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CED Close Enhanced

186.50
0.00 (0.00%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Close Enhanced LSE:CED London Ordinary Share GB00B05QHC32
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 186.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 186.50 GBX

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Date Time Title Posts
20/4/202000:29VOTE NO! TO CEDAR OFFER149
13/12/201611:18Close Enhanced Commods Fund328
15/12/200520:00General-
23/2/200507:16Cedar...light at the end of the tunnel..........?-
30/12/200309:12Cedar Merger with Arelon16

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Close Enhanced (CED) Top Chat Posts

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Posted at 18/9/2013 15:55 by jagworth
"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.
Posted at 22/2/2011 11:05 by davebowler
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.
Posted at 18/1/2010 12:10 by davebowler
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+.
Posted at 10/12/2009 15:10 by tiltonboy
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.
Posted at 03/12/2009 14:38 by tiltonboy
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.
Posted at 20/11/2009 09:26 by sharpshare
187p + potential Glitnir payouts.
Every 1p in the pound that Glitnir pays out equals about .45p per share so if 10p in the pound payout means another 4.5p. Shareholders should get something, but how much I do not know.
Posted at 20/11/2009 09:19 by tiltonboy
wolstencraft,

You missed this bit, which is important:

Based on the average daily value of the Commodity Portfolio over the Calculation Period to 18 November 2009, 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 211 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 171 pence+.

Given we are 38 weeks into the final year, the calculation works out, roughly, as:

38 x 171 + (14 x 231)
---------------------
52


tiltonboy
Posted at 20/11/2009 09:08 by wolstencroft
thanks - forgive me but I cannot reconcile these

1. "Based on the value of the Commodity Portfolio as at 18 November 2009, and
assuming the End Value+ of the Commodity Portfolio is the same"..."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 231 pence+"

Which seem to state that assuming prices stay the same as now the payout is 231p

2. March WTI and Gold futures are basically the same as spot, maybe a little more. So is copper (spot 3.09 March 3.12). I don't have prices for aluminium and Zinc but surely they would have to drop significantly to cause the final payout to drop by 42p.

Of course I am missing something probably obvious - what?
Posted at 29/10/2009 13:13 by tiltonboy
Just hope that commodities don't weaken too much in the final 17 weeks. Was quite looking forward to CED paying out somewhere in the 180's, but that may be be a bit optimistic.
Posted at 25/9/2009 14:24 by davebowler
From post 197 (prophetically) by erstwhile2

Glitnir downgraded to BBB yesterday, below A- threshold in CEDs investment methodology. Board may opt to sell this bond which would imply material loss given current credit spreads. This will hurt final entitlement whatever the commodities do. Two tiny sales today slapped the share price off 4% as the commodities moved higher, so on balance, this gets weaker before it gets stronger - my guess there's other sellers out there.
Close Enhanced share price data is direct from the London Stock Exchange

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