![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Newstar Rbc 3X� | LSE:H3XS | London | Ordinary Share | GG00B1FBHF85 | RED PREF SHS NPV (3X GBP) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8200D New Star RBC Hedge250 IDX (3X GBP) 13 September 2007 HEDGE ETS New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited (A closed-ended protected cell company incorporated in Guernsey with registered number 45501 under the provisions of The Companies (Guernsey) Laws 1994 and The Protected Cell Companies Ordinance 1997 to 1998, as amended) 13th September 2007 Preliminary Statement of Results for the period ended 30 June 2007 New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited (the " Company" or "Hedge ETS") today announces its preliminary results for the period ended 30 June 2007. Highlights for the period ended 30 June 2007 * Hedge ETS launched in November 2006 raising $150 million * Number of share issues during the period raising approximately $150 million * Shareholders' funds at 30 June 2007 were $326.7 million * Positive monthly returns for each month to 30 June 2007 1X 3X $ Euro # $ Euro Euro NAV at 30 June 2007 1.0543 1.0464 1.0538 1.1485 1.1370 1.1464 % increase since launch 5.4% 4.6% 5.4% 14.9% 13.7% 14.6% Share price at 30 June 2007 1.08 1.08 1.08 1.20 1.20 1.20 % increase since launch 8.0% 8.0% 8.0% 20.0% 20.0% 20.0% For further information please contact: Ravi Anand, New Star Asset Management Limited, 020 7225 9292 About Hedge ETS The objective of Hedge ETS is to provide access to performance representative of the hedge fund asset class. The investment policy of the company is to provide access to such performance through investment exposure to the RBC Hedge 250 Index (the "Index"). The 1X Cell seeks to achieve its investment objective by entering into a swap agreement with Royal Bank of Canada designed to provide unleveraged exposure to the performance of the Index. The 3X Cell seeks to achieve its investment objective by entering into a swap agreement with Royal Bank of Canada designed to provide approximately three times' exposure to the performance of the Index. Chairman's report I am pleased to present the Company's first report and accounts since its launch on 29 November 2006. The Company seeks to provide access to performance representative of the hedge fund asset class through exposure to the RBC Hedge 250 Index. Performance During the period to 30 June 2007, the net asset values ("NAV") (before deducting launch costs of approximately 2.1%) rose 5.4%, 4.6% and 5.4% for the 1X dollar, euro and sterling classes of shares respectively and 14.9%, 13.7% and 14.6% for the 3X dollar, euro and sterling classes of shares respectively. During this period, the shares continuously traded at a premium to their NAVs and provided returns of 8% for the 1X shares and 20% for the 3X shares. The monthly NAV returns have been positive for each month to 30 June 2007 reflecting the positive returns from the underlying hedge fund strategies. Share issues As envisaged at the Company's launch, the Company has actively issued shares to meet investor demand. The initial launch raised $150 million whilst two subsequent large share offerings and two 'tap' offerings during the period to 30 June 2007 raised approximately an additional $150 million for the Company. The Company expects to continue to meet demand through regular share issues and has recently obtained shareholder approval to issue 'C' shares, which provide a cost-effective method of issuing shares without the risk of dilution to existing shareholder investors. Redemption facility The Directors have the discretion to operate a quarterly redemption facility. The Directors have exercised this discretion for the first time for the quarter to 2 January 2008. Notices for redemptions were required to be received by 4 September 2007; redemption requests for 1,038,077 1X shares were received (representing 0.5% of the issued 1X share capital) and no redemption requests were received for the 3X shares. Share price rating The Directors believe it is appropriate for the Company's shares to trade at or around NAV and intend - subject to normal market conditions, accuracy of the Index hedge fund valuations and closed periods - to utilise their ability to buy back shares at a discount to NAV, exercise redemption facilities and issue shares to facilitate such a rating. Any