TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 5479W
CMA Global Hedge PCC Ltd
22 November 2010
22 November 2010
DISTRIBUTION PURSUANT TO A COMPULSORY REDEMPTION OF SHARES,
AND
CASH PAYMENTS FROM THE COMPANY'S DECEMBER 2008, MARCH 2009 AND
JUNE 2009 ENTITLEMENT POOLS
The Board of CMA Global Hedge PCC Limited (the "Company") today
announces that it intends to make distributions as follows:
-- a redemption of Shares, pursuant to the resolution passed at
the Extraordinary General Meeting of the Company on 15 December
2009 (the "Redemption Distribution");
-- a fourth cash payment to Entitlement Pool Notional
Shareholders who participated in the Company's December 2008
Redemption Offer;
-- a third cash payment to Entitlement Pool Notional
Shareholders who participated in the Company's March 2009
Redemption Offer; and
-- a second cash payment to Entitlement Pool Notional
Shareholders who participated in the Company's June 2009 Redemption
Offer,
and these distributions are together described in this
announcement as the "Payments". The Payments are expected to be
made on or around 30 November 2010.
The Redemption Distribution
Details of the cash payment to be received by each Shareholder
pursuant to the Redemption Distribution are set out below. Each
Shareholder will have the following percentage of his shares
redeemed at the NAV per Share on 30 September 2010, rounded down to
the nearest integer, because the remaining Shares cannot have
decimal places.
The record date for participation in the Redemption Distribution
is 5.00 p.m. on Thursday 25 November 2010.
NAV per Share at 30 September
Share Class % of Shares to be Redeemed 2010
------------- --------------------------- ------------------------------
USD 49.19 USD 7.62
------------- --------------------------- ------------------------------
EUR 49.29 EUR 7.55
------------- --------------------------- ------------------------------
GBP 48.47 GBP 7.49
------------- --------------------------- ------------------------------
Shareholders should note that this is the first redemption
distribution since December 2009, when shareholders who elected for
the Redemption Option had 73.43 per cent. of their then held US
Dollar Shares, 73.55 per cent. of their Euro Shares, and 73.61 per
cent. of their Sterling Shares redeemed at the Net Asset Value of
the Company as at 4 December 2009.
Following the Redemption Distribution, Shareholders will have
redeemed a total of 86.50 per cent. of their US Dollar Shares,
86.59 per cent. of their Euro Shares and 86.40 per cent. of their
Sterling Shares (based on their holding as at 4 December 2009).
Settlement
Shares held in CREST under the existing ISIN will be disabled
and a new ISIN will be applied to the remaining Shares that have
not been compulsorily redeemed.
In the case of Shares held in certificated form (that is, not in
CREST), redemptions will take effect automatically. Because the
Shares will be compulsorily redeemed, Certificated Shareholders do
not need to return their Share certificates to the Company in order
to claim their Distribution Proceeds. Shareholders' existing Share
certificates will be cancelled and new Share certificates will be
issued for the balance of their shareholding after the Redemption
Date. Cheques will automatically be issued to Certificated
Shareholders upon the cancellation of their Shares.
New ISIN Codes
For Shareholders' remaining Shares, the ISIN codes for each
class of Shares have been changed to the following:
CMA Global Hedge Shares NEW ISIN code
------------------------ --------------
USD GG00B3QPZD76
------------------------ --------------
EUR GG00B3YLCD69
------------------------ --------------
GBP GG00B3YP0R83
------------------------ --------------
The new ISIN codes will take effect on 26 November 2010.
Payment relating to the December 2008 Redemption Offer
Certain of the assets contained in the December 2008 Entitlement
Pool have been realised by the Company's investment manager, C.M.
Advisors Limited (the "Manager") and, in accordance with the terms
of the December Redemption Offer, the Company is to make a payment
of these realisation proceeds, less a four per cent. Redemption Fee
payable to the Manager, to Entitlement Pool Notional Shareholders
who participated in the December Redemption Offer.
Entitlement Pool Notional Shareholders will receive their
payment in the currency of the Shares that were redeemed. The
realisation proceeds of the December 2008 Entitlement Pool are in
US Dollars and the Company will convert the realisation proceeds
into either Euros or Sterling, as necessary, prior to making the
payment (using the prevailing exchange rate on 17 November
2010).
The value of the net payment after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $0.3389
per Entitlement Pool Notional Share (or the Euro or Sterling
equivalents which are 0.2500 EUR and 0.2126 GBP per Entitlement
Pool Notional Share respectively). The aggregate gross US dollar
value of the payment, before the deduction of the Redemption Fee,
represents approximately 25.82 per cent. of the unaudited estimated
NAV of the December 2008 Entitlement Pool calculated as at 30
September 2010.
