Result of Cell Meetings and EGM

 

TIDMH3XS TIDMH3XU TIDMH3XE 
 
RNS Number : 6431L 
New Star RBC Hedge250 IDX (3X GBP) 
14 January 2009 
 

 
 
 
 
 
 
 
 
New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited 
Result of cell meetings and EGM 
14 January 2009 
 
Further to the announcement and Circular to Shareholders dated 22 December 2008 
the Board is pleased to announce that the resolutions proposed as special 
resolutions at the 1X Cell Meeting, 3X Cell Meeting and Extraordinary General 
Meeting were duly passed. 
 
 
These resolutions introduce compulsory redemption powers for the Board in 
respect of 1X Shares and 3X Shares and, as envisaged in the Circular, the Board 
hereby confirms its intention to compulsorily redeem the 3X Shares at Net Asset 
Value per Share on 1 April 2009. The Board does not currently intend to exercise 
these compulsory redemption powers in respect of the 1X Shares. 
 
Admission of the 3X Shares to trading on the LSE and to the Official List are 
expected to be cancelled at 8 a.m. on 2 April 2009. The Register in respect of 
the 3X Shares will be closed from 5.00 p.m. on 31 March 2009 and the last date 
for normal dealings on the LSE will be 27 March 2009. Thereafter dealings should 
be for cash settlement only and will be registered in the normal way if the 
transfer, accompanied by the documents of title, is received by Capita 
Registrars by 5.00 p.m. on 31 March 2009. If Shareholders dispose of their 3X 
Shares otherwise than through the LSE they must make their own arrangements with 
the other parties concerned as regards entitlements to redemption proceeds to be 
issued or distributed (as the case may be). 
 
 
3X Shareholders holding certificated Shares will be sent a cheque, which is 
expected to be despatched as soon as reasonably practicable after 15 May 2009 
and normally by 30 May 2009. This is due to the fact that, in normal 
circumstances, the Index Administrator will determine the final Index level for 
the end of each month on or about the 45th calendar day following the end of the 
month and the full redemption proceeds will normally be dispatched within 15 
days after the publication of the final Index level by the Index Administrator. 
 
Settlement of any cash payable in respect of 3X Shares in uncertificated form 
will be made through the creation of a payment obligation in favour of the 
relevant Shareholder's payment bank in accordance with CREST payment 
arrangements as soon as reasonably practicable after 15 May 2009 and normally by 
30 May 2009. 
 
 
As set out in the Circular and without limitation, the Swap Counterparty 
reserves the right to limit aggregate reductions by the Company and all of its 
other counterparties for any calendar quarter end on a pro-rata basis to no 
greater than 20 per cent. of the Index Notional Amount (a "Gate"). If a Gate is 
imposed, then any reduction which has not been fulfilled will be scheduled to 
occur on the subsequent calendar quarter end on a pro-rata basis. The process 
will be repeated until all reductions have been fulfilled. 
 
In addition, to the extent that Index funds representing more than 5 per cent. 
of the Index by Fund Weight for a given month (a) have limited or suspended 
redemptions, and/or (b) do not provide the Index Administrator with NAV Data, an 
Index Suspension Event shall be deemed to be in effect. In the event of an Index 
Suspension Event, the Index Administrator may delay determination and 
publication of the final Index Level for such month. 
 
 
In the event of a Gate being imposed or an Index Suspension Event settlement of 
the redemption proceeds in respect of the 3X Shares will be delayed. In such 
event the Company will make a Regulatory News Announcement. 
 
 
Expected Timetable 
 
+-----------------------------------------+------------------------------+ 
| Notice to terminate the swap            | 14 January 2009              | 
| arrangements in respect of 3X Cell      |                              | 
| given                                   |                              | 
+-----------------------------------------+------------------------------+ 
| Termination of the swaps                | 31 March 2009                | 
+-----------------------------------------+------------------------------+ 
| Valuation Day                           | 31 March 2009                | 
+-----------------------------------------+------------------------------+ 
| 3X Register closed                      | 5.00 p.m. on 31 March 2009   | 
+-----------------------------------------+------------------------------+ 
| Redemption of 3X Shares                 | 1 April 2009                 | 
+-----------------------------------------+------------------------------+ 
| Cancellation of admission of 3X Shares  | 8.00 a.m. on 2 April 2009    | 
| to the Official List and trading on the |                              | 
| LSE                                     |                              | 
+-----------------------------------------+------------------------------+ 
| Final Index level published             | by 15 May 2009               | 
+-----------------------------------------+------------------------------+ 
| Determination of final NAV              | 15 May 2009                  | 
+-----------------------------------------+------------------------------+ 
| Cheques despatched to Shareholders and  | from 15 May 2009             | 
| CREST payments                          |                              | 
+-----------------------------------------+------------------------------+ 
 
For further information, please contact: 
Alex Duncan 
New Star Asset Management 
Tel. [phone] 
 
David Benda / Nathan Brown 
Numis Securities Limited 
Tel. [phone] / 1426 
 
Notes 
 
The information in this announcement should be read in conjunction with the full 
text of the Circular. Capitalised terms used in this announcement shall, unless 
the context otherwise requires, bear the meaning given to them in the circular 
issued by the Company dated 22 December 2008. 
 
This announcement should not be construed as advice relating to legal, taxation 
or any other matters and does not constitute a recommendation to sell or the 
solicitation of an offer to subscribe for or buy, nor shall there be any sale 
of, any securities in any jurisdiction in which such offer, solicitation or sale 
would be unlawful or would impose any unfulfilled registration, publication or 
approval requirements on the Company or Numis Securities Limited. 
 
Copies of the special resolutions have been submitted to the UK Listing 
Authority and will shortly be available for inspection at the UK Listing 
Authority's Document Viewing Facility which is situated at: 
 
Financial Services Authority 
25 The North Colonnade 
Canary Wharf 
London 
E14 5HS 
Tel. [phone] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBIMATMMTBBIL