RNS Number:7707G
Close Enhanced Commodities Fund Ld
31 October 2007
Close Enhanced Commodities Fund Limited
Half-Yearly Financial Report
for the period ended 31 August 2007 (Unaudited)
Close Enhanced Commodities Fund Limited (the "Company")
ABOUT THE COMPANY
Close Enhanced Commodities Fund Limited is a Guernsey incorporated, closed-ended
investment company. With the exception of two Management Shares issued for
administrative reasons, the Company's issued share capital comprises 35,300,000
Participating Shares (the "Shares") the performance of which is designed to
provide a geared exposure to any increase in the prices of a notional portfolio
of certain industrial and precious metals and energy related commodities (the
"Commodity Portfolio").
Pursuant to the initial placing and offer for subscription, 33,700,000 Shares
were issued at a price of 100p each on 23 February 2005. Your Board in
conjunction with the Company's Manager were successful in raising further
capital for the Company by the subsequent issue of 1,600,000 Shares at a price
of 105.5 pence each on 19 May 2005. All 35,300,000 Shares in issue rank pari
passu, have been admitted to the Official List of the United Kingdom Listing
Authority and are capable of being dealt in on the London Stock Exchange. The
Company has an unlimited life but the Shares will be redeemed on or around 24
February 2010 (the "Redemption Date").
Investment Objective and Policy
The investment objective of the Company is to provide shareholders on the
Redemption Date with a capital payment which will comprise a capital amount of
100p per Share and a growth amount per Share equal to two times any percentage
increase in the End Value of the Commodity Portfolio relative to its Start
Value, such amount being expressed in pence and rounded down to the next whole
pence (the "Final Capital Entitlement"). If the End Value is lower than the
Start Value, the Shares are designed to repay the full capital amount of 100p
per Share on the Redemption Date. The final return is subject to there being no
counterparty default or any other unforeseen circumstances.
The Final Capital Entitlement per Share in Sterling is designed to be determined
by applying to the initial issue price of #1 per Share the performance of the
Commodity Portfolio as valued and measured using US Dollar values over the
calculation period from 22 February 2005 (the "Start Date") to 22 February 2010
(the "End Date"). The Commodity Portfolio is a notional portfolio of commodities
comprising by value on the Start Date one third oil, one third gold and one
third industrial metals (equally weighted between aluminium, copper and zinc).
Close Enhanced Commodities Fund Limited (the "Company")
ABOUT THE COMPANY (continued)
The US Dollar prices used in order to calculate the value of the Commodity
Portfolio on any date are: in respect of oil, the official closing price of the
NYMEX Exchange crude oil future contract next to expire in US Dollars per
barrel; in respect of gold, the afternoon fixing price for gold as determined by
the London Gold Market Fixing in US Dollars per Troy Ounce; and in respect of
the industrial metals, the official London Metal Exchange Cash Price in US
Dollars per metric tonne.
As at the End Date, the final value of the Commodity Portfolio will be
calculated by reference to the US Dollar aggregate daily value of each
constituent of the Commodity Portfolio over a calculation period of one year
ending on the End Date.
In accordance with the Company's investment policy, the net proceeds derived by
the Company from the issue of Shares have been invested in a portfolio of debt
securities at prices relative to the value of the Commodity Portfolio on 22
February 2005.
As both the Shares and the debt securities are Sterling-denominated,
Shareholders will not be exposed to direct currency risk. However, each of the
commodities is priced in US Dollars. Accordingly, in the event that the US
Dollar strengthens in value, this may cause a reduction in the prices of the
commodities and could result in a reduction in the Final Capital Entitlement.
Investment Performance
At launch, and at the placing on 19 May 2005, the net proceeds derived from the
issue of Shares of the Company were invested in a portfolio of debt securities
based on a notional portfolio of commodities. On 31 August 2007, the Commodity
Portfolio had risen 63.8% since launch and 5.5% over the reporting period. Over
the same periods, the total market value of the Company's shares rose by 65.5%
and 7.5% respectively.
