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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Close Ast.UK.Zd | LSE:CSUZ | London | Ordinary Share | GG00B1GJ9885 | ZERO DIV SHS CLOSE UK IDX GWTH FD 2012 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 148.125 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMCSUZ
RNS Number : 2180R
Close UK Index Growth Fund 2012
15 November 2012
Close Assets Funds Limited (the "Company")
Half-Yearly Financial Report
for the period ended 30 September 2012 (Unaudited)
ABOUT THE COMPANY
Close Assets Funds Limited is a Guernsey incorporated, closed ended, umbrella investment company. Its issued share capital comprises two Management Shares, issued for administrative reasons, 35,625,000 Zero Dividend Shares ("Shares") of the Close UK Index Growth Fund 2012 (the "Fund") and 39,375,000 Nominal Shares. The Company has an unlimited life but the Shares are due to be redeemed on or around 14 December 2012 - (the "Redemption Date"). Following the redemption of the Shares, it is intended that the Company be placed into voluntary liquidation.
Investment Objective and Policy - Close UK Index Growth Fund 2012 (the "Fund")
The investment objective of the Fund is to provide Shareholders with a geared capped exposure to the performance of the FTSE 100 Index (the "Index").
If Shareholders hold their Shares to the "Redemption Date", and the value of the Index at the close of business on 22 November 2012 (the "End Value") is higher than the value of the Index on 22 November 2006 (the "Start Value"), the Shares are designed to pay to Shareholders, on the Redemption Date, the Final Capital Entitlement, which represents a return equal to four times the percentage increase in the Index capped at 64 per cent. of the Issue Price of GBP1.4864 per Share.
The Final Capital Entitlement will comprise:
a) a Capital Amount of GBP1.4864 per Share; and
b) a Growth Amount per Share equal to four times any increase in the End Value of the Index relative to its Start Value of 6,160.30, such percentage being applied to the Issue Price of GBP1.4864 per Share, subject to the maximum increase of 64 per cent. of the Issue Price.
If Shareholders hold their Shares until the Redemption Date and the End Value is lower than the Start Value, the Shares are designed to repay the Issue Price of GBP1.4864 per Share on the Redemption Date provided that the value of the Index had not fallen below 3,080.15, being 50 per cent. of the Start Value at close of business on any Index Business Day between the Start Date of 22 November 2006 and the End Date of 22 November 2012 (both dates inclusive), (the "Calculation Period").
If Shareholders hold their Shares until the Redemption Date, and if the value of the Index has fallen below 3,080.15, being 50 per cent. of the Start Value, at close of business on any Index Business Day during the Calculation Period (an "Index Barrier Breach") and the End Value is not at least equal to the Start Value, investors will be repaid on the Redemption Date the Issue Price as reduced by the same percentage by which the End Value is less than the Start Value. As at 30 September 2012, and as at the date of this half-yearly financial report (the "Report"), the level of the Index had not fallen below 3,080.15.
In accordance with the Company's investment policy for the Fund, the net proceeds derived by the issue of Shares and the sale of a Put Option to J.P Morgan Chase Bank N.A. with a maturity date of 22 November 2012 (the "Put Option") have been invested in a portfolio of debt securities containing embedded derivatives related to the Index (the "Debt Securities") at prices relative to the value of the Index Start Date of 6,160.30.
The Debt Securities were issued by financial institutions, selected by the Manager, that, at the date of issue of the relevant debt security, had a rating of at least A- or A3, as determined by Standard & Poor's Ratings Services ("S&P") and/or Moody's Investor Services Inc. ("Moodys") respectively, and was either (a) a credit institution as defined in Article 1 of the Council Directive of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (No. 2000/12/EC), other than an institution referred to in Article 2(3) of that Directive, if authorised by the competent authority of an EU Member State in relation to the credit institution concerned; (b) a bank authorised in a Member State of the European Economic Area; or (c) a bank authorised by a signatory state (other than an EU Member State or a Member State of the European Economic Area) to the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan and the US); or (d) an insurance undertaking, insurance holding company or mixed-activity insurance holding company as defined in Article 1 of the Council Directive of 27 October 1998 relating to the supplementary supervision of insurance undertakings in an insurance group (No. 98/78/EC).
To avoid over-dependency on any single issuer, the Company, for the account of the Fund, acquired six debt securities. It is not anticipated that this portfolio of Debt Securities will be varied prior to the maturity date of the Debt Securities other than in exceptional circumstances.
Your attention is drawn to the Schedule of Investments as contained in this Report, which shows the assets held by the Company for the account of the Fund, and note 12(b) to the Financial Statements, which refers to the credit risk of the issuers of these assets as at the end of the reporting period (the "Period") and as at the date of this Report.
In the event of a default by an issuer of a debt security, the Company, for the account of the Fund, would rank as an unsecured creditor in respect of sums due from the issuer of such debt security. In such event, the Company, for the account of the Fund, may (in respect of that debt security) receive a lesser amount (if any) and at a different time than the proceeds anticipated at the maturity of the relevant debt security. Any losses would be borne by the Company, for the account of the Fund, and returns to Shareholders would be significantly adversely affected.
The Company has, for the account of the Fund, also sold a Put Option, the proceeds of which sale were used to increase the amount of money available to finance the acquisition of the Debt Securities. The performance of the Put Option is linked to the performance of the Index. At an Index value of 6,160.30 or above at the close of business on the End Date, or if the Index has never closed below 3,080.15 during the Calculation Period, the Put Option will be worth GBPNil at maturity. If the Index has closed below 3,080.15 over the Calculation Period and the Index is still below 6,160.30 on the End Date, the Put Option will be worth a percentage of the notional value, being GBP52,953,000, equivalent to the percentage fall in the level of the Index over the Calculation Period, such payment payable to J.P. Morgan Chase Bank N.A. by the Company on behalf of the Fund.
MANAGERS' REPORT for the period ended 30 September 2012
Investment Performance
At launch, the net proceeds derived from the issue of Shares of the Fund were invested in a portfolio of Debt Securities and options at a price based on the level of the Index at the close of business on the Start Date, namely 6160.3.
On 30 September 2012 the Index closed at 5,742.07, a fall of 6.8 per cent. since launch and a fall of 0.5 per cent. over the Period. The total market value of the Fund fell by 0.2 per cent. since launch and rose 2.6 per cent. over the Period.