Shareholders should note that the initial payment made pursuant
to the December 2008 Redemption Offer represented 52.37 per cent.
of the total redemption value at the prevailing NAV in December
2008. The Entitlement Pool represented the remaining 47.63 per
cent., and this will be the fourth cash distribution out of the
December 2008 Entitlement Pool. Including this fourth distribution,
Entitlement Pool Notional Shareholders will have received a total
of US$2.70, EUR1.92, and GBP1.70 per Share for their US Dollar,
Euro and Sterling Shares respectively. These amounts represent
72.46 per cent. for US Dollar Shareholders, 72.10 per cent. for
Euro Shareholders and 66.61 per cent. for Sterling shareholders of
the value of the Entitlement Pool at creation in December 2008, net
of exit fees (the differences between the currencies are due to
foreign exchange movements). This means that Shareholders who
participated in the December 2008 Redemption Offer will have
received in cash around 87 per cent. of their redemption value at
the prevailing NAV in December 2008.
To enable Entitlement Pool Notional Shareholders to obtain an
indicative value of the potential realisation proceeds of the
December 2008 Entitlement Pool, the table below sets out how the
Shares that were accepted for redemption in the December Redemption
Offer correspond to the "Entitlement Pool Notional Shares" of the
December 2008 Entitlement Pool. The net value of the cash payment
per December 2008 Entitlement Pool Notional Share is also
included.
CMA Global Hedge December Redemption Value of net Payment to
Redeemed Shares in Offer Entitlement Pool Shareholders per
December Redemption Notional Share December Redemption
Offer Offer Entitlement Pool
Notional Share (17
November 2010)
------------------------ ------------------------- -------------------------
1 US Dollar Share 1 Entitlement Pool USD 0.3389 per
Notional Share Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Euro Share 1.346281 Entitlement EUR 0.2500 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Sterling Share 1.423355 Entitlement GBP 0.2126 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
Payment relating to the March 2009 Redemption Offer
Certain of the assets contained in the March 2009 Entitlement
Pool have been realised by the Company's investment manager, C.M.
Advisors Limited (the "Manager") and, in accordance with the terms
of the March Redemption Offer, the Company is to make a payment of
these realisation proceeds, less a four per cent. Redemption Fee
payable to the Manager, to Entitlement Pool Notional Shareholders
who participated in the March Redemption Offer.
Entitlement Pool Notional Shareholders will receive their
payment in the currency of the Shares that were redeemed. The
realisation proceeds of the March 2009 Entitlement Pool are in US
Dollars and the Company will convert the realisation proceeds into
either Euros or Sterling, as necessary, prior to making the payment
(using the prevailing exchange rate on 17 November 2010).
The value of the net payment after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $0.3454
per Entitlement Pool Notional Share (or the Euro or Sterling
equivalents which are 0.2548 EUR and 0.2167 GBP per Entitlement
Pool Notional Share respectively). The aggregate gross US dollar
value of the payment, before the deduction of the Redemption Fee,
represents approximately 25.75 per cent. of the unaudited estimated
NAV of the March 2009 Entitlement Pool calculated as at 30
September 2010.
Shareholders should note that the initial payment made pursuant
to the March 2009 Redemption Offer represented 60.44 per cent. of
the total redemption value at the prevailing NAV in March 2009. The
Entitlement Pool represented the remaining 39.56 per cent., and
this will be the third cash distribution out of the March 2009
Entitlement Pool. Including this third distribution, Entitlement
Pool Notional Shareholders will have received a total of US$2.13,
EUR1.52, and GBP1.35 per Share for their US Dollar, Euro and
Sterling Shares respectively. These amounts represent 70.16 per
cent. for US Dollar Shareholders, 66.62 per cent. for Euro
Shareholders and 64.12 per cent. for Sterling shareholders of the
value of the Entitlement Pool at creation in March 2009, net of
exit fees (the differences between the currencies are due to
foreign exchange movements). This means that Shareholders who
participated in the March 2009 Redemption Offer will have received
in cash around 88 per cent. of their redemption value at the
prevailing NAV in March 2009.
To enable Entitlement Pool Notional Shareholders to obtain an
indicative value of the potential realisation proceeds of the March
2009 Entitlement Pool, the table below sets out how the Shares that
were accepted for redemption in the March Redemption Offer
correspond to the "Entitlement Pool Notional Shares" of the March
2009 Entitlement Pool. The net value of the cash payment per March
Redemption Entitlement Pool Share is also included.
