Maturity and Redemption


 

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 
 
E&OE - In transmission 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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