As the Fund's investment portfolio is based upon the Index, it is possible to show the potential final capital entitlements available to holders of Shares based on the closing level of the Index on the End Date. These figures are for illustrative purposes only, subject to there being no counterparty default, and do not represent forecasts or take into account any unforeseen circumstances.
Hot Features
Premium
Final FTSE 100 Index Final Capital Entitlement Final Capital Entitlement
Level if FTSE 100 Index if FTSE 100 Index
never closes below has closed below
3080.15** 3080.15**
3000 3250 3500 3750 N/A 148.64 148.64 72.39
4000 148.64 148.64
78.42
84.45
90.48
96.51
4250 148.64 102.55
4500 148.64 108.58
4750 148.64 114.61
5000 148.64 120.64
5250 148.64 126.68
5500 148.64 132.71
5742.07* 148.64 139.19
5750 148.64 138.74
6000 148.64 144.77
6250 157.29 157.30
6500 181.42 181.43
6750 205.55 205.55
7000 229.68 229.68
7250 or over 243.76 243.77
As at 22 November 2012
* FTSE 100 Index level at the end of the Period (30/09/2012)
** On any day from 22 November 2006 to 22 November 2012
Market Review
The Index fell by 0.5 per cent. over the Period from 31 March 2012 to 30 September 2012. During the Period, the Index displayed high volatility while remaining range bound between 5,200 and 6,000.
FTSE 100 Daily Closing Index Level - 31/03/2012 to 30/09/2012
In April and May, European macroeconomic data continued to indicate underlying weakness with further uncertainties surrounding the Euro single currency. The European situation was further compounded by an inconclusive Greek election and a sharp rise in concerns over stability of the Spanish economy. The corporate earnings season for the first quarter of 2012 started in April with early themes indicating healthy corporate earnings. Nonetheless, where reported earnings beat expectations, a good proportion of this success reflected the impact of downgrades that had occurred in the weeks prior to the earnings release.
June proved to be the strongest month of 2012 for global equity markets with July delivering strong performance as well. This was against a backdrop of further tensions in the Eurozone currency area with a second Greek election (the Greek electorate voted in a pro-Euro party with a small majority) and weakness in economic data continuing to indicate a slowdown in global trade and growth.
Stock markets in September were positively influenced by continued stimulus action from the Federal Reserve in the United States and ECB's president Mario Draghi's promising to do "whatever it takes" to help the Euro. The news of this additional stimulus spilt over into commodity markets with both gold and copper prices seeing sharp increases and mining related equities enjoying increased demand from investors.
Over the Period the biggest positive impact to the Index came from financial cyclical names with strong balance sheets as investors moved towards investments sensitive to economic cycles and financial stimulus. Consequently HSBC Holdings PLC (+5 per cent.) and Lloyds Banking group PLC (+16 per cent.) saw strong increases in their share prices during the reporting period. In contrast, investors reduced exposure to financial names perceived to have weaker balance sheets or structural hurdles leading RBS (-8 per cent.), Barclays PLC (-8 per cent.) and Standard Chartered (-9 per cent.) to post share price falls over the reporting Period.
The largest detraction on Index performance over the Period came from mining and materials related names which were directly impacted by fears of a global economic slowdown and the continuing financial crisis. Though the mining and materials sectors recovered somewhat towards the end of the Period, companies like Anglo American PLC (-21 per cent.) and Kazakhmys (-22 per cent.), were amongst the weakest performers over the reporting Period.
Market Outlook
At present, the biggest risks to Index performance are from a further slowdown in the global economic recovery, further deterioration in the European crisis, a sharper pull back in emerging market growth or event risk to the UK economy. Seasonal effects can also potentially impact index performance. Conversely, improvements in global economic data, positive developments regarding the European crisis and improvement in emerging market growth could be highly supportive in the near term for Index performance.
Close Investments Limited
14 November 2012
INTERIM MANAGEMENT REPORT for the period ended 30 September 2012
The Company currently holds six debt securities, the issuers of which, as at the date of this Report, have credit ratings from Moodys or S&P rating agencies or both. Given the proximity to the End Date, the value of each of the underlying debt securities as at the end of the Period and credit rating of the respective issuer are detailed below.
The Company holds a debt security issued by Abbey National Treasury Services PLC ("ANTS") with a nominal value of GBP8,800,000, and a fair value, as at the reporting date, of GBP8,889,384. This represented 16.66 per cent. of the value of the Company's net assets as at the reporting date. ANTS is a direct, wholly-owned subsidiary of Santander UK plc, which has given a full and unconditional guarantee in respect of the liabilities of ANTS. Santander UK plc itself is an indirect, wholly owned subsidiary of Banco Santander, S.A. At the end of the reporting Period, ANTS (Santander UK plc) was rated A2 by Moodys and A by S&P with a stable outlook from both ratings agencies.
The Company holds a debt security issued by Caisse Centrale du Credit Immobilier de France ("3CIF") with a nominal value of GBP8,800,000, and a fair value, as at the reporting date, of GBP 8,808,765. This represented 16.51 per cent. of the value of the Company's net assets as at the reporting date. At the end of the Period, 3CIF was rated Baa1 by Moodys with uncertain outlook and A by Fitch Rating Agency ("Fitch") with a stable outlook.
The Company holds a debt security issued by Britannia Building Society ("BBS") with a nominal value of GBP8,800,000, and a fair value, as at the reporting date, of GBP8,888,355. This represented 16.66 per cent. of the value of the Company's net assets as at the reporting date. BBS and The Co-operative Bank PLC merged in August 2009 with the assets and liabilities of BBS transferred to The Co-operative Bank PLC. At the end of the Period, BBS (The Co-operative Bank PLC) was rated A3 by Moodys and BBB+ with a negative outlook by Fitch.
The Company holds a debt security issued by Irish Life & Permanent, which was restructured in June 2012 and has thus been renamed to Permanent TSB Group Holdings plc ("PTSB") with a nominal value of GBP8,800,000, and a fair value, as at the reporting date, of GBP8,789,177. This represented 16.48 per cent. of the value of the Company's net assets as at the reporting date. At the end of the reporting Period, PTSB was rated Ba2 by Moody's and B+ by S&P's with a negative outlook from both rating agencies.