share repurchases will be made at a narrow discount, and share issues at a small premium, to the latest estimated NAV. This NAV is calculated using the Index value as reported on RBC's website, www.rbchedge250.com, the marked to market value of collateral held (currently short-dated US treasuries) and the Company's fees and expenses as set out in its latest Prospectus. Outlook In line with hedge fund industry returns, the Company's NAV fell during July and August 2007 while the prices of the 1X and 3X shares fell by a larger margin as their premiums over NAV narrowed. Although negative sentiment and market turbulence affected returns in July and August, short-term volatility provides many opportunities for hedge funds, whose incentivised and talented managers seek to generate absolute returns. Your Company, by providing diversified exposure to more than 250 hedge funds selected on a rules-based methodology, is well placed to capture such returns for investors with minimal exposure to significant single manager or single strategy risk. Christopher Sherwell 13 September 2007 Balance Sheet as at 30 June 2007 1X Cell 3X Cell Total US$ US$ US$ Financial assets at fair value 259,195,140 70,593,266 329,788,406 through profit or loss (cost: 1X Cell US$: 250,310,776; 3X Cell US$: 64,908,801) Unrealised gain on open forward 652,337 161,030 813,367 exchange contracts Cash and cash equivalents 1,741,413 554,261 2,295,674 Other receivables 73,000 19,765 92,765 Total assets 261,661,890 71,328,322 332,990,212 Liabilities Swap interest payable 2,869,361 2,227,576 5,096,937 Investment management fees payable 333,723 98,324 432,047 Administration fees payable 33,634 10,235 43,869 Share issuance costs payable 206,000 100,000 306,000 Other payables 350,217 53,175 403,392 Total liabilities 3,792,935 2,489,310 6,282,245 Equity Share premium 242,942,647 61,785,522 304,728,169 Accumulated capital gains 14,926,308 7,053,490 21,979,798 Total equity 257,868,955 68,839,012 326,707,967 Total equity and liabilities 261,661,890 71,328,322 332,990,212 1X Cell 3X Cell Net Asset Value US$ share class US$129,704,971 US$36,377,058 Euro share class Euro59,412,211 Euro10,125,624 Sterling share class #23,845,698 #9,356,173 Shares in issue US$ share class 123,030,271 31,674,110 Euro share class 56,778,461 8,905,835 Sterling share class 22,628,678 8,161,347 Net Asset Value per Share US$ share class US$1.0543 US$1.1485 Euro share class Euro1.0464 Euro1.1370 Sterling share class #1.0538 #1.1464 Income Statement for the period from 19 September 2006 (date of incorporation) to 30 June 2007 1X Cell 3X Cell Total US$ US$ US$ Income Interest 418,467 98,841 517,308 Other income 1,064,250 592,774 1,657,024 Investment income 1,482,717 691,615 2,174,332 Expenses Swap interest expense 5,036,095 4,114,961 9,151,056 Investment management fees 897,797 256,373 1,154,170 Directors' fees 42,953 10,500 53,453 Audit fees 72,917 17,348 90,265 Administration fees 69,675 19,958 89,633 Custodian fees 21,613 6,777 28,390 Other expenses 225,007 91,249 316,256 Operating expenses 6,366,057 4,517,166 10,883,223 Net investment expense (4,883,340) (3,825,551) (8,708,891) Net realised and unrealised gains/(losses) on investments and foreign exchange Net realised gain on investments 11,122,414 5,298,302 16,420,716 Net realised gain on foreign exchange (849,465) (264,754) (1,114,219) Net change in unrealised gain on investments 8,884,362 5,684,463 14,568,825 and swap agreements Net change in unrealised gain on open forward 652,337 161,030 813,367 exchange contracts Total net realised and unrealised gains on investments 19,809,648 10,879,041 30,688,689 and foreign exchange Return for the period 14,926,308 7,053,490 21,979,798 Earnings per Share 1X Cell 3X Cell US$ share class US$0.0793 US$0.3987 Euro share class Euro0.0982 Euro0.3408 Sterling share class #0.0764 #0.3230 Statement of Changes in Equity for the period from 19 September 2006 (date of incorporation) to 30 June 2007 1X Cell 3X Cell Total US$ US$ US$ Balance at date of incorporation - - - Return for the period 14,926,308 7,053,490 21,979,798 Share premium Subscriptions, net of transfer between classes 246,062,227 62,461,927 308,524,154 Share issuance costs (3,119,580) (676,405) (3,795,985) Total share premium 242,942,647 61,785,522 304,728,169 Balance at 30 June 2007 257,868,955 68,839,012 326,707,967 Cash Flow Statement for the period from 19 