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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
US Enhanced In | LSE:USE | London | Ordinary Share | GG00B4409G28 | CLASS A STG HDGD PREF SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 115.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Where the underlying portfolio net asset value subsequently decreases after having increased to 110% or more of the initial underlying portfolio net asset value, but has not decreased to less than 100% of the initial underlying portfolio net asset value, subsequent quarterly payments will reduce to 2.00 pence per Class A Sterling Hedged US Enhanced Income Preference Share. If the underlying portfolio net asset value has fallen below 100 per cent. and below a lower percentage which is an integral multiple of 5 per cent. i.e. 95%, 90%, 85% (down to 5%) of the initial underlying portfolio net asset value, subsequent dividend payments will be adjusted to be the product of 2.00% and the relevant percentage threshold level and 100 pence per Class A Sterling Hedged US Enhanced Income Preference Share.
US Enhanced Income - Class B
Under the terms of the Swap Confirmation between the Counterparty and the Company acting for and on behalf of the US Enhanced Income cell in respect of Class B, the Counterparty will pay to the Company for the account of the US Enhanced Income cell quarterly a US Dollar amount equal to 2.00% of the notional amount of the Swap Confirmation, equivalent to 2.00 cents per Class B US Dollar Unhedged US Enhanced Income Preference Share, provided that if the underlying portfolio net asset value reaches 110% of the initial underlying portfolio net asset value (equivalent to a net asset value of 110 cents per share), future payments will increase to 2.20% of the notional amount of the Swap Confirmation, equivalent to 2.20 cents per BNP Paribas US Enhanced Income Class B Preference Share. For each subsequent 5 per cent. increase in the underlying portfolio net asset value, subsequent quarterly payments will increase by 0.1%, equivalent to 0.1 cents per Class B US Dollar Unhedged US Enhanced Income Preference Share.
Where the underlying portfolio net asset value subsequently decreases after having increased to 110% or more of the initial underlying portfolio net asset value, but has not decreased to less than 100% of the initial underlying portfolio net asset value, subsequent quarterly payments will reduce to 2.00 cents per Class B US Dollar Unhedged US Enhanced Income Preference Share. If the underlying portfolio net asset value has fallen below 100 per cent. and below a lower percentage which is an integral multiple of 5 per cent. i.e. 95%, 90%, 85% (down to 5%) of the initial underlying portfolio net asset value, subsequent dividend payments will be adjusted to be the product of 2.00% and the relevant percentage threshold level and 100 cents per Class B US Dollar Unhedged US Enhanced Income Preference Share.
(i) Collateral Arrangements
Under the terms of Credit Support Deeds entered into between the Counterparty and the Company acting for and on behalf of each cell, the Counterparty is required to post collateral in the form of AAA rated government bonds in favour of the Company acting for and on behalf of each cell, such collateral being valued on a weekly basis and, if the value of the collateral is less than the Credit Support Amount (as set out in note 6(c) above), the Counterparty will provide additional collateral to increase the aggregate value to at least the applicable Credit Support Amount. Where there is an event of default in respect of the Counterparty under the swap confirmation, the Company will be entitled to enforce its security over the collateral. The collateral is delivered to an escrow account, held by BNP Paribas Securities Services as custodian, in favour of the Company.
The collateral held against all derivative instruments as at 31 October 2013 is detailed below:
Cell Year ended Year ended 31 October 31 October 2012 2013 GBP GBP US HI - 10,580,862 Agrinvest - 9,280,614 EPR 12,096,642 11,348,664 EBM3 11,511,139 13,066,686 COMAC - 3,009,433 US EI 22,821,910 30,604,119 UK EI 8,969,878 11,050,438 EI 9,353,130 9,735,991 =========== ================ (j) Finance Costs and Expenses
All payments by the Company are made in Sterling, except that the Investment Manager's fees in respect of Class B of US High Income and US Enhanced Income are paid in US Dollars.
As detailed in Note 1(b), all expenses are borne by BNP Paribas SA and recognised in the Statement of Comprehensive Income.
Payments to the Company for the account of the US Enhanced Income cell in respect of Class B are made in US Dollars.
Dividends paid by the Company to holders of Class B US Dollar Unhedged US Enhanced Income Preference Shares are paid in US Dollars.
7 RELATED PARTY TRANSACTIONS
Anson Fund Managers Limited is the Administrator and Secretary of the Company and Anson Registrars Limited is the Registrar of the Company. John R Le Prevost is a director of both of these companies. During the year under review, the Administrator charged fees of GBP140,201 (2012: GBP178,373) in respect of its administration of the Company of which GBP8,801 (2012: GBP11,944) was outstanding at the year end and the Registrar charged fees of GBP20,777 (2012: GBP28,453) in respect of registration services on behalf of the Company of which GBP872 (2012: GBP1,108) was outstanding at the year end.
Anson Group Limited ("AGL") is the parent company of Anson Fund Managers Limited and Anson Registrars Limited. John R Le Prevost is a director of AGL.
THEAM the Investment Manager, and BNP Paribas Arbitrage SNC, the Company's ultimate controlling party, are both members of the BNP Paribas Group.
During the year under review the Investment Manager charged fees of GBP272,543 (2012: GBP661,596), of which GBP19,308 (2012: GBP66,156) was outstanding at the year end.
As described elsewhere in the Financial Statements, BNP Paribas, a member of the BNP Paribas Group, was appointed as Distributor of Preference Shares in all the cells and is also the Counterparty to the Index Derivative Contracts entered into by the Company on behalf of all cells. All these transactions and arrangements have been entered into on an arms length basis. At the end of the year BNP Paribas Group and its subsidiaries held the following shares in issue:
As at As at 31 Oct 2013 % of total 31 Oct 2012 % of total Shares shares Shares shares US High Income Class A Sterling Hedged Preference Shares - 0.00% 76,921,674 83.19% US High Income Class B Unhedged Preference Shares - 0.00% 55,800,836 95.65% BNP Paribas Agrinvest - 0.00% 44,912,900 95.10% BNP Paribas Enhanced Property Recovery 18,895,854 62.72% 18,895,854 62.72% BNP Paribas Energy - Base Metals (3) 43,933,610 88.60% 43,100,057 86.92% BNP Paribas Enhanced Income 34,967,125 87.42% 34,015,772 85.04% BNP COMAC - 0.00% 24,438,699 95.74% US Enhanced Income Class A 42,487,523 87.60% 39,779,523 82.02% US Enhanced Income Class B 36,594,677 81.18% 28,360,527 62.82% UK Enhanced Income 44,712,395 91.22% 42,196,395 86.09%
As detailed in Note 8 on 26 November 2012 all BNP Paribas Class A Sterling Hedged High Income Preference Shares and BNP Paribas US Class B Unhedged US High Income Preference Shares were compulsorily redeemed. BNP Paribas Class A Sterling Hedged US High Income and BNP Paribas Class B Unhedged US High Income were subsequently dissolved.
On 24 June 2013 all BNP Paribas Energy Agrinvest Preference Shares were compulsorily redeemed and BNP Paribas Energy Agrinvest was subsequently dissolved.
On 26 June 2013 all BNP Paribas COMAC Preference Shares were compulsorily redeemed and BNP Paribas COMAC was subsequently dissolved.
ONGOING EXPENSES Year ended Year ended 31 Oct 2013 31 Oct 2012 TOTAL TOTAL GBP GBP Transfer of cash surplus 400,000 - to BNP Paribas Administration fees 140,201 178,373 Directors' remuneration 30,000 28,469 Registration fees 20,777 28,453 Custody fees 61,483 93,631 Asset management fees 272,543 661,596 Tax fees 20,650 49,900 Audit fees 38,698 41,614 Annual fees 13,915 22,889 Foreign exchange differences (9,123) - Other operating expenses 26,900 9,666 ------------ ------------ 1,016,044 1,114,591 ============ ============
All expenses are accounted for on an accruals basis through the Statement of Financial Position and are borne by BNP Paribas SA.
8 REDEMPTION OF SHARES
During the year, BNP Paribas Class A Sterling Hedged High Income Preference Shares, BNP Paribas US Class B Unhedged US High Income Preference Shares and BNP Paribas Agrinvest Preference Shares reached their redemption dates. Therefore all BNP Paribas Class A Sterling Hedged High Income Preference Shares, BNP Paribas US Class B Unhedged US High Income Shares and BNP Agrinvest Preference Shares in issue were compulsorily redeemed.
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