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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ceres Agricul. | LSE:CROP | London | Ordinary Share | GG00B28B2R95 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.915 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCROP RNS Number : 0507M Ceres Agriculture Fund Limited 18 May 2010 18 May 2010 Ceres Agriculture Fund Limited - Interim Management Statement Ceres Agriculture Fund Limited ("Ceres" or the "Company"), a Guernsey domiciled, Authorised Closed-ended investment scheme established to invest in an actively managed portfolio of exchange-traded agricultural commodity contracts and derivatives, managed by FourWinds Capital Management ("FourWinds"), today issues its Interim Management Statement for the period from 1 January to 30 April 2010 (the "Period"). Performance during the Period Overall, the net asset value ("NAV") per ordinary share ("Share") of Ceres decreased by 3.98% over the Period. Performance during the Period was negatively impacted by the Company's medium term fundamental traders specializing in sugar, as well as by discretionary macro traders focusing across all four agriculture complexes (grains, fibers, tropicals and livestock). Some of these losses were offset by gains from the Company's medium to long term fundamental traders in the grains and livestock markets. The contribution by sector during the Period was as follows: Grains -0.09% Fibers -0.17% Tropicals -3.38% Livestock +0.32% Other -0.66% However, as a comparable, during the Period, the DJ UBS Agriculture Index (the "Index") lost 10.78%. Price action across commodities heavily differed depending on money flows, technicals (in terms of chart posture), and perceived fundamentals. The Index declines were primarily driven by significantly lower prices during the Period in the sugar markets and lower prices across the entire grain and soy complex. Livestock markets including live cattle, feeder cattle, and lean hogs, along with cotton, coffee, and orange juice provided positive performance for the Index (as they did for Ceres). As expected, money flows driven by increased overall interest in tangible exchange traded products, such as commodity futures and options, played a key role in the short term price movements during the Period. Additionally, traders watched, and managed risk around, global macro economic factors such as the Greek debt crisis, whilst measuring the repercussions from any additional U.S. financial regulation. During the Period, most agriculture markets moved in favour of individual fundamentals. Many commodity prices, such as corn, soybeans, cattle, and cotton trended according to supply and demand numbers such as crop production, export demand, and cattle on feed. The grain complex entered 2010 under fire as prices tumbled due to bearish supply and demand reports. In the tropicals complex, sugar made the most news as it soared to 30 year highs in January 2010 before falling nearly 50% by the end of April 2010. This whipsaw in price action in sugar negatively impacted the Company's bullish and relative value traders as price action was adverse and highly volatile. However, agriculture commodities' implied volatility levels continued to decline, and as a result, ended the Period closer to historical averages. This retracement negatively impacted the Company due to its long volatility strategy. Entering the month of January 2010, the grain markets had to digest the bearish news provided by the January 12th United States Agriculture Department ("USDA") crop production and grain stocks reports. This, coupled with an expected record level South American grain and soy harvest, sent prices sharply into decline. Corn prices lost 11.6% and soybean prices lost 4.8%. During the Period, the Company's fundamental traders let pre-positioned trades work in their favour, while adding on to their bearish convictions on any bounces in prices. Long term strategies in the livestock complex proved to be successful due to decreasing market ready supplies and sharply higher beef and pork prices which supported both the lean hogs and live cattle markets during the entire Period. Live cattle prices rose 9.6% due to the drop in feeder