Inv Obj & Perf Update


 

TIDMCED 
 
RNS Number : 0467H 
Close Enhanced Commodities Fund Ld 
11 February 2010 
 

 
11 February 2010 
 
Close Enhanced Commodities Fund Limited (the "Company") 
 
In order to fulfil its investment objective the Company purchased six Debt 
Securities, including one issued by Glitnir Banki HF. This Debt Security 
accounts for approximately 19 per cent of the total nominal value of the 
Company's Debt Securities.  In the event of a default by an issuer of a Debt 
Security purchased by the Company, the Company will rank as an unsecured 
creditor in respect of sums due from the issuer of such Debt Security.  In such 
event, the Company may (in respect of that Debt Security) receive a lesser 
amount of money than the amount due pursuant to the terms of the Debt Security, 
may actually receive the money at a different time than would otherwise have 
been the case and the amount received may be zero.  Any losses will be borne by 
the Company and returns to Shareholders would be significantly adversely 
affected. 
 
Following the Icelandic authorities' decision to place Glitnir Banki HF in 
receivership, the Board of the Company considers it likely that it may not pay 
in full on its obligation.  Whilst recovery rates from issuers that default 
vary, and in this case are currently unknown, the worst case scenario would see 
the Company receive nothing from Glitnir Banki HF at the maturity of the Debt 
Security. 
 
Potential capital entitlements available to shareholders are based on the 
percentage increase in the End Value+ of the Commodity Portfolio relative to its 
Start Value.  The End Value+ will be the average daily value of the Commodity 
Portfolio over the one year Calculation Period ending on 22 February 2010. 
 
+-----------------+--------------+--------------------+--------------------+ 
| Commodity       | Start Value  |   Average daily    | As at 10 February  | 
|                 |              |  values over the   |        2010        | 
|                 |              |Calculation Period  |         +:         | 
|                 |              |  to 10 February    |                    | 
|                 |              |      2010 +:       |                    | 
+-----------------+--------------+--------------------+--------------------+ 
| Oil             |       $51.15 |             $66.72 |             $74.52 | 
+-----------------+--------------+--------------------+--------------------+ 
| Gold            |      $432.85 |            $999.06 |          $1,069.50 | 
+-----------------+--------------+--------------------+--------------------+ 
| Aluminium       |     $1972.00 |          $1,760.68 |          $2,022.50 | 
+-----------------+--------------+--------------------+--------------------+ 
| Copper          |     $3367.00 |          $5,645.52 |          $6,610.50 | 
+-----------------+--------------+--------------------+--------------------+ 
| Zinc            |     $1383.00 |          $1,799.63 |          $2,147.50 | 
+-----------------+--------------+--------------------+--------------------+ 
| Commodity       |      100.00% |             163.4% |             181.4% | 
| Portfolio       |              |                    |                    | 
+-----------------+--------------+--------------------+--------------------+ 
 
Based on the average daily value of the Commodity Portfolio over the Calculation 
Period to 10 February 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 226 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 183 pence+. 
 
Based on the value of the Commodity Portfolio as at 10 February 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 262 
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 212 pence+. 
 
This is not a forecast nor is it a reflection of the net asset value per Share 
and takes no account of any unforeseen circumstances and is provided for 
informational purposes only and should not be relied upon for investment 
decisions. 
 
Payoff Profile 
 
The tables below illustrate how the Final Capital Entitlement of the Shares 
might vary for different End Values of the Commodity Portfolio relative to its 
Start Value (1) subject to there being no counterparty default or any unforeseen 
circumstances, and (2) on the assumption of zero recovery in the event of 
default of the Debt Security issued by Glitnir Banki HF 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. 
 