The Company holds a debt security issued by The Royal Bank of Scotland PLC ("RBS") with a nominal value of GBP8,953,000, and a fair value, as at the reporting date, of GBP9,053,198. This represented 16.97 per cent. of the value of the Company's net assets as at the reporting date. At the end of the Period, RBS was rated A3 by Moodys, A by S&P's and A by Fitch with a negative outlook from Moodys and a stable outlook from S&P's as well as Fitch.
The Company holds a debt security issued by SNS Bank N.V., a wholly owned subsidiary of SNS Reaal N.V., with a nominal value of GBP 8,800,000, and a fair value, as at the reporting date, of GBP 8,861,824. This represented 16.61 per cent. of the value of the Company's net assets as at the reporting date. At the end of the Period, SNS Bank N.V. was rated Baa2 by Moodys, BBB+ by S&P's and BBB+ by Fitch with a negative outlook from S&P's and a stable outlook from Moody's and Fitch.
The Board monitors credit risk and will consider further action if and when the credit rating of an issuer falls below A or A3 as ranked by S&P and Moodys respectively. As was reported previously, due to past ratings agencies actions, the Board considered both the sale and the retention of affected securities individually, acting in the best interests of the Company and its Shareholders. The Board reviewed research updates from the ratings agencies and also considered how the Final Capital Entitlement of the Shares might be affected by any sale of an affected debt security and noted that there could be a significant cost involved, resulting in an irreversible reduction in the possible returns to the Company's Shareholders. On the basis of the prevailing facts and the options available to the Board, the Board therefore concluded that it would not be in the best interests of the Company and its Shareholders to sell the affected security at that time. The Board continues to closely monitor the credit health of each debt security issuer with a view to taking immediate action, acting in the best interests of the Company and its Shareholders, if the credit health of a debt security issuer deteriorates.
In the event of a default by an issuer of a debt security purchased by the Company, the Company would rank as an unsecured creditor in respect of sums due from the issuer of such debt security. In such event, the Company may (in respect of that debt security) receive a lesser amount (if any) and at a different time than the proceeds anticipated at the maturity of the debt security. Any losses would be borne by the Company and returns to Shareholders would be significantly adversely affected.
As the Fund's Shares are due to redeem in December 2012, being less than 12 months from the date of this report, in accordance with International Financial Reporting Standards the financial statements cannot be prepared on a going concern basis. The financial statements have therefore been prepared on a break-up basis. This Report has not been audited, or reviewed by Auditors, pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
Responsibility Statement
The Board of directors jointly, and severally, confirm that, to the best of their knowledge:
(a) The Financial Statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
(b) This Interim Management Report includes, or incorporates by reference:
a. An indication of important events that have occurred during the first six months of the financial year, and their impact on the Financial Statements;
b. a description of the principal risks and uncertainties for the remaining six months of the financial year;
c. confirmation that there were no related party transactions in the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period; and
d. changes in the related parties transactions described in the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year.
Richard de la Rue Nicholas Falla Director Director
STATEMENT OF COMPREHENSIVE INCOME (Unaudited) for the period ended 30 September 2012
TOTAL TOTAL
1 Apr to 1 Apr to
30 Sep 2012 30 Sep 2011
Notes GBP GBP
Net movement in unrealised depreciation
on investments 5 (2,101,721) (5,003,611)
Net movement in unrealised appreciation
/ (depreciation) on Put Option 847,739 (3,408,067)
Operating expenses 2 (157,220) (158,899)
-------------- --------------
Net loss for the period attributable
to Shareholders (1,411,202) (8,570,577)
Other Comprehensive Income - -
-------------- --------------
Total Comprehensive Income (1,411,202) (8,570,577)
-------------- --------------
Pence Pence
Loss per Share for the period
- Basic and Diluted 4 (3.96) (24.06)
In arriving at the results for the financial period, all amounts above relate to continuing operations.
There are no recognised gains or losses for the period other than those disclosed above.
Reconciliation of loss per Share for investment purposes
to loss per Share per the financial statements
Pence Pence
Loss per Share for investment
purposes (3.89) (23.99)
Adjustment for amortisation of
debt issue costs (0.07) (0.07)
Loss per Share per the financial
statements (3.96) (24.06)
In accordance with International Financial Reporting Standards ("IFRS"), expenses should be attributed to the period to which they relate.
The loss per Share for investment purposes represents the loss per Share attributable to Shareholders in accordance with the Prospectus, which recognises all expenses of the Company up to and including the date that the Final Capital Entitlement becomes payable.
STATEMENT OF FINANCIAL POSITION (Unaudited) as at 30 September 2012
TOTAL TOTAL
30 Sep 2012 31 Mar 2012
Notes GBP GBP
CURRENT ASSETS
Unquoted financial assets designated
as at fair value through profit
or loss 5 53,290,503 55,392,224
Receivables 6 17,507 48,579
Cash and cash equivalents 202,563 332,987
------------- -------------
53,510,573 55,773,790
CURRENT LIABILITIES
Financial liabilities 8 222 847,961
Payables - due within one year 7 162,132 166,408
------------- -------------
NET CURRENT ASSETS 53,348,219 54,759,421
TOTAL ASSETS LESS CURRENT LIABILITIES
(excluding net assets attributable
to Shareholders) 53,348,219 54,759,421
NET ASSETS ATTRIBUTABLE TO
SHAREHOLDERS 53,348,219 54,759,421
------------- -------------
ZERO DIVIDEND SHARES IN ISSUE 35,625,000 35,625,000
Pence Pence
NAV PER ZERO DIVIDEND SHARE 149.75 153.71
Reconciliation of NAV per Share for investment purposes to
NAV per Share per the
financial statements:
Pence Pence
NAV per Zero Dividend Share for investment
purposes 149.72 153.61
Adjustment for debt issue costs 0.03 0.10
NAV per Zero Dividend Share per the
financial
statements 149.75 153.71
In accordance with IFRS, expenses should be attributed to the period to which they relate.
The NAV per Share for investment purposes represents the NAV per Share attributable to Shareholders in accordance with the Prospectus, which recognises all expenses of the Company up to and including the date that the Final Capital Entitlement becomes payable.