cattle placements, market ready fat cattle, and higher beef prices. These dynamics have positively impacted pricing across the entire curve structure in the livestock markets, which made for a conducive trading environment for the Company's fundamental traders. Tropicals and fibers were a mixed bag during the Period, with the headlining commodity in those sectors being raw and white sugar. Varying supply deficits, increased speculative participation, and forced liquidation all played a significant role in the adverse conditions witnessed in the sugar markets. Sugar prices gained 10% in January 2010 before toppling almost 50% by the end of April 2010. This was a result of increased speculative participation and changing deficit fundamentals. As the market moved lower, the Company's traders were forced to cover long positions in what they believed was still a bullish market. Volatility rapidly increased in sugar during the Period due to this divergence between bearish technicals and bullish fundamentals. Cotton prices increased 9.5% as increased demand, on the back of historically low U.S. ending stocks, and generally low projections for seeded acres kept a bid underneath prices. Traders found small positive returns on the long side of cotton during the Period. Latest estimated NAV The unaudited estimated NAV per ordinary share of the Company as at 7 May 2010 (as announced on 14 May 2010) was US$0.96. Performance since admission to trading A summary of the monthly performance of the Company since its ordinary shares were admitted to trading on the London Stock Exchange in November 2007 is set out below. Performance (USD Ordinary Shares): +----------+------------+------------+-------------+---------+ | DATE | Official | NAV/share | Fund | DJ-UBS | | | Rounded | to four |Performance | | | |NAV/share* |decimals** | | AG TR | | | | | | Index | +----------+------------+------------+-------------+---------+ |31/12/07 | 1.02 | 1.0170 | 1.70% | 7.86% | +----------+------------+------------+-------------+---------+ |31/01/08 | 1.03 | 1.0321 | 1.48% | 6.61% | +----------+------------+------------+-------------+---------+ |29/02/08 | 1.06 | 1.0558 | 2.30% | 16.21% | +----------+------------+------------+-------------+---------+ |31/03/08 | 1.04 | 1.0410 | -1.40% |-16.05% | +----------+------------+------------+-------------+---------+ |30/04/08 | 1.05 | 1.0452 | 0.21% | 1.98% | +----------+------------+------------+-------------+---------+ |31/05/08 | 1.05 | 1.0496 | 0.41% | -1.83% | +----------+------------+------------+-------------+---------+ |30/06/08 | 1.09 | 1.0903 | 3.88% | 14.92% | +----------+------------+------------+-------------+---------+ |31/07/08 | 1.07 | 1.0718 | -1.70% |-10.58% | +----------+------------+------------+-------------+---------+ |31/08/08 | 1.07 | 1.0706 | -0.11% | -4.57% | +----------+------------+------------+-------------+---------+ |30/09/08 | 1.05 | 1.0478 | -2.13% |-15.75% | +----------+------------+------------+-------------+---------+ |31/10/08 | 1.04 | 1.0422 | -0.54% |-16.48% | +----------+------------+------------+-------------+---------+ |30/11/08 | 1.04 | 1.0371 | -0.75% | -4.44% | +----------+------------+------------+-------------+---------+ |31/12/08 | 1.04 | 1.0371 | 0.01% | 5.64% | +----------+------------+------------+-------------+---------+ |31/01/09 | 1.03 | 1.0291 | -0.77% | -1.39% | +----------+------------+------------+-------------+---------+ |28/02/09 | 1.02 | 1.0235 | -0.54% | -7.89% | +----------+------------+------------+-------------+---------+ |31/03/09 | 1.02 | 1.0195 | -0.39% | 5.73% | +----------+------------+------------+-------------+---------+ |30/04/09 | 1.03 | 1.0292 | 0.62% | 4.92% | +----------+------------+------------+-------------+---------+ |31/05/09 | 1.05 | 1.0456 | 1.60% | 11.46% | +----------+------------+------------+-------------+---------+ |30/06/09 | 1.03 | 1.0322 | -1.28% | -9.69% | +----------+------------+------------+-------------+---------+ |31/07/09 | 1.03 | 1.0257 | -0.63% | 0.72% | +----------+------------+------------+-------------+---------+ |31/08/09 | 1.01 | 1.0148 | -1.06% | 1.77% | +----------+------------+------------+-------------+---------+ |30/09/09 | 1.01 | 1.0112 | -0.36% | -1.65% | +----------+------------+------------+-------------+---------+ |31/10/09 | 0.98 | 0.9834 | -2.74% | 2.90% | +----------+------------+------------+-------------+---------+ |30/11/09 | 0.98 | 0.9770 | -0.67% | 6.93% | +----------+------------+------------+-------------+---------+ |31/12/09 | 0.98 | 0.9779 | 0.05% | 1.08% | +----------+------------+------------+-------------+---------+ |31/01/10 | 0.99 | 0.9940 | 1.58% | -9.00% | +----------+------------+------------+-------------+---------+ |28/02/10 | 0.98 | 0.9776 | -1.64% | 3.09% | +----------+------------+------------+-------------+---------+ |31/03/10 | 0.96 | 0.9632 | -2.08% | -7.98% | +----------+------------+------------+-------------+---------+ |30/04/10 | 0.94 | 0.9423 | -1.85% | 3.36% | +----------+------------+------------+-------------+---------+ * Official NAV's are rounded to 2 decimals. **NAV/share provided to 4 decimals for informational purposes. Performance Statistics: +-------------------+---------+----------+ | | Ceres | DJ UBS | | | | AG TR | +-------------------+---------+----------+ | Average Monthly | -0.21% | -0.79% | | Return | | | +-------------------+---------+----------+ | Largest Monthly | 3.81% | 16.21% | | Return | | | +-------------------+---------+----------+ | Largest Monthly | -2.97% | -16.48% | | Loss | | | +-------------------+---------+----------+ | Comp. Annualised | -2.53% | -9.12% | | Return | | | +-------------------+---------+----------+ | Percent Winning | 59% | 55% | | Months* | | | +-------------------+---------+----------+ | Sharpe Ratio (5%) | Neg. | Neg. | +-------------------+---------+----------+ | Standard | 5.57% | 30.14% | | Deviation | | | +-------------------+---------+----------+ | Maximum Drawdown | -11.76% | -46.82% | +-------------------+---------+----------+ | Months in Max | 22 | 26 | | Drawdown | | | +-------------------+---------+----------+ | Months to Recover | N/A | N/A | +-------------------+---------+----------+ * Positive months or flat Breakdown by sector: +-------------------+------+ | Grains | 39% | +-------------------+------+ | Fibers | 3% | +-------------------+------+ | Tropicals | 19% | +-------------------+------+ | Livestock | 21% | +-------------------+------+ | Other | 13% | +-------------------+------+ | Cash | 5% | +-------------------+------+ Breakdown by strategy: +-------------------+------+ | Discretionary | 93% | | Trading | | +-------------------+------+ | Systematic | 2% | | Trading | | +-------------------+------+ | Cash | 5% | +-------------------+------+ Trade horizon allocation: +-------------------+------+ | Short term | 41% | +-------------------+------+ | Medium term | 46% | +-------------------+------+ | Long term | 8% | +-------------------+------+ | Cash | 5% | +-------------------+------+ A full report is available on the Company's website: www.ceresagriculture.com Tender Offer, Requisition and Winding-Up Proposals On 29 March 2010, the Company announced a tender offer for up to 24.99 per cent. of the Company's issued share capital (excluding any Shares held in treasury) then in issue at a tender price equal to 95.5 per cent. of the latest published estimated unaudited NAV per Share as at the close of business on 30 April 2010 ("March Tender Offer"). The March Tender Offer closed at 1.00 p.m. on 30 April 2010 and was oversubscribed. 79,952,218 Shares (65.6 per cent. of the issued Shares) were tendered by shareholders owning 97,784,474 Shares. The tender price was US$0.8977 per Share, which was equal to 95.5 per cent. of the latest published estimated unaudited NAV per Share as announced on 29 April 2010. On 27 April 2010, the Company announced that it had received a requisition from various shareholders, who at that time held in aggregate 10.42 per cent. of the issued share capital of the Company (excluding Shares held in treasury), requiring the Directors to convene an extraordinary general meeting to consider resolutions (i) to voluntarily wind up the Company; and (ii) if the foregoing resolution was not passed, to implement a tender offer for 50% of the Shares in issue (the "Requisition"). In light of the Requisition and the results of the March Tender Offer, and after a period of consultation with major