CMA Global Hedge March 2009 Entitlement Value of net Payment to
Redeemed Shares in Pool Notional Share Shareholders per March
March Redemption Offer 2009 Entitlement Pool
Notional Share (17
November 2010)
------------------------ ------------------------- -------------------------
1 US Dollar Share 1 Entitlement Pool USD 0.3454 per
Notional Share Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Euro Share 1.277811 Entitlement EUR 0.2548 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Sterling Share 1.401847 Entitlement GBP 0.2167 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
Payment relating to the June 2009 Redemption Offer
Certain of the assets contained in the Entitlement Pool
attributable to the June 2009 Redemption Offer of the Company (the
"June 2009 Entitlement Pool") have been realised by the Company's
investment manager, C.M. Advisors Limited (the "Manager") and, in
accordance with the terms of the June 2009 Redemption Offer, the
Company is to make a payment of these realisation proceeds, less a
four per cent. Redemption Fee payable to the Manager, to
Entitlement Pool Notional Shareholders who participated in the June
2009 Redemption Offer.
Entitlement Pool Notional Shareholders will receive their
payment in the currency of the Shares that were redeemed. The
realisation proceeds of the June 2009 Entitlement Pool are in US
Dollars and the Company will convert the realisation proceeds into
either Euros or Sterling, as necessary, prior to making the payment
(using the prevailing exchange rate on 17 November 2010).
The value of the net payment after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $0.5719
per Entitlement Pool Notional Share (or the Euro or Sterling
equivalents which are 0.4219 EUR and 0.3588 GBP per Entitlement
Pool Notional Share respectively). The aggregate gross US dollar
value of the payment, before the deduction of the Redemption Fee,
represents approximately 38.37 per cent. of the unaudited estimated
NAV of the June 2009 Entitlement Pool calculated as at 30 September
2010.
Shareholders should note that the initial payment made pursuant
to the June 2009 Redemption Offer represented 64.03 per cent. of
the total redemption value at the prevailing NAV in June 2009. The
Entitlement Pool represented the remaining 35.97 per cent., and
this will be the second cash distribution out of the June 2009
Entitlement Pool. Including this second distribution, Entitlement
Pool Notional Shareholders will have received a total of US$1.91,
EUR1.40, and GBP1.22 per Share for their US Dollar, Euro and
Sterling Shares respectively. These amounts represent 67.18 per
cent. for US Dollar Shareholders, 69.03 per cent. for Euro
Shareholders and 70.76 per cent. for Sterling shareholders of the
value of the Entitlement Pool at creation in June 2009, net of exit
fees (the differences between the currencies are due to foreign
exchange movements). This means that Shareholders who participated
in the June 2009 Redemption Offer will have received in cash around
89 per cent. of their redemption value at the prevailing NAV in
June 2009.
To enable Entitlement Pool Notional Shareholders to obtain an
indicative value of the potential realisation proceeds of the June
2009 Entitlement Pool, the table below sets out how the Shares that
were accepted for redemption in the June 2009 Redemption Offer
correspond to the "Entitlement Pool Notional Shares" of the June
2009 Entitlement Pool. The net value of the cash payment per June
2009 Redemption Entitlement Pool Share is also included.
CMA Global Hedge June 2009 Entitlement Value of net Payment to
Redeemed Shares in June Pool Notional Share Shareholders per June
2009 Redemption Offer 2009 Entitlement Pool
Notional Share (17
November 2010)
------------------------ ------------------------- -------------------------
1 US Dollar Share 1 Entitlement Pool USD 0.5719 per
Notional Share Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Euro Share 1.335716 Entitlement EUR 0.4219 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Sterling Share 1.590017 Entitlement GBP 0.3588 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
The Entitlement Pools
The Company will continue to publish, on a monthly basis, an
unaudited estimated NAV per Entitlement Pool Notional Share for the
December 2008, March 2009 and June 2009 Entitlement Pools, which
Entitlement Pool Shareholders may choose to take as indicative of
the potential realisation costs of those Entitlement Pools and the
Actual Cash Proceeds they may receive. Entitlement Pool
Shareholders should be aware that the realisation proceeds of the
December 2008, March 2009 and June 2009 Entitlement Pools will be
affected by the ability of the Manager to realise assets at the
same price as those assets are held at NAV, taking into account the
market conditions and the deduction of costs and expenses
associated with the December 2008, March 2009 and June 2009
Redemption Offers. Therefore, the Actual Cash Proceeds received by
Entitlement Pool Shareholders may be materially different to the
indicated by the unaudited estimated NAV per Entitlement Pool
Notional Share published by the Company for the December 2008,
March 2009 and June 2009 Entitlement Pools.
Definitions
Unless otherwise defined in this Announcement:
-- capitalised terms used in relation to the Redemption
Distribution shall have the same meaning given to the them in the
Circular sent by the Company to its Shareholders on 27 November
2009; and
-- capitalised terms used in relation to the Entitlement Pool
payments shall have the same meaning given to them in the Circular
sent by the Company to its Shareholders on 2 December 2008.
All disclosure information including NAV reporting is available
on: www.cmaglobalhedge.com
Enquiries
CMA
+1 441 295 5929
Keri Wong
Oriel Securities Limited
+44 (0) 20 7710 7600
Joe Winkley
Neil Langford
This information is provided by RNS
The company news service from the London Stock Exchange
END
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