The financial statements were approved by the Board of directors and authorised for issue on 14 November 2012 and are signed on its behalf by:
Richard de la Rue Nicholas Falla Director Director
STATEMENT OF CASHFLOWS for the period ended 30 September 2012
TOTAL TOTAL
1 Apr to 1 Apr to
30 Sep 2012 30 Sep 2011
GBP GBP
OPERATING ACTIVITIES
Net loss for the period attributable
to Shareholders (1,411,202) (8,570,577)
Unrealised depreciation on investments 2,101,721 5,003,611
Unrealised (depreciation) / appreciation
on value of Put Option (847,739) 3,408,067
Interest received (606) (1,136)
Amortisation of debt issue costs 25,109 25,109
Decrease in accrued expenses (4,276) (37,444)
Decrease in prepayments and accrued
income
excluding debt issue costs 5,963 3,019
------------ ------------
NET CASH OUTFLOW FROM OPERATING
ACTIVITIES (131,030) (169,351)
------------ ------------
INVESTING ACTIVITIES
Interest received 606 1,136
------------ ------------
NET CASH INFLOW FROM INVESTING
ACTIVITIES 606 1,136
------------ ------------
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 332,987 650,706
Decrease in cash and cash equivalents (130,424) (168,215)
------------ ------------
CASH AND CASH EQUIVALENTS AT
END OF
PERIOD 202,563 482,491
------------ ------------
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS (Unaudited) for the period ended 30 September 2012
TOTAL TOTAL
1 Apr 2012 1 Apr 2011
to to
30 Sep 2012 30 Sep 2011
GBP GBP
Opening balance 54,759,421 54,990,504
Net loss for the period attributable
to Zero
Dividend Shareholders (1,411,202) (8,570,577)
------------ ------------
Closing balance 53,348,219 46,419,927
------------ ------------
Changes in equity for the management fund are included within the balances for the Fund, but are not considered material.
NOTES TO THE FINANCIAL STATEMENTS (Unaudited) as at 30 September 2012
1. ACCOUNTING POLICIES
The significant accounting policies adopted by the Company are as follows:
(a) Basis of Preparation and Going Concern
The financial statements have been prepared in conformity with IFRS which comprise standards and interpretations approved by the International Accounting Standards Board ("IASB") and International Financial Reporting Interpretations Committee ("IFRIC") and applicable Guernsey law. The financial statements have been prepared on an historical cost basis except for the measurement at fair value of financial instruments.
Break up basis of accounting
As the Company's Participating Shares are due to be redeemed within 12 months, on or around 14 December 2012, the financial statements have been prepared on a break up basis. The directors do not anticipate the costs of liquidation to be material. Such costs will be borne out of the Expenses Provision described in note 7 to the financial statements.
The preparation of financial statements in accordance with the break up basis requires that assets are reduced to their recoverable amounts and that provisions are made for future losses. The directors have considered whether there is any indication that the recoverable amount of the Company's assets is lower than the amount recorded as fair value at 30 September 2012. They have concluded that any post balance sheet changes in value reflect fair value changes and do not indicate a reduction in the recoverable amount at 30 September 2012 and, accordingly, that no adjustment is required to the carrying amount of the Company's assets or increase in the Company's liabilities at fair value through profit or loss. In addition the directors have considered whether any provision is required for future losses. The Company will continue to incur expenses up to the date of redemption of the Shares. However, the anticipated excess of redemption value over the fair value at 30 September 2012 of the Company's investments, other than those issued by Irish Life & Permanent plc is expected to exceed the Company's estimated future expenses and, accordingly, the directors do not consider that a provision for future losses is required.
Changes in accounting policy and disclosure
The following Standards or Interpretations have been adopted in the current period. Their adoption has not had any impact on the amounts reported in these financial statements and is not expected to have any impact on future financial periods.
IFRS 7 Financial Instruments: Disclosures (annual amendments)
IAS 1 Presentation of Financial Statements (annual amendments)
IAS 24 Related Party Disclosures (revised definition)
IAS 34 Interim Financial Reporting (annual amendments)
The following Standards or Interpretations have been issued by the IASB but not yet adopted by the Company:
IFRS 7 Financial Instruments: Disclosures - Amendments related to the offsetting of assets and liabilities effective for annual periods beginning on or after 1 January 2015 and interim periods within those periods.
IFRS 9 Financial Instruments: Classification and Measurement effective for annual periods beginning on or after 1 January 2015.
IFRS 13 Fair Value Measurement effective for annual periods beginning on or after 1 January 2013.
IAS 1 Presentation of Financial Statements effective for annual periods beginning on or after 1 July 2012.
IAS 1 Presentation of Financial Statements amendments resulting from Annual Improvements 2009 - 2011 cycle (comparative information) effective for annual periods on or after 1 January 2013.
(b) Taxation
The Company has been granted exemption under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is charged an annual fee of GBP600.
(c) Expenses
All expenses are accounted for on an accruals basis.
(d) Debt Issue Costs
The debt issue costs incurred amounted to GBP300,760. Because the Zero Dividend Shares of the Fund are redeemable on or around 14 December 2012 and because the Management Shares are subordinate, they are required to be classified as debt instruments under IAS 32. Consequently, issue costs are required to be amortised over the life of the instrument.
(e) Interest Income
Interest income is accounted for on an accruals basis.
(f) Cash and Cash equivalents
Cash at bank and short term deposits which are held to maturity are carried at cost. Cash and cash equivalents are defined as call deposits, short term deposits and highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the Statement of Cash Flow, cash and cash equivalents consist of cash and deposits at bank.
(g) Investments
All investments have been designated as financial assets as at "fair value through profit or loss". Investments are initially recognised on the date of purchase at cost, being the fair value of the consideration given, excluding transaction costs associated with the investment. After initial recognition, investments are measured at fair value, with unrealised gains and losses on investments and impairment of investments recognised in the Statement of Comprehensive Income.
Fair value is the amount for which the financial instruments could be exchanged, or a liability settled, between knowledgeable willing parties in an arms length transaction. Fair value also reflects the credit quality of the issuers of the financial instruments.
Valuations of the investments are based on valuations provided to the Company by Future Value Consultants Limited (the "Calculation Agent"). These valuations are intended to be an indication of the fair value of the Company's investments, including an issuer's credit risk, designed to reflect the best estimation of the price at which they could be sold, even though there is no guarantee that a willing buyer might be found if the Company on behalf of the Fund chose to sell the relevant investment.