September 2006 (date of incorporation) to 30 June 2007 1X Cell 3X Cell Total US$ US$ US$ Cash flows from operating activities Return for the period 14,926,308 7,053,490 21,979,798 Adjustments to reconcile profit for the financial period to net cash from operating activities: Purchases of investments (1,253,708,989) (295,374,013) (1,549,083,002) Sale of investments 1,003,398,212 230,465,210 1,233,863,422 Unrealised gain on investments and swap agreements (8,884,362) (5,684,463) (14,568,825) Increase in unrealised gain on open forward exchange (652,337) (161,030) (813,367) contracts Swap interest payable 2,869,361 2,227,576 5,096,937 Investment management fees payable 333,723 98,324 432,047 Administration fees payable 33,634 10,235 43,869 Other receivable (73,000) (19,765) (92,765) Other payables 350,216 53,175 403,391 Net cash used in operating activities (241,407,234) (61,331,261) (302,738,495) Cash flows from financing activities Subscriptions, net of transfer between classes 246,062,227 62,461,927 308,524,154 Share issuance costs (3,119,580) (676,405) (3,795,985) Share issuance costs payable 206,000 100,000 306,000 Net cash provided by financing activities 243,148,647 61,885,522 305,034,169 Net increase cash and cash equivalents 1,741,413 554,261 2,295,674 Opening cash and cash equivalents - - - Ending cash and cash equivalents 1,741,413 554,261 2,295,674 Supplementary cash flow information: Interest received 394,585 92,572 487,157 Interest paid (3,798) (920) (4,718) Notes 1 Accounting policies (a) Statement of compliance Whilst the financial information in this preliminary announcement has been computed in accordance with International Financial Reporting Standards ("IFRS "), this announcement does not itself contain sufficient information to comply with IFRS. The financial statements are presented in United States dollars ("US$"). (b) Basis of preparation The accounting policies used in arriving at the preliminary figures are consistent with those which will be published in the full financial statements. The financial statements have been prepared on a historical cost basis, except for financial instruments classified at fair value through profit or loss that have been measured at fair value. The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilised in preparing its financial statements are reasonable and prudent. Actual results could differ from these estimates. The Company has not early adopted IFRS 7 "Financial Instruments: Disclosures which will enhance requirements of IAS 32 and 39 for annual periods commencing on 1 January 2007. 2 Derivative Contracts Each Swap is valued on the basis of the latest valuation provided by Royal Bank of Canada. The valuation of each Swap is dependent, among other things, on RBC Capital Markets Corporation (the "Index Administrator") determining the level of the RBC Hedge 250 Index (the "Index") in accordance with the Index Rules. The Index level may reflect estimates of the net asset value of all or some of the hedge funds provided by administrators or managers of the relevant hedge funds. Further, the Index level may be estimated by the Index Administrator. The Index Administrator is a wholly owned affiliate of Royal Bank of Canada. 3 Annual General Meeting The Annual General Meeting will be held at 4.30pm on 31 October 2007 at Arnold House, St. Julian's Avenue, St Peter Port, Guernsey, GY1 3NF, Channel Islands. 4 Approval of financial statements The financial statements were approved by the Directors on 13 September 2007. This preliminary statement is not the Company's statutory financial statements. The above results for the period to 30 June 2007 have been agreed with the auditors and are an abridged version of the Company's full financial statements. The full financial statements have yet to be published or filed with the Guernsey Financial Services Commission. It is expected that the full financial statements will be posted to shareholders in September 2007. The audit report on the full financial statements for the period ended 30 June 2007 is yet to be signed by the auditors. By Order of the Board HSBC Securities Services (Guernsey) Limited 13 September 2007 This information is provided by RNS The company news service from the London Stock Exchange END FR SFMFLDSWSEDU
1 Year Newstar Rbc 3X� Chart |
1 Month Newstar Rbc 3X� Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions