Conversion of Securities

 

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RNS Number : 3019O 
New Star RBC Hedge250 IDX (1X GBP) 
04 March 2009 
 

HEDGE ETS 
 
 
New Star RBC Hedge 250 Index Exchange Traded Securities 
PCC Limited 
 
 
(A closed-ended investment company incorporated in Guernsey with registered 
number 45501 under the provisions of The Companies (Guernsey) Laws 1994 to 1996 
and The Protected Cell Companies Ordinance 1997 to 1998, as amended) 
 
 
4 March 2009 
 
 
CONVERSION FACILITY 
 
 
Conversion Day 
 
 
The Company's Articles of Association incorporate provisions to enable 
Shareholders to submit a written request to the Company (a "Conversion Request") 
to convert some or all of their Shares in one Class into Shares of any other 
Class with the same Cell on the last Business Day of March, June, September and 
December in each year or such other days as the Directors may determine (each a 
"Conversion Day") by giving at least 5 Business Day's notice (a "Share 
Conversion"). 
 
 
The next Conversion Day will be 31 March 2009. 
 
 
Conversion Procedure 
 
 
A Conversion Request must specify the number and Class of Shares to be converted 
from (the "first class") and the Class of Shares into which they are to be 
converted to (the "new Class"). Once given, a Conversion Request will be 
irrevocable without the consent of the Directors. 
 
 
Share Conversions will be effected by redeeming the Shares of the first Class 
and the issue of Shares of the new Class. Shares of the first Class will be 
converted into Shares of the new Class by reference to the ratio of the most 
recently published NAV per Share of the relevant Share Classes, adjusting for 
currency movements (the "Conversion Ratio"). 
 
 
The Board may at any time set a maximum number of Shares of a Class which may be 
converted on any Conversion Date and may change such maximum in their absolute 
discretion from time to time. If this limit is exceeded, the number of Shares in 
a Conversion Request will be reduced pro rata and the request for the conversion 
will be deemed not to apply to the balance of the Shares in the Conversion 
Request. 
 
 
The costs of conversions are expected to be minimal and will be borne by the 
Company. However, the Directors reserve the right to vary the calculation of the 
Conversion Ratio such that Shareholders making Share Conversions will bear the 
costs of the conversion. 
 
 
A Shareholder electing to convert Shares will be unable to deal in those Shares 
in the period between submitting a Conversion Request and the actual date of 
conversion. Under the Articles of Association the Directors have the discretion 
to postpone Share Conversions for such period as they see fit. 
 
 
Shareholders will not be permitted to convert Shares in one Cell for Shares in 
another Cell. Conversions will be intra-Cell only due to the complexities of the 
swap arrangements employed by the Cells for the purpose of fulfilling the 
Company's investment objective. On 14 January 2009 the Company announced its 
intention to compulsorily redeem the 3X Shares at Net Asset Value per Share on 1 
April 2009. Accordingly, the 3X Shares will not be eligible to participate in 
the 31 March 2009 Share Conversion. 
 
 
All Share Conversions will take place in accordance with, and are subject to, 
the Articles of Association. 
 
 
Shares held in uncertificated form 
 
 
A Conversion Request in respect of Shares held in uncertificated form must be 
accompanied by the submission of the relevant USE instruction no later than 
5.00pm on 24 March 2009. 
 
 
Shares held in certificated form 
 
 
A Conversion Request in respect of Shares held in certificated form must be 
accompanied by the relevant share certificate and must arrive at the following 
address no later than 5.00pm on 24 March 2009: 
 
 
Capita Registrars Limited 
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TH 
 
 
Tax consequences 
 
 
The Directors have been advised that under the current UK tax legislation, a 
conversion of Shares of any Class in the Company into Shares of any other Class 
or Classes within the same Cell in the Company should not be treated, for the 
purposes of UK taxation of chargeable gains, as crystallising either any 
disposal of the converted Class of Shares or any acquisition of the other Class 
or Classes of Shares. The Shares of the latter Class or Classes should be 
treated, for those purposes, as having been acquired for the same consideration, 
and at the same time, as the Class of Shares that the Shareholder has chosen to 
convert, so that the capital gains tax base cost of the Shares arising from the 
conversion would be the same as the base cost of the Shares which the 
Shareholder has elected to convert. If any Shareholder is in any doubt as to 
their taxation position they are strongly recommended to consult their 
professional adviser without delay. 
 
 
 
Expected Timetable 
 
 
+----------------------------------------+-------------------------------+ 
| Latest date for receipt of Conversion  |    5.00 p.m. on 24 March 2009 | 
| Requests and submission of the         |                               | 
| relevant USE instruction or share      |                               | 
| certificate (as appropriate)           |                               | 
|                                        |                               | 
+----------------------------------------+-------------------------------+ 
| Conversion Day                         |                 31 March 2009 | 
|                                        |                               | 
+----------------------------------------+-------------------------------+ 
| Expected date that CREST accounts will |                 15 April 2009 | 
| be debited / credited pursuant to      |                               | 
| Share Conversions                      |                               | 
|                                        |                               | 
+----------------------------------------+-------------------------------+ 
| Expected date that new Share           |                 15 April 2009 | 
| certificates and any balancing Share   |                               | 
| certificates will be despatched        |                               | 
+----------------------------------------+-------------------------------+ 
 
 
 
 
 
 
Enquiries 
 
 
Alison Bilham, HSBC Securities Services (Guernsey) Limited 
Tel: + 44 (0)1481 707213 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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