Close Enhanced Share Discussion Threads

[jagworth] 19/9/2013 15:23

My broker (Selftrade) sent me the takeover offer in July. For various reasons I did not pay any attention to it. Unable to find the official information about it on the anson-group website

But there is some other stuff about the Trust on Ask Jeeves
Search using "CECF 2010 Defaulting Note Trust"

www.anson-group.com/weiss_offer.pdf
23 June 2010

www.anson-group.com/Note_glitnir.pdf
31 August 2011

www.anson-group.com/CECF_Bowery.pdf
23 August 2012

Not sure if the links work.

[jagworth] 18/9/2013 15:55

"Under the terms of the Company's Articles of Association as amended at the Extraordinary General Meeting and Class Meeting held on 19 February 2010, Shareholders are therefore due to receive a Final Capital Entitlement equal to the Net Asset Value of 185.28 pence per Share and, separately, an interest in the CECF 2010 Defaulting Note Trust. The Company's investments (excluding the Defaulting Note) have now matured and the Shares are being redeemed, with redemption proceeds expected to be paid to Shareholders on or around 5 March 2010".
(from RNS about CED Maturity and Redemption 2 March 2010)

I understand Tullett Prebon made a takeover offer for the Defaulting Notes in CECF 2010 at 3.78 pence per Note held. (Made in August and the offer has now lapsed I think)
I would be interested to know if anyone has a view on the possible value of the Notes.

[davebowler] 22/2/2011 11:05

I wonder if this could be used against the Directors of CED?

by Iain Martin on Feb 22, 2011 at 07:00
Investors plan legal action against Meteor over structured products

Meteor Asset Management may face legal action from a group of eight investors who lost money in structured products backed by Lehman Brothers.

Members of the group have each invested more than £100,000 in the products. They have complained to the Financial Ombudsman Service but plan to reject the FOS rulings in order to launch a legal challenge to try and recoup the full amount they invested.

The Financial Ombudsman Service (FOS) is limited to awarding compensation of up to £100,000 and investors who accept FOS rulings cannot then take their complaints to the courts. One of the members of the group, who has £150,000 invested, said they had been encouraged by a FOS ruling earlier this month against Meteor.

The FOS said the provider should have informed clients that Lehman Brother's credit rating had fallen below the Standard & Poor's A+ grade specified in the contract for Meteor Prima Growth Plan 7.

'We have told them in light of the recent FOS decision a full refund could save them a fortune in legal costs,' said the investor.

[davebowler] 29/6/2010 13:42

No, but as soon as I hear I will let you know.

[tiltonboy] 29/6/2010 13:31

Any idea how much?

[davebowler] 29/6/2010 13:22

Offer via Weiss to buy residual shares apparently in the offing.

[nitnia] 10/3/2010 10:23

Finally got my money credited.

Any suggestions for similar investments ( apart from CED2) ?

TIA

[sharpshare] 02/3/2010 14:30

185.28p it is.

[sharpshare] 19/1/2010 10:58

180 * 11 / 12 + 235 * 1 / 12 = 185p
plus possible Glitnir payouts sometime in the future

[tiltonboy] 18/1/2010 20:51

It makes it easier to work out what the final entitlement could be, but I agree it's misleading.

[mangal] 18/1/2010 17:05

Yes, why indeed? are they deliberately trying to confuse - if so, why?

[davebowler] 18/1/2010 16:30

Yes but what is the point of illustrating u/l figures at a specific date when the final figure is not based on that but the preceeding 11 months average! Its a bit like that game show where the presenter says 'here's what you could have won'!

[tiltonboy] 18/1/2010 13:45

mangal,

I concur.

tiltonboy

[mangal] 18/1/2010 13:27

yes dave it's all very confusing as there are so many final entitilement figures.

My understanding of what I think they mean is:

222p if priced on u/l values averaged over final yr & if there are no defaults
180p if priced on u/l values averaged over final yr & if Glitnir defaults
291p if priced on u/l values at 13Jan & if there are no defaults
235p if priced on u/l values at 13Jan & if Glitnir defaults

[edit: BTW, I sold out recently because I think upside is limited (because of averaging ) unless they get something back from Glitnir ]

[tiltonboy] 18/1/2010 13:14

dave,

What can't you follow?

tiltonboy

[davebowler] 18/1/2010 12:10

I can't follow this! ??? 14/01/2010 RNS

Based on the value of the Commodity Portfolio as at 13 January 2010, and
assuming the End Value+ of the Commodity Portfolio is the same, the Final
Capital Entitlement per Share on the Redemption Date would be approximately 291
pence+ subject to there being no counterparty default or any unforeseen
circumstances, and in the event of Glitnir Banki HF defaulting and having a zero
recovery rate and there being no insolvency of any other issuer of Debt
Securities held by the Company or any other event of default or any unforeseen
circumstances, the Final Capital Entitlement per Share on the Redemption Date
would be approximately 235 pence+.

[tiltonboy] 10/12/2009 15:10

Managed to sell some more CED at 192p which is pleasing given the subsequent fall in commodity prices.

The anticipated payout has softened by a couple of pence to 185p, and it must be hoped that the basket doesn't fall much further.

[tiltonboy] 03/12/2009 14:38

As each week goes by, the strength of the commodity basket is increasingly being negated by the averaging process. It now looks like a payout of 188p may be achieved if the basket remains constant for the final 12 weeks.

Notwithstanding the current strength, plus the possibility of an additional payout from Glitnir, I sold a few today at 190p. Given where the share price had been, I'm quite happy with the result.

[tiltonboy] 26/11/2009 14:01

A relatively quiet week for the basket of commodities, so very little change in the numbers.

187p still the anticipated payout on a no change basis.