The indicative fair values of the investments are based on an approximation of the market level of the investments. As the investments are not traded in an active market, the indicative fair value is determined by using valuation techniques. The Calculation Agent uses a variety of methods and makes assumptions that are based on market conditions existing at the reporting date.
Valuation techniques used may include the use of comparable recent arm's length transactions (where available), discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants.
Models use observable data, to the extent practicable. However, areas such as credit risk, volatilities and correlations require the Calculation Agent to make estimates. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
Different assumptions regarding these factors, combined with different valuation techniques and models used, could lead to different valuations of the financial instruments produced by different parties. As at the reporting date, valuation data for the Debt Securities provided by J P Morgan Securities Limited, for the Debt Securities only, was GBP182,164 lower (31 Mar 2012: GBP590,705 higher) than that provided by the Calculation Agent.
Being cognisant of current market conditions, the Company believes that the valuations provided by the Calculation Agent comply with the definition of fair value as defined by IFRS and are more appropriate.
The investments will be derecognised on their Maturity Date, being 6 December 2012 and accordingly, the investments were reclassified as current assets as at 31 March 2012. Gains and losses on the sale of investments will be taken to the Statement of Comprehensive Income.
(h) Put Option
The Put Option was initially recognised at the fair value of the consideration received on the date of sale, and included within Payables falling due after more than one year. After initial recognition, the Put Option is measured at fair value with unrealised gains and losses being recognised in the Statement of Comprehensive Income. The Put Option will be derecognised at maturity on 22 November 2012, and therefore in the Period to 30 September 2012 has been included in current liabilities.
(i) Trade Date Accounting
All "regular way" purchases and sales of financial assets are recognised on the "trade date", i.e. the date that the entity commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of the asset within the time frame generally established by regulations or convention in the market place.
(j) Segmental Reporting
The directors are of the opinion that the Company is engaged in a single segment of business, being investment business in the United Kingdom.
2. OPERATING EXPENSES
TOTAL TOTAL
1 Apr to 1 Apr to
30 Sep 2012 30 Sep 2011
GBP GBP
Amortisation of debt issue
costs 25,109 25,109
Investment management fees
(1) 92,922 92,922
Administration fees 12,250 12,284
Directors' remuneration 10,500 10,500
Registration fees 4,475 4,641
Annual fees 11,754 14,853
Directors' and Officers'
insurance 5,850 5,850
Audit fees - 5,000
Printing and stationery (1,158) 1,381
Sundry costs 1,132 940
Other operating expenses (5,008) (13,445)
------------ ------------
157,826 160,035
Less: Bank interest income (606) (1,136)
------------ ------------
157,220 158,899
------------ ------------
(1) The Manager is entitled to receive a fee from the Company at an annual rate of 0.35% of the Initial Gross Proceeds of the Fund 2012.
3. DIRECTORS' REMUNERATION
The prospectus for the Fund provided that each director would be paid a basic fee of GBP5,000 per annum and an additional fee of GBP3,000 per annum for the Close US Index Growth Fund 2007. Following the maturity of Close US Index Growth Fund 2007 the Board resolved that each director be paid an annual fee of GBP7,000 per annum, such rate to be effective 1 April 2007. In order that there be no risk that the interests of Shareholders in the Fund might be impacted by this increase in directors' fees, the Manager undertook to increase the amount of its contingent rebate by GBP6,000 per annum and by GBP36,000 in the last financial period preceding the Redemption Date.
4. LOSS PER SHARE
Loss per Share is based on the net loss for the Period attributable to Shareholders of GBP1,411,202 (Sep 2011: GBP8,570,577 loss) and on 35,625,000 (Sep 2011: 35,625,000) Shares, being the weighted average number of Shares in issue during the Period. There are no dilutive instruments and therefore basic and diluted earnings per Share are identical.
5. INVESTMENTS
TOTAL TOTAL
UNQUOTED FINANCIAL ASSETS 30 Sep 2012 31 Mar 2012
DESIGNATED AS AT FAIR VALUE
THROUGH PROFIT OR LOSS GBP GBP
Opening portfolio cost 52,953,000 52,953,000
Unrealised appreciation on
valuation brought
forward 2,439,224 4,776,785
Unrealised depreciation on
valuation for the
period (2,101,721) (2,337,561)
------------ ------------
Unrealised appreciation on
valuation carried
forward 337,503 2,439,224
------------ ------------
Closing valuation 53,290,503 55,392,224
------------ ------------
Valuations of investments are based on valuations provided by the Calculation Agent. The provided valuations are derived from proprietary models based upon well-recognised financial principles and reasonable estimates about relevant future market conditions using suitable inputs from market data such as interest rates, credit default swap spreads and notional Commodity Portfolio levels.
To comply with the definition of fair value as defined by IFRS, the Calculation Agent was engaged to provide valuations of the investments, taking account of the current counterparty credit risk of the issuers of the Debt Securities held by the Company for the account of the Fund. Details of the quantitative effect of using different valuation providers is given in note 1(g).
IFRS 7 requires the fair value of investments to be disclosed by the source of inputs, using a three-level hierarchy as detailed below:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2);
Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
All Debt Securities held by the Company for the account of the Fund have been classified as Level 2 in accordance with the fair value hierarchy. There have been no transfers between Level 1 and Level 2 of the fair value hierarchy during the Period.
The Debt Securities in the Fund's portfolio are Sterling-denominated non-coupon and non-interest bearing medium term notes linked to the FTSE 100 Index (the "Index"). They carry a maximum redemption amount of 164% of their principal amount which will be payable provided the Index rises by 16% or more between 22 November 2006 ("Start Date") and 22 November 2012 ("End Date") (the "Calculation Period"). For each percentage point rise in the Index up to a maximum of 16% over the Calculation Period the maximum redemption amount will be increased by approximately 4%, subject to a maximum increase of 64%.
In the event that the Index falls over the Calculation Period, the Debt Securities are designed to return 100% of their principal amount.
Valuation data provided by the Calculation Agent to the Company is provided for informational purposes only and does not represent an offer to buy or sell the Debt Securities by the Calculation Agent or any other party. The valuations provided are an indication of market levels and do not imply that they can be sold at that valuation price. They are based on assumptions and data the Calculation Agent considers in its judgement reasonable, but an alternative valuer might arrive at different valuations for the same investments.
