Close Enhanced Share Discussion Threads

[rambutan2] 19/6/2005 17:01

cheers stillbroke, ive stuck it in the header.

[stillbroke] 17/6/2005 16:29

No stamp duty, always a bonus.

[stillbroke] 17/6/2005 14:33

Mentioned here today:



May dip a toe in.

[rambutan2] 16/6/2005 14:10

hmmm.
this below money back price, and oil/metals picked up over last few days.
or am i missing something?

[rambutan2] 29/5/2005 19:10

below all starting prices at mo.
was pure bad luck they rose so high running up to launch.

[rambutan2] 29/5/2005 19:08

CLOSE ENHANCED COMMODITIES FUND LIMITED (THE "COMPANY")
COMMODITY PRICES

The performance of the shares of the Company is designed to provide a geared
exposure to any increase in the value of a notional portfolio of commodities
consisting on 22 February 2005 (the "Start Date") of one-third by value crude
oil, one-third by value gold and one-third by value industrial metals (equally
weighted between aluminium, copper and zinc). The relevant prices of these
commodities on the Start Date were as follows:

Commodity Price at Start Date Source

Oil US$51.15 per barrel official closing price of the NYMEX crude oil
future contract next to expire
Gold US$432.85 per troy London Gold Market Fixing afternoon fixing
ounce price
Aluminium US$1972 per metric official London Metal Exchange cash
tonne settlement price
Copper US$3367 per metric official London Metal Exchange cash
tonne settlement price
Zinc US$1383 per metric official London Metal Exchange cash
tonne settlement price

Further information on the investment objective of the Company and the proposed
returns to shareholders are set out in the prospectus dated 10 February 2005.

KILLIK & Co MORNING NOTE - 17 June 2005
Commodity Exposure – with downside protection and a discount to fair value

The Close Enhanced Commodity Fund (CED) is a London listed investment company, which aims to provide upside exposure to a notional commodity portfolio whilst aiming to significantly reduce downside risk.

The fund, which has a five year life, ending in February 2010, offers 200% of the growth in a 'portfolio' made up one-third by value of crude oil, one-third gold and one-third industrial metals (equally weighted between aluminium, copper and zinc). The fund aims to return a minimum 100p at the end of the term, irrespective of the performance of the underlying commodity 'portfolio'. The chart below illustrates this payoff profile.

The fund price traded up to 108.25p in mid March as the underlying commodities showed good price strength. Since their first quarter highs, the prices of gold, aluminium and zinc have all fallen back. Consequently the price of the fund has fallen back below the 100p level. However, the latest figures available via Bloomberg this morning produce a fair value estimate per share of 103p compared to a mid price of 97p, a discount of over 6%.

The long term fundamentals for the underlying commodities have not changed since February. However the opportunity exists to buy below the issue price and at a discount to fair value. This is an ideal way to participate in the commodity bull story but with healthy downside protection. The fund is eligible for inclusion in PEPs and ISAs. Please contact your broker for our research note on the fund.

[shaunjph] 23/2/2005 07:16

....sorry same ticker wrong company.........

[calamity] 10/9/2003 10:37

Hello......Kevin or for that matter anyone else interested, what are your thoughts on the latest developements re. volutary liquidation, it would appear we are being shafted. I was not personally aware of an EGM until the letter arrived, and I wrongly thought it was over, but having read the letter again find it's happening on the 18th of this month. Mind you what ever we vote it would be like a flee bite on an elephant. Loan notes issued in lieu of the shares held. I personally know nothing of such things other than it looks like they could be redeemed at any time at the nominal value and at the latest Oct. 2006, basically loosing 40% of the value of what we could have got when they offered 5p a share, but held out for better times with the new arrangement. What would we get back say on Oct 2006 just 3p times our holding, is that it. I had basically written these off at any rate, but where there was life, ie. holding shares, there was hope, of a return if they subsequently sold the company, or refloated. Now there's apparently none. Talk about subdefuge to get what they want one way or another. Kevin, do you have any comment on what has happened here, I thought Cedar had basically been merged with Arelon to become Cedar Software Ltd, does this mean that all the business carried out by the old Cedar company has been succesfully transferred to the new company Cedar Software Ltd and left the old Cedar company with it's current shareholders,(including of course I suppose Alchemy, the majority shareholders, do they also get these 3p loan notes or are they treated differently from us), with no business and has therefore had to go into liquidation, or is this to simplistic. I would appreciate your thought or anyone elses for that matter on this latest developement. Is there any other discussion board open on this company, I say company, as I'm not sure as to what to refer to. Talk about confused. Cheers.

A salutary lesson learned, although to what effect in the future I will be able to apply this lesson learned I do not know, caution I suppose, but to much caution can also lead to dissappointment. You makes your choice and takes your chance.

[calamity] 13/7/2003 10:51

Well between us, got this BB going again, albeit only 3 of us, and not much really to "chew the cud" over...... now I wonder how many other holders are there.............any takers. I still hold 52,800, from the time when the company appeared to be getting some good orders under their belt............but then got unstuck due poor management. One of my more costly mistakes.

[glyndwrman] 10/7/2003 10:30

Kevin......

Appreciate your thoughts.
Here's hoping for a little something down the line.
Thanks and regards.
END

[glyndwrman] 09/7/2003 23:50

Hi Kevin.....what a long time it's been.
You were very helpful and informative all those months ago and I hope you will remember I said thanks. (Been away in New Zealand since and when came back have been off boards due to so many dipsy and argumentative posters. Then I stumbled across this thread when all Cedarish things seemed such a a bad memory)
I still have on my internet account 248 Cedar shares kept through defiance....like you.
Given that I value your judgement, is it at all possible that this news Cedar venture with Moulton has a chance???
Notice I'm not asking whether I'm going to get anything back on the old 248 shares.
Just curious as you seem to have more than a sneaking regard for alchemy.
Regards to you and that other rebel, Calamity.
Phil, Cardiff.
END

[calamity] 09/7/2003 17:08

Hi, Kevin, nice to see you still have an interest in these, but I wonder how much Alchemy care about the rest of us, not a lot I wouldn't think, or is that my cynical side clanking in. Plenty for 'em.......little for us. LOL.

[calamity] 07/7/2003 19:39

Are you still into this one Kevin.........how do you feel now 18 months after the event. I still hold, didn't succumb to the derisory offer, but not now sure whether it was the sensible thing to do, just let my heart rule I suppose.
However by them raising 40 odd million by way of issueing extra shares feel now they have diluted the shares to such an extent that when and if they sell or re-list the company, my share will probably be the same as if I had taken the original 5p offer, what say you. Have you purchased any more, not that I am offering mine, just curious. Any way have written them off really as an investment, but you never know, may have a pleasant surprise one day, but not holding my breath. LOL. Cheers.

[taffyman] 07/2/2003 01:00

Kevin.....thanks .....appreciate your total dedication to this over very many months and await any more info..thanks for all you do on this thing. sometimes I wonder why you bother to help us,,,,, but thanks anyway.
END