shareholders, the Company announced on 10 May 2010 that it intended to post a circular to shareholders and to convene an extraordinary general meeting of the Company to take place before the end of June 2010, to consider a resolution to wind up the Company, which will be recommended by the Directors of the Company. A circular and notice of extraordinary general meeting will be posted to shareholders shortly. Further enquiries: FourWinds Capital Management, Investment Manager Kimberly Tara info@fourwindscm.com Cenkos Securities plc, Corporate Broker Peter Hindmarsh +44 (0)20 7397 1983 Will Rogers +44 (0)20 7397 1920 HSBC Securities Services (Guernsey) Limited, Administrator Tel: +44 (0) 1481 707 000 Citigate Dewe Rogerson, PR Advisor Kevin Smith /Lindsay Noton +44 (0)207 638 9571 Important Information This Interim Management Statement has been produced solely to provide additional information to shareholders of the Company to meet the relevant requirements of the U.K. Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose. The information in this statement has not been audited. The Company is a Guernsey domiciled Authorised Closed-ended investment scheme pursuant to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended and rule 6.02 of the Authorised closed-ended Investment Schemes Rules 2008. The information related to the Company included in this statement is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. This material is not intended to provide a sufficient basis on which to make an investment decision. All investments are subject to risk. An investment in the Company should be regarded as long term in nature and is suitable only for sophisticated investors, investment professionals, high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts, in each case, who can bear the economic risk of a substantial or entire loss of their investment. Prospective investors are adviser to seek expert legal, financial, tax and other professional advice before making any investment decisions. The information contained in this statement relating to the DJ AIG Agriculture Index has been sourced from published information. Such information had been accurately reproduced from the source materials and, as far as the Company is able to ascertain from information published in respect of the Index, no facts have been omitted, the omission of which would render the reproduced information inaccurate or misleading. The ordinary shares of the Company ("Shares") have not been and will not be registered under the US Securities Act of 1933, as amended ("Securities Act") or the US Investment Company Act of 1940, or with any securities regulatory body or any state or other jurisdiction in the United States and, subject to certain exceptions, may not be offered or sold in the United States or to or for the account or benefit of US persons (as such term is defined in Regulation S under the Securities Act) absent registration under the Securities Act or an applicable exemption from such registration. No public offering of any shares in the Company is being, or has been, made in the United States. FUTURES AND OPTIONS TRADING HAS LARGE POTENTIAL REWARDS, BUT ALSO LARGE POTENTIAL RISKS. YOU MUST BE AWARE OF THE RISKS AND BE WILLING TO ACCEPT THEM IN ORDER TO INVEST IN THE FUTURES AND OPTIONS MARKETS AND IN ORDER TO INVEST IN THE COMPANY. DO NOT TRADE OR INVEST WITH MONEY YOU CAN'T AFFORD TO LOSE. THIS ANNOUNCEMENT AND ITS CONTENTS ARE NEITHER A SOLICITATION NOR AN OFFER TO BUY OR SELL FUTURES, STOCKS OR OPTIONS ON THE FUTURES OR OPTIONS MARKETS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT OR INVESTMENT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DISCUSSED IN THIS ANNOUNCEMENT (IF ANY). THE PAST PERFORMANCE OF ANY TRADING SYSTEM OR METHODOLOGY IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE PERSONS, AN OFFERING MEMORANDUM FOR THE COMPANY IS NOT REQUIRED TO BE, AND HAS NOT BEEN FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED ANY OFFERING BY THE COMPANY OR ANY OFFERING MEMORANDUM FOR THE COMPANY. End. This information is provided by RNS The company news service from the London Stock Exchange END IMSXDLFFBEFFBBE
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