6. RECEIVABLES
TOTAL TOTAL
30 Sep 2012 31 Mar 2012
GBP GBP
Prepaid expenditure 6,286 12,150
Prepaid debt issue costs 7,272 32,381
Accrued bank interest receivable 9 108
Sundry debtors 3,940 3,940
------------ ------------
17,507 48,579
------------ ------------
7. PAYABLES (amounts falling due within one year)
TOTAL TOTAL
30 Sep 2012 31 Mar 2012
GBP GBP
Accrued administration fees 2,109 2,075
Accrued registration fees 697 871
Accrued management fees 15,233 -
Accrued audit fees - 10,500
Other accrued expenses (1) 144,093 152,962
------------ ------------
162,132 166,408
------------ ------------
(1) Consisting of the currently estimated surplus cash remaining in the bank account established in respect of the ongoing, annual and redemption expenses of each Fund after payment of all such budgeted expenses to date, which will be payable to the Manager at the Redemption Date, as set out in the Prospectus of each Fund, together with other accrued expenses of an immaterial amount.
8. PAYABLES (amounts falling due after one year)
TOTAL TOTAL
30 Sep 2012 31 Mar 2012
FINANCIAL LIABILITIES GBP GBP
Fair value of the Put Option 222 847,961
------------ ------------
222 847,961
------------ ------------
The performance of the Put Option is linked to the performance of the Index. At an Index value of 6,160.30 or above at the close of business on the End Date, or if the Index has never closed below 3,080.15 during the Calculation Period, the Put Option will be worth GBPNil at maturity. If the Index has closed below 3,080.15 over the Calculation Period and the Index is still below 6,160.30 at the End Date, the Put Option will be worth a percentage of the notional value, being GBP52,953,000, equivalent to the percentage fall in the level of the Index over the Calculation Period.
The Put Option is not exercisable until the maturity date of 22 November 2012.
The Put Option has been classified as Level 2 in accordance with the fair value hierarchy. There have been no transfers between Level 1 and Level 2 of the fair value hierarchy during the period under review.
The fair value of the Put Option is based on the valuation provided by the Calculation Agent. There is no active market regarding the Put Option.
J.P. Morgan Chase Bank N.A., in its capacity as the Put Option counterparty, has security over the financial assets held by the Company for payment of any monies owed upon maturity or termination of the Put Option contract.
The original proceeds from the sale of the Put Option were GBP4,209,763.50.
9. SHARE CAPITAL
Authorised SHARES GBP
Nominal Shares of 0.01p each 200,000,000 20,000
Management Shares of GBP1 each 100 100
-------
20,100
-------
Issued Management Nominal FUND 2012
Shares Shares Zero TOTAL
Dividend
Shares
Shares in issue
at 31 March 2012
and 30 September
2012 2 39,375,000 35,625,000 75,000,002
----------- ----------- ----------- -----------
Issued Management Nominal FUND 2012
Shares Shares Zero TOTAL
Dividend
Shares
GBP GBP GBP GBP
Issued share capital
as
at 31 March 2012
and 30 September
2012 2 3,937 3,563 7,502
----------- -------- ---------- ------
Shares are redeemable on or around 14 December 2012. The Company is closed-ended and therefore Shareholders have no right to request the Company to repurchase their Shares or to redeem them prior to the redemption date. If the Company is wound up prior to the Redemption Date, Shareholders will be entitled to the net asset value of the Shares on the winding up date. No dividends will be paid on the Shares.
Nominal Shares are issued for administrative purposes and carry no rights as to dividends or voting.
Management Shares are not redeemable, do not carry any right to dividends and in a winding up rank only for a return of the nominal amount paid up thereon after the return of capital on Shares and Nominal Shares, together with any balance remaining in the Management Fund.
10. SHARE PREMIUM
TOTAL
GBP
Share premium as at 31 March 2012 and
30 September 2012 52,949,438
-----------
11. FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
(a) Cash and cash equivalents that arise directly from the Company's operations;
(b) Sterling-denominated Debt Securities whose performance is based on the performance of the Index;
(c) The Company for the account to the Fund has also sold a Put Option, whose performance is based on the performance of the Index. Details of the Put Option contract are shown in Note 8.
12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The main risks arising from the Company's financial instruments are market price risk, credit risk, liquidity risk, interest rate risk and currency risk. The Board regularly review and agree policies for managing each of these risks and these are summarised below:
(a) Market Price Risk
Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Company for the account of the Fund might suffer through holding market positions in the face of price movements. The Manager actively monitors market prices and reports to the Board as to the appropriateness of the prices used for valuation purposes. A list of investments held by the Company for the account of the Fund is shown in the Schedule of Investments as contained in this Report.
Details of the Company's Investment Objective and Policy are contained in this Report..
Price sensitivity
The following details the Company's sensitivity to a 10% increase and decrease in the final market prices of its constituent financial assets and liabilities.
The Final Capital Entitlement due on the redemption of the Shares is determined by reference to the performance of the Index over the Calculation Period. If at the End Date the Index stands below 6,160.30 (the "Start Value") but has not closed below 3,080.15 during the Calculation Period, the Final Capital Entitlement will be equal to 148.64 pence per Share.
During the Period from the Start Date to 30 September 2012 the Index had not closed below 3,080.15. On 30 September 2012, the Index closed at 5,742.07.
If market prices as at 30 September 2012 had been 10% higher (equating to an Index level of 6,316.28) and assuming this value were to remain unchanged until the End Date, the Final Capital Entitlement due would be 163.69 pence per Share.
As the Index would need to increase by more than 46.36% from its level at 30 September 2012 for the Final Capital Entitlement due to be more than 148.64 pence per Share, at 30 September 2012 the Company had no material sensitivity to a 10% increase in the level of the Index.
(b) Credit Risk
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Company. The Board monitors credit risk and will consider further action if the credit rating of an issuer falls below A- or A3 as ranked by Standard and Poor's ("S&P") and Moodys Investor Services Inc ("Moodys") respectively. Credit risks are controlled in the Company because the EMTN's have been purchased from several different issuers.
Investors should be aware that the prospective returns to Shareholders mirror returns under the Debt Securities held or entered into by the Company and that any default by an issuer of any such Debt Securities held or entered into by the Company would have a consequential adverse effect on the ability of the Company to pay some or all of the redemption to Shareholders. Such a default might for example, arise on the insolvency of an issuer of a debt security.
The following table details the aggregate ratings of the Debt Securities in the portfolio, as a percentage of the value of the Company's investments for the account of the Fund as at 30 September 2012 (31 March 2012 for the comparative period) as rated by Moodys:
Rating 14 Nov 2012* 30 Sep 2012 31 Mar 2012 Aaa 0.00% 0.00% 0.00% Aa 0.00% 0.00% 0.00% A 50.35% 50.35% 67.64% Baa 33.16% 33.16% 16.79% Ba 16.49% 16.49% 15.57%
*Based on the value of the Company's investments for the account of the Fund as at 30 September 2012.
Credit risk was mitigated at launch by the Company by purchasing the Debt Securities from six different issuers. At the time of purchase four of the issuers were rated by Moodys at a grade A, with the remaining two issuers rated by Moody's at grade Aa.
The Company's financial assets exposed to credit risk are as follows:
30 Sep 2012 31 Mar 2012
GBP GBP
Unquoted financial assets
designated as at fair value
through profit or loss 53,290,503 55,392,224
Receivables 17,507 48,579
Cash and cash equivalents 202,563 332,987
------------- -------------
53,510,573 55,773,790
------------- -------------
(c) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in realising assets or otherwise raising funds to meet financial commitments. The Company's main financial commitments are its ongoing operating expenses and any cash settlement due to the Put Option Counterparty on the maturity of the Put Option, scheduled to occur on 22 November 2012.
Upon the issue of the Shares in November 2006 the Company created a cash reserve (the "Expense Provision") in the amount of 2.1% of the amount raised by the issue of the Shares (the "Initial Gross Proceeds") plus GBP500,000, such amount being estimated in the opinion of the directors upon the advice of the Manager and the Administrator to be sufficient to meet the operating expenses reasonably expected to be incurred over the life of the shares.
At each quarterly Board meeting and at the end of each financial period the directors review the Expense Provision against the expected future expenses (other than the Manager's fee) of the Company. To the extent that the directors consider that the Expense Provision is less than 150% of the expected future expenses of the Company (other than the Manager's fee), the directors may, having first consulted the Manager, at their discretion reduce the amount of investment management fees payable to the Manager (subject to a maximum reduction of 50%) in order to re-establish the 150% cover.
If at any time during the life of the Company, notwithstanding the arrangements summarised above, the Expense Provision is exhausted then, subject to the relevant excess expenses having been agreed by the Manager, the Manager will make good such shortfall from its own resources, subject to a maximum in each of the first five annual financial periods of 0.25% of the Initial Gross Proceeds plus GBP6,000 and in the last financial period preceding the Redemption Date, of a maximum amount of GBP136,000.
Should these expenses exceed this cap the return to Shareholders will be adversely impacted. The directors do not anticipate that the expenses will exceed the Expense Provision.
The Debt Securities purchased by the Company for the account of the Fund mature on 22 November 2012 (the "Maturity Date") and the Shares are due to be redeemed at their notional face value plus four times the performance increase between the Calculation Period in the Index, capped at an amount equal to 64% of the notional face value, so that the aggregate maturity proceeds are expected to be between GBP52,953,000 if the Index closes on the End Date at or below its starting value on the Start Date of 6,160.30 and a maximum of GBP86,842,920 if the Index closes at or above 6,160.30 on the End Date, all subject to counterparty default.
Provided that none of the issuers of the Debt Securities default on its obligation to pay the maturity proceeds on the Maturity Date, the minimum maturity proceeds of GBP52,953,000 due are intended to satisfy the maximum payment due to be made by the Company to the Put Option Counterparty on the maturity of the Put Option of GBP52,953,000.
The directors and the Manager monitor the credit ratings of all issuers of the Debt Securities. In the event of any downgrading in the long-term credit rating of any issuer below A- or A3, as determined by S&Ps and/or Moodys respectively, the Company on behalf of the Fund may in its absolute discretion seek to sell the relevant debt security to third party purchasers and to reinvest the proceeds in the purchase of debt securities of another issuer such that the new debt securities will replicate as closely as possible the terms and conditions of the original Debt Securities. If the purchase of such debt securities is not possible, the directors may reinvest such proceeds as they see fit in investments which, in the opinion of the directors, as nearly as is practicable, replicate the investment characteristics of the Debt Securities sold and so that the proceeds are invested, as nearly as is practicable in accordance with the Company's stated investment objective for the Fund.
No assurance can be given that the Company will be able to sell the Debt Securities, for the reasons described above or on a winding-up of the Company, at a favourable price or at all. Even if the Company is able to sell such Debt Securities, the sale of the Debt Securities may result in a lower return than would have been the case if the long-term credit rating of the issuer of the relevant Debt Securities had not been downgraded and the original Debt Securities had been retained and were redeemed on the Maturity Date.
(d) Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of financial instruments. Except for cash set aside to meet expenses, the Company's assets and liabilities are expected to be held until the Maturity Date.
Interest rate risk is the risk that fluctuations in market interest rate will result in a reduction in deposit interest earned on cash deposits held by the Company. The Company holds cash on fixed deposit, the return on which is subject to fluctuations in market interest rates. All fixed deposits mature within three months.
The weighted average effective interest rate for cash and bank balances as at 30 September 2012 was 0.15% (Mar 2012: 0.70%).
None of the other assets or liabilities of the Company attract or incur interest.
Interest rate sensitivity
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of financial instruments. Except for cash set aside to meet expenses, the Company's assets and liabilities are expected to be held until the Redemption Date.
If interest rates had been 100 basis points higher and all other variables were held constant, the Company's net assets attributable to Shareholders as at 30 September 2012 would have been GBP1,013 greater (Mar 2012: GBP3,330) due to an increase in the amount of interest receivable on the bank balances.
If interest rates had been 100 basis points lower and all other variables were held constant, the Company's net assets attributable for the period ended 30 September 2012 would have been GBP1,013 lower (Mar 2012: GBP3,330) due to a decrease in the amount of interest receivable on the bank balances.
The Company's sensitivity to interest rates is lower in September 2012 than in March 2012 because of a decrease in the amount of cash held.
(e) Currency Risk
As both the Shares and the Debt Securities are Sterling denominated, Shareholders investing for Sterling returns will not be exposed to direct currency risk. The value of the underlying securities comprising the Index may be affected by changes in the economic, political or social environment in Europe, as well as globally, including changes in exchange rates.
(f) Capital management
The investment objective of the Company for the Fund is to provide Shareholders, on the Redemption Date, with a payment per Share which will comprise a capital amount of 148.64 pence per Share and a growth amount per Share equal to four times any percentage increase in the value of the Index as at the End Date relative to its value as at the Start Date, such amount being expressed in pence and rounded down to the next half pence, subject to a maximum increase of 64% of the issue price of 148.64 pence per Share.
The Company has an unlimited life but the Shares will be redeemed on or around 14 December 2012. Until then the Company has a fixed capital.
(g) Collateral
Under the terms of a Pledge Agreement dated 7 December 2006 entered into between the Company on behalf of the Fund and the Put Option Counterparty, the Company on behalf of the Fund has pledged the Debt Securities, and all rights, title and interest therein, and any and all proceeds resulting from the sale or repayment of the Debt Securities as security for the Company's contingent liability under the Put Option sold to the Put Option Counterparty, further details of which are shown at Note 8. The collateral is held by a custodian in a segregated account in Euroclear. Where there is an event of default in respect of the Company under the Put Option, the Put Option Counterparty will be entitled to enforce its security over the Debt Securities.
13. RELATED PARTIES
Anson Fund Managers Limited is the Company's Administrator and Secretary. Anson Registrars Limited is the Company's Registrar, Transfer Agent and Paying Agent and Anson Administration (UK) Limited is the Company's UK Transfer Agent. John R Le Prevost is a director and controller of Anson Fund Managers Limited, Anson Registrars Limited and Anson Administration (UK) Limited. GBP16,725 (Sep 2011: GBP16,925) of costs were incurred by the Company with these related parties in the period, of which GBP2,705 (Mar 2012: GBP2,946) was due to these related parties as at 30 September 2012.
13. ULTIMATE CONTROLLING PARTY
In the opinion of the directors, the Company has no ultimate controlling party.
Schedule of Investments (Unaudited) as at 30 September 2012
CLOSE UK INDEX GROWTH FUND 2012 NOMINAL VALUATION TOTAL NET
DEBT SECURITIES PORTFOLIO HOLDINGS GBP ASSETS
Abbey National Treasury Services
Plc
EMTN 6 December 2012 8,800,000 8,889,384 16.66%
Britannia Building Society
EMTN 6 December 2012 8,800,000 8,888,355 16.66%
Caisse Centrale du Credit Immobilier
de France
EMTN 6 December 2012 8,800,000 8,808,765 16.51%
Irish Life & Permanent Plc
EMTN 6 December 2012 8,800,000 8,789,177 16.48%
Royal Bank of Scotland Plc
EMTN 6 December 2012 8,953,000 9,053,198 16.97%
SNS Bank NV
EMTN 6 December 2012 8,800,000 8,861,824 16.61%
----------- ----------
53,290,503 99.89%
----------- ----------
The Company has also sold a Put Option, details of which are shown below:
NOMINAL VALUATION
HOLDING GBP
JP Morgan Chase Bank FTSE 100
Index
Option maturing 22 November
2012 52,953,000 (222)
-----------
CLOSE UK INDEX GROWTH FUND 2012 NOMINAL VALUATION TOTAL NET
DEBT SECURITIES PORTFOLIO HOLDINGS GBP ASSETS
Abbey National Treasury Services
Plc
EMTN 6 December 2012 8,800,000 9,299,518 16.98%
Britannia Building Society
EMTN 6 December 2012 8,800,000 9,336,068 17.05%
Caisse Centrale du Credit Immobilier
de France
EMTN 6 December 2012 8,800,000 9,338,423 17.05%
Irish Life & Permanent Plc
EMTN 6 December 2012 8,800,000 8,627,250 15.75%
Royal Bank of Scotland Plc
EMTN 6 December 2012 8,953,000 9,491,909 17.33%
SNS Bank NV
EMTN 6 December 2012 8,800,000 9,299,056 16.98%
----------- ----------
55,392,224 101.16%
----------- ----------
The Company has also sold a Put option, details of which are shown below:
NOMINAL VALUATION
HOLDING GBP
JP Morgan Chase Bank FTSE 100
Index
Option maturing 22 November
2012 52,953,000 (847,961)
----------
The Company's Zero Dividend Shares are listed on the London Stock Exchange. Mid-market closing prices are quoted daily in the Financial Times. Company announcements and daily market closing prices of the Company's Zero Dividend Shares are available on Reuters, Bloomberg and on-line on the web. The ISIN of the Company's Zero Dividend Shares is GG00B1GJ9885 and the London Stock Exchange mnemonic is CSUZ.
SHARE DEALING
Zero Dividend Shares may be dealt in directly through a stockbroker or professional adviser acting on an investor's behalf. The buying and selling of Zero Dividend Shares may be settled through CREST.
SHAREHOLDER ENQUIRIES
The Company's Registrar is Anson Registrars Limited in Guernsey and they can be contacted on 01481 711301.
DIRECTORS AND SERVICE PROVIDERS
Directors Richard de la Rue (Chairman)
Nicholas Falla
John Le Prevost
---------------------------- -------------------------------------
Manager Close Investments Limited
(Authorised and Regulated by the
Financial
Services Authority)
10 Exchange Square
Primrose Street
London
England EC2A 2BY
---------------------------- -------------------------------------
Administrator and Secretary Anson Fund Managers Limited
PO Box 405
Anson Place
Mill Court
La Charroterie
St Peter Port
Guernsey GY1 3GF
---------------------------- -------------------------------------
Principal Bankers Royal Bank of Scotland International
Limited
Guernsey Branch
Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey GY1 4BQ
---------------------------- -------------------------------------
Registrar, Transfer Agent Anson Registrars Limited
and Paying Agent PO Box 426
Anson Place
Mill Court
La Charrotterie
St Peter Port
Guernsey GY1 3WX
---------------------------- -------------------------------------
UK Transfer Agent Anson Administration (UK) Limited
3500 Parkway
Whiteley, Fareham
Hampshire
England PO15 7AL
---------------------------- -------------------------------------
Registered Office of the Anson Place
Company
Mill Court
La Charrotterie
St Peter Port
Guernsey GY1 1EJ
---------------------------- -------------------------------------
Corporate Broker Matrix Corporate Capital LLP
One Vine Street, London
England, W1J 1EJ
---------------------------- -------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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