Conversion Facility Results

RNS Number:9997E
New Star RBC Hedge250 IDX (3X GBP)
02 October 2007

                                   HEDGE ETS

            New Star RBC Hedge 250 Index Exchange Traded Securities

                                  PCC Limited

  (A closed-ended investment company incorporated in Guernsey with registered
number 45501 under the provisions of The Companies (Guernsey) Laws 1994 to 1996
      and The Protected Cell Companies Ordinance 1997 to 1998, as amended)



2 October 2007



                              CONVERSION FACILITY



New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited ("Hedge ETS
") announces that it has received Conversion Requests and effected Share
Conversions as set out below.


Class to be converted  Class to be converted to        Conversion ratio  Shares to be redeemed    Shares to be allotted
from


1X Euro Shares         1X Sterling Shares                    0.71217568                151,515                  107,905

1X Sterling            1X US$ Shares                         2.04336187              7,919,191               16,181,772

3X US$ Shares          3X Sterling Shares                    0.49022297                598,828                  293,559

3X Sterling Shares     3X Euro Shares                        1.40379713                 90,250                  126,692



The new Share capital as a result of the conversions is set out below.


                                              New Share capital


1X US$ Shares                                       138,794,543

1X Euro Shares                                       53,676,946

1X Sterling Shares                                   14,817,392

3X US$ Shares                                        31,075,282

3X Euro Shares                                        9,032,527

3X Sterling Shares                                    8,364,656



The Conversion Date was 28 September 2007, subject to admission of the newly
allotted shares to trading on the London Stock Exchange.

Following admission of the newly allotted shares to trading on the London Stock
Exchange, the Company's total issued share capital will consist of 255,761,346
shares.

An application has been made for the new Shares allotted pursuant to the Share
Conversions to be admitted to the Official List of the FSA and to unconditional
trading on the London Stock Exchange's market for listed securities at 8.00 a.m.
on 8 October 2007.


Expected Timetable


Unconditional dealings commence                                      8.00 a.m. on 8 October 2007

Expected date that CREST accounts will be debited / credited         8 October 2007
pursuant to Share Conversions

Expected date that new Share certificates and any balancing          8 October 20007
Share certificates will be despatched

Capitalised words in this announcement bear the meanings given to them in the
Company's articles of association.



Enquiries

Alison J Bilham, HSBC Securities Services (Guernsey) Limited
Tel: + 44 (0)1481 707213




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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