Close Enhanced Commodities Fund Limited (the "Company")
MANAGER'S REPORT FOR THE PERIOD TO 31 AUGUST 2007
As the Company's share price is based upon the performance of the Commodity
Portfolio, it is possible to show the potential capital entitlements available
to shareholders 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 period ending
on 22 February 2010. The chart below is for illustrative purposes only and does
not represent forecasts or take into account any unforeseen circumstances.
Market Review
The notional Commodity Portfolio rose 5.5% over the financial period on strong
returns in oil and copper, which outweighed falls in aluminium and zinc.
As at As at Return over the period
28 February 2007 31 August 2007
Oil $61.79 $74.04 +19.8%
Gold $664.20 $672.00 +1.2%
Aluminium $2887.5 $2500.0 -13.4%
Copper $5980 $7580 +26.8%
Zinc $3470 $3070 -11.5%
Commodity Portfolio 155.3% 163.8% +5.5%
Close Enhanced Commodities Fund Limited (the "Company")
MANAGER'S REPORT FOR THE PERIOD TO 31 AUGUST 2007 (continued)
The price of oil climbed to $66.03 at the end of March 2007 following Iran's
seizure of 15 British naval personnel, which heightened the prospect of conflict
involving OPEC's second biggest oil producer. Following the release of the
sailors and marines, oil continued to trade around this level until pushed up in
July on unrest in Nigeria's oil producing Niger Delta region. Reaching a high of
$78.21 on 31 July, oil prices then fell back in August as losses in the US
sub-prime mortgage market and related money market problems signalled a possible
slowdown in US economic growth, potentially reducing fuel demand.
The price of copper rose 26.8% over the period, making this gain within the
first two months of the period. Copper prices surged as stock-piles shrank,
while insatiable demand from China, the world's biggest consumer of the metal,
continued through booming construction. The price of copper was supported over
the remainder of the period by a number of small supply disruptions and further
reductions in inventories, with LME Official Stock falling 33% over the
reporting period.
Zinc prices rose in May, reaching a maximum of $4,120 when miners in Peru, one
of the world's largest zinc producers, took part in a five-day national strike.
In July and August zinc prices fell back, as did those of aluminium, on
increased production, ending the period down 11.5% and 13.4% respectively.
The price of gold fell in March to its low of the period, $636.75 as, unusually,
both equity markets and gold prices fell at the same time. The price of gold
recovered in April, rising to $691.40, its high of the period, on the back of US
dollar weakness. The precious metal then range traded throughout the remainder
of the period, spurred on again in July by a further decline in the US dollar.
Close Enhanced Commodities Fund Limited (the "Company")
MANAGER'S REPORT FOR THE PERIOD TO 31 AUGUST 2007 (continued)
Market Outlook
The outlook for the price of oil continues to be affected by the confrontation
between the West and Iran. If further economic sanctions, or even military
action, are taken against Iran, this would result in signification disruption of
oil supplies from the Middle East. At the same time, although members of the
Organization of Petroleum Exporting Countries, OPEC, agreed to raise production
levels in September, spare capacity remains low compared to historic levels.
The outlook for industrial metals appears to hinge upon the effects of the
recent credit market problems. While China's remarkable demand for the
industrial metals appears to be resilient, a severe credit-crunch, leading to an
economic slowdown in the US, could offset some or all of this effect.
The sharp falls in financial markets, arising from the US sub-prime mortgage
crisis, initially caused investors to liquidate their precious metals positions
to cover margin calls in their equity portfolios. The outlook for gold, however,
remains very positive; at a time when investors are questioning the safety of
even their most "safe" money market funds and bank accounts, it seems that
gold's traditional position as a safe haven may well re-emerge. Any further weak
US housing or economic data could prompt a new cycle of interest rate cuts,
possibly causing further US dollar falls, from which gold prices might benefit.
Close Investments Limited
16 October 2007
Close Enhanced Commodities Fund Limited (the "Company")
Interim Management Report
for the period from 1 March to 31 August 2007
A description of important events that have occurred during the first six months
of the financial year, their impact on the performance of the Company as shown
in the financial statements and a description of the principal risks and
uncertainties for the remaining six months of the financial year is given in the
Manager's Report on pages 3 to 5 and is incorporated here by reference.
There were no material related party transactions which took place in the first
six months of the financial year.
