities Fund Limited (the "Company") Update on the Company's Holdings The Company wishes to update Shareholders on the status of an issuer of one of the Debt Securities held by the Company. As Shareholders are aware, in order to fulfil its investment objective the Company purchased six Debt Securities, including one issued by Glitnir Banki HF. This Debt Security has a nominal value of GBP6,740,000 and accounts for approximately 19 per cent of the total nominal value of the Company's Debt Securities. In the event of a default by an issuer of a Debt Security purchased by the Company, the Company will rank as an unsecured creditor in respect of sums due from the issuer of that Debt Security. In such event, the Company may (in respect of that Debt Security) receive a lesser amount of money than the amount due pursuant to the terms of the Debt Security, may actually receive the money at a different time than would otherwise have been the case and/or the amount received may be zero. Any losses will be borne by the Company and returns to Shareholders would be significantly adversely affected. As a result of Glitnir Banki HF's reported failure to make payouts due on other outstanding debt obligations, the Board of the Company considers it likely that it may not pay in full on its obligation pursuant to the relevant Debt Security. Whilst recovery rates from issuers that default vary, and in this case are currently unknown, the worst case scenario would see the Company receive nothing from Glitnir Banki HF at the maturity of the Debt Security. The Winding-Up Board for Glitnir Banki HF has asked all parties claiming debts of any sort or other rights to submit claims by 26 November 2009. Consequently the Company has today submitted a claim form, claiming a total of GBP17,025,335.40 in respect of this Debt Security, such amount being equal to GBP2.52 per GBP1 nominal. The amount claimed should not be considered a forecast of the Final Capital Entitlement nor is it a reflection of the net asset value per Share. The Final Capital Entitlement per Share per the Company's investment objective will not be known until after the end of the life of the Company when the End Value of the Commodity Portfolio is known and may be higher or lower than the amount currently claimed. Shareholders should be aware that it is likely that Glitnir Banki HF may not pay the Company the full amount claimed or, indeed, anything at all. Any claims which are paid may be paid before or after the end of the life of the Company and in the case of early payment it may not be possible to reinvest the proceeds in Debt securities which replicate the investment characteristics of the original Debt Securities. Any claims which are paid may be paid in currencies other than Sterling and/or in forms other than cash. Any payments received by the Company may therefore be subject to currency fluctuations and/or other market movements. The Board of Directors will continue to update Shareholders as appropriate. Defined terms in this announcement shall have the meaning assigned to them in the Prospectus. For further information contact: Anson Fund Managers Limited Secretary Tel: 01481 722260 16 November 2009 E&OE - In transmission This information is provided by RNS The company news service from the London Stock Exchange END STRFGMMMVVVGLZM
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