CMA Global Hedge

Cash Distribution

RNS Number : 9890D
CMA Global Hedge PCC Ltd
31 March 2011
 



CMA Global Hedge PCC Limited (in voluntary liquidation) (the "Company")

 

 

CASH DISTRIBUTION OF THE COMPANY, AND

CASH PAYMENTS FROM THE COMPANY'S DECEMBER 2008, MARCH 2009 AND JUNE 2009 ENTITLEMENT POOLS

 

The Joint Liquidator of CMA Global Hedge PCC Limited (in voluntary liquidation) today announces that it intends to make distributions as follows:

·     a cash distribution, pursuant to the Extraordinary General Meeting of the Company on 23 February 2011 approving the voluntary winding up of the Company (the "Initial Distribution");

·     a fifth cash payment to Entitlement Pool Notional Shareholders who participated in the Company's December 2008 Redemption Offer;

·     a fourth cash payment to Entitlement Pool Notional Shareholders who participated in the Company's March 2009 Redemption Offer; and

·     a third 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 31 March 2011.

The Initial Distribution

 

Details of the cash payment to be received by each Shareholder pursuant to the Cash Distribution are set out below. Each Shareholder will receive the following amount per share for his holding.

 

The record date for participation in the Cash Distribution is 5.00 p.m. on Wednesday 30 March 2011.

 

Share Class

Distribution per Share

USD

USD 0.759812

EUR

EUR 0.721169

GBP

GBP 0.712614

 

 

Shareholders should note that this is the first cash distribution since the Company was placed into voluntary liquidation.



Payment relating to the December 2008 Redemption Offer

Certain of the assets contained in the December 2008 Entitlement Pool have been realised 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 has converted the realisation proceeds into either Euros or Sterling, as necessary using the prevailing exchange rate on 24 March 2011.

The value of the net payment after the deduction of the 4% Redemption Fee and rounded to four decimal places will be $0.1368 per Entitlement Pool Notional Share (or the Euro or Sterling equivalents which are 0.0962 EUR and 0.0843 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 14 per cent. of the unaudited estimated NAV of the December 2008 Entitlement Pool calculated as at 23 February 2011.

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 fifth cash distribution out of the December 2008 Entitlement Pool. Including this fifth distribution, Entitlement Pool Notional Shareholders will have received a total of US$2.84, €2.02, and £1.79 per Share for their US Dollar, Euro and Sterling Shares respectively. These amounts represent 76.13 per cent. for US Dollar Shareholders, 75.71 per cent. for Euro Shareholders and 69.91 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).

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 Redeemed Shares in December Redemption Offer

December Redemption Offer Entitlement Pool Notional Share

Value of net Payment to Shareholders per December Redemption Offer Entitlement Pool Notional Share

1 US Dollar Share

1 Entitlement Pool Notional Share

USD 0.1368 per Entitlement Pool Notional Share

1 Euro Share

1.346281 Entitlement Pool Notional Shares

EUR 0.0962 per Entitlement Pool Notional Share

1 Sterling Share

1.423355 Entitlement Pool Notional Shares

GBP 0.0843 per 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 and in accordance with the terms of the March Redemption Offer, the Company is to make a payment of these realisation proceeds, less a 4 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 has converted the realisation proceeds into either Euros or Sterling, as necessary using the prevailing exchange rate on 24 March 2011.

The value of the net payment after the deduction of the 4 per cent. Redemption Fee and rounded to four decimal places will be $0.1398 per Entitlement Pool Notional Share (or the Euro or Sterling equivalents which are 0.0983 EUR and 0.0861 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 14 per cent. of the unaudited estimated NAV of the March 2009 Entitlement Pool calculated as at 23 February 2011.

Shareholders should note that the initial payment made pursuant to the March 2009 Redemption Offer represented 60.64 per cent. of the total redemption value at the prevailing NAV in March 2009. The Entitlement Pool represented the remaining 39.36 per cent., and this will be the fourth cash distribution out of the March 2009 Entitlement Pool. Including this fourth distribution, Entitlement Pool Notional Shareholders will have received a total of US$2.27, €1.62, and £1.44 per Share for their US Dollar, Euro and Sterling Shares respectively. These amounts represent 74.77 per cent. for US Dollar Shareholders, 70.93 per cent. for Euro Shareholders and 68.20 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).

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 Redeemed Shares in March Redemption Offer

March 2009 Entitlement Pool Notional Share

Value of net Payment to Shareholders per March 2009 Entitlement Pool Notional Share

1 US Dollar Share

1 Entitlement Pool Notional Share

USD 0.1398 per Entitlement Pool Notional Share

1 Euro Share

1.277811 Entitlement Pool Notional Shares

EUR 0.0983 per Entitlement Pool Notional Share

1 Sterling Share

1.401847 Entitlement Pool Notional Shares

GBP 0.0861 per Entitlement Pool Notional Share

 

Payment relating to the June 2009 Redemption Offer

Certain of the assets contained in the June 2009 Entitlement Pool have been realised 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 4 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 has converted the realisation proceeds into either Euros or Sterling, as necessary using the prevailing exchange rate on 24 March 2011.

The value of the net payment after the deduction of the 4 per cent. Redemption Fee and rounded to four decimal places will be $0.1464 per Entitlement Pool Notional Share (or the Euro or Sterling equivalents which are 0.1030 EUR and 0.0902 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 15 per cent. of the unaudited estimated NAV of the June 2009 Entitlement Pool calculated as at 23 February 2011.

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 third cash distribution out of the June 2009 Entitlement Pool. Including this third distribution, Entitlement Pool Notional Shareholders will have received a total of US$2.05, €1.50, and £1.31 per Share for their US Dollar, Euro and Sterling Shares respectively. These amounts represent 72.34 per cent. for US Dollar Shareholders, 74.12 per cent. for Euro Shareholders and 75.99 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).

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 Redeemed Shares in June 2009 Redemption Offer

June 2009 Entitlement Pool Notional Share

Value of net Payment to Shareholders per June 2009 Entitlement Pool Notional Share

1 US Dollar Share

1 Entitlement Pool Notional Share

USD 0.1464 per Entitlement Pool Notional Share

1 Euro Share

1.335716 Entitlement Pool Notional Shares

EUR 0.1030 per Entitlement Pool Notional Share

1 Sterling Share

1.590017 Entitlement Pool Notional Shares

GBP 0.0902 per Entitlement Pool Notional Share

 

Definitions

Unless otherwise defined in this Announcement:

·     capitalised terms used in relation to the Initial Distribution shall have the same meaning given to the them in the Circular sent by the Company to its Shareholders on 28 January 2011; 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.

 

Enquiries

 

Joint Liquidator

Nick Vermeulen

+44 (0) 1481 752107

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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