Maturity and Redemption
March 02 2010 - 7:31AM
UK Regulatory
TIDMCED
RNS Number : 9470H
Close Enhanced Commodities Fund Ld
02 March 2010
FOR IMMEDIATE RELEASE
Close Enhanced Commodities Fund Limited (the "Company")
MATURITY AND REDEMPTION
The Company held a Debt Security issued by Glitnir Banki HF, an Icelandic bank
which was placed in receivership by the Icelandic authorities (the "Defaulting
Note"). This Debt Security had a nominal value of GBP6.74 million, representing
approximately 19 per cent of the total nominal value of the Company's Debt
Securities, but it is not known at this stage whether any value can be realised
or what, ultimately, that realisable value might be. As announced by the
Company on 16 November 2009, a claim was submitted on the Company's behalf in
respect of the Defaulting Note for a total amount equivalent to GBP17,025,335.40
(equating to approximately 48 pence per Participating Share). Pursuant to the
Proposal detailed in the Circular dated 26 January 2010 and approved at the
Extraordinary General Meeting and Class Meeting held on 19 February 2010 the
Claim is being transferred to the CECF 2010 Defaulting Note Trust.
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.
Redemption proceeds will be paid to all shareholders by cheque made payable to
the relevant holder or in the case of joint holders to such relevant joint
holders and sent at the risk of the holder(s) to the address of the holder or
first named joint holder as such appears in the Company's Register of Members,
or by an alternative method of payment (at the expense of the holder(s)), if
writing of such alternative method from the registered holder(s) has been
received by the Company's Registrar and Paying Agent, Anson Registrars Limited.
For further information contact:
Anson Fund Managers Limited
Secretary
Tel: Guernsey 01481 722260
Anson Registrars Limited
Registrar
Tel: Guernsey 01481 711301
2 March 2010
END OF ANNOUNCEMENT
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