This half-yearly financial report has not been audited or reviewed by auditors
pursuant to the Auditing Practices Board guidance on Review of Interim Financial
Information.
Responsibility Statement
The Board of directors jointly and severally confirm that, to the best of their
knowledge:
(a) The financial statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company; and
(b) This Interim Management Report includes or incorporates by reference:
a. An indication of important events that have occurred during the first
six months of the financial year, and their impact on the financial
statements;
b. a description of the principal risks and uncertainties for the
remaining six months of the financial year;
c. confirmation that there were no related party transactions in the
first six months of the current financial year that have materially
affected the financial position or the performance of the Company
during that period; and
d. changes in the related parties transactions described in the last
annual report that could have a material effect on the financial
position or performance of the Company in the first six months of the
current financial year.
Close Enhanced Commodities Fund Limited (the "Company")
STATEMENT OF OPERATIONS
for the period from 1 March to 31 August 2007
1 Mar 2007 1 Mar 2006
to 31 Aug 2007 to 31 Aug 2006
Notes GBP GBP
Net movement in unrealised appreciation on
investments 5 3,194,074 13,092,879
Operating expenses 2 (179,230) (173,136)
----------- ----------
Net gain for the period attributable to 3,014,844 12,919,743
shareholders =========== ==========
Pence Pence
Earnings per share for the period - Basic
and
Diluted 4 8.54 36.60
In arriving at the results for the financial year, all amounts above relate to
continuing operations.
There are no recognised gains or losses for the year other than those disclosed
above.
Reconciliation of gain per share for investment purposes to gain per share per
the financial statements:
Pence Pence
Gain per share for investment purposes 9.04 37.09
Adjustment to include expenses on an accruals basis (0.50) (0.49)
Gain per share per the financial statements 8.54 36.60
In accordance with International Financial Reporting Standards, expenses should
be attributed to the period to which they relate.
The earnings per share for investment purposes represents the gain per share
attributable to shareholders in accordance with the Prospectus, which recognises
all expenses of the Company up to and including the date that the Final Capital
Entitlement becomes payable.
The notes on pages 11 to 16 form an integral part of these financial statements.
Close Enhanced Commodities Fund Limited (the "Company")
NET ASSET STATEMENT
as at 31 August 2007
31 Aug 2007 28 Feb 2007 31 Aug 2006
Notes GBP GBP GBP
FIXED ASSETS
Unquoted financial assets
designated 5 67,854,901 64,660,827 63,474,173
at fair value through profit or --------- --------- ---------
loss
CURRENT ASSETS
Debtors 6 408,580 489,584 565,746
Cash and cash equivalents 719,528 812,318 901,950
--------- --------- ---------
1,128,108 1,301,902 1,467,696
CURRENT LIABILITIES
Creditors - due within one year 7 19,547 14,111 12,720
--------- --------- ---------
NET CURRENT ASSETS 1,108,561 1,287,791 1,454,976
TOTAL ASSETS LESS CURRENT
LIABILITIES 68,963,462 65,948,618 64,929,149
Non-current liabilities
excluding
net assets attributable to 8 - - -
shareholders --------- --------- ---------
NET ASSETS ATTRIBUTABLE TO
SHAREHOLDERS 68,963,462 65,948,618 64,929,149
========= ========= =========
SHARES IN ISSUE 35,300,000 35,300,000 35,300,000
Pence Pence Pence
NAV PER SHARE 195.36 186.82 183.94
Reconciliation of NAV per share for investment purposes to NAV per share per the
financial statements:
Pence Pence Pence
NAV per share for investment purposes 192.22 183.17 179.81
Adjustment to include expenses on an 3.14 3.65 4.13
accruals basis
NAV per share per the financial statements 195.36 186.82 183.94
In accordance with International Financial Reporting Standards, expenses should
be attributed to the period to which they relate.
The NAV per share for investment purposes represents the NAV per share
attributable to shareholders in accordance with the Prospectus, which recognises
all expenses of the Company up to and including the date that the Final Capital
Entitlement becomes payable.
The notes on pages 11 to 16 form an integral part of these financial statements.
Close Enhanced Commodities