RNS Number : 4293F
  Close European Accelerated Fund Ltd
  08 October 2008
   

    CLOSE EUROPEAN ACCELERATED FUND LIMITED (the "Company")

    Update on the Company's Holdings

    In order to fulfil the Company's investment objective, the Company purchased at launch debt securities as set out in the prospectus of
the Company issued on 14 July 2005 (the "Prospectus"). As published in all of the Annual and Half Yearly Financial Reports of the Company,
the Company currently holds seven debt securities, which include one issued by Glitnir Banki HF and one issued by Kaupthing Bank HF. These
debt securities account for approximately 30 per cent of the total nominal value of the Company's debt securities.

    The Board of Directors, pursuant to the terms of the Prospectus, has discretion in certain circumstances to sell the debt securities
held by the Company and reinvest the proceeds in debt securities of another issuer or other investments that replicate the investment
characteristics of the debt securities held by the Company.

    The Board of Directors is aware of the global uncertainty surrounding financial institutions, including the specific issues associated
with issuers of some of the debt securities held by the Company. It has been reviewing, in particular, the situation with regard to Glitnir
Banki HF and Kaupthing Bank HF.  

    At the present time, due to current market conditions, there is no viable secondary market in these debt securities, and this is
unlikely to change until there is greater clarity on their situation.  As such, it is not currently practicable for the Company to sell the
relevant debt securities.

    The Board of Directors will continue to monitor the situation, including whether it is appropriate and able to exercise its discretion
to sell the relevant debt securities, and will update Shareholders as appropriate if circumstances change.


    For further information contact:

    Close Investments Limited
    Manager

    Tel: 0800 269 824

    Anson Fund Managers Limited 
    Secretary

    Tel: 01481 722260

    8 October 2008

    E&OE - In transmission


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