+-----------------------+----------------+----------------+ 
| Percentage change in  | Final Capital  | Final Capital  | 
|  End Value+ of the    |  Entitlement   |  Entitlement   | 
|  Commodity Portfolio  |      (1)       |      (2)       | 
|relative to its Start  |                |                | 
|        Value          |                |                | 
+-----------------------+----------------+----------------+ 
| -100%                 | 100            | 80             | 
+-----------------------+----------------+----------------+ 
| -80%                  | 100            | 80             | 
+-----------------------+----------------+----------------+ 
| -60%                  | 100            | 80             | 
+-----------------------+----------------+----------------+ 
| -40%                  | 100            | 80             | 
+-----------------------+----------------+----------------+ 
| -20%                  | 100            | 80             | 
+-----------------------+----------------+----------------+ 
| 0%                    | 100            | 80             | 
+-----------------------+----------------+----------------+ 
| 20%                   | 140            | 113            | 
+-----------------------+----------------+----------------+ 
| 40%                   | 180            | 145            | 
+-----------------------+----------------+----------------+ 
| 60%                   | 220            | 177            | 
+-----------------------+----------------+----------------+ 
| 80%                   | 260            | 210            | 
+-----------------------+----------------+----------------+ 
| 100%                  | 300            | 242            | 
+-----------------------+----------------+----------------+ 
 
(1) Subject to there being no counterparty default or any unforeseen 
circumstances 
 
(2) The table contemplates default and zero recovery in respect of the Debt 
Security issued by Glitnir Banki HF.  The Final Capital Entitlement set out in 
this table is an example only and not a forecast of actual payments and is 
subject to 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 attention of shareholders is drawn to the section headed "Risk Factors" in 
the Prospectus. 
 
+ The End Value will be the average daily value of the Commodity Portfolio over 
the one year Calculation Period ending on 22 February 2010. 
 
As at 10 February 2010 the Company held the following investments: 
+--------------------------------------+-----------+ 
| DEBT SECURITIES PORTFOLIO            |   NOMINAL | 
+--------------------------------------+-----------+ 
|                                      |  HOLDINGS | 
+--------------------------------------+-----------+ 
|                                      |           | 
+--------------------------------------+-----------+ 
| Barclays Bank Plc EMTN 24 February   | 6,740,000 | 
| 2010                                 |           | 
+--------------------------------------+-----------+ 
|                                      |           | 
+--------------------------------------+-----------+ 
| BNP Paribas EMTN 24 February 2010    | 1,600,000 | 
+--------------------------------------+-----------+ 
|                                      |           | 
+--------------------------------------+-----------+ 
| Glitnir Banki HF EMTN 24 February    | 6,740,000 | 
| 2010                                 |           | 
+--------------------------------------+-----------+ 
|                                      |           | 
+--------------------------------------+-----------+ 
| Irish Life & Permanent Plc EMTN 24   | 6,740,000 | 
| February 2010                        |           | 
+--------------------------------------+-----------+ 
|                                      |           | 
+--------------------------------------+-----------+ 
| KBC Bank NV EMTN 24 February 2010    | 6,740,000 | 
+--------------------------------------+-----------+ 
|                                      |           | 
+--------------------------------------+-----------+ 
| SNS Bank NV EMTN 24 February 2010    | 6,740,000 | 
+--------------------------------------+-----------+ 
 
 
+This data has been provided by Close Investments Limited.  Close Investments 
Limited may source data from third party data providers such as, but not limited 
to, Bloomberg.  Close Investments Limited accepts no responsibility or liability 
for the accuracy of data sourced from such third parties.  All data in this 
document has been procured and may have been acted upon by Close Investments 
Limited for its own purpose.  The results are being made available to you for 
information purposes only and incidentally.  This data is provided purely for 
information purposes only and should not be relied upon. 
 
The monthly factsheet is available on the website www.closeam.com. 
 
For further information contact: 
 
Anson Fund Managers Limited 
Secretary 
 
Tel: 01481 722260 
 
E&OE - In transmission 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRTBMRTMBMBBJM
Close Enhanced (LSE:CED)
過去株価チャート
から 11 2024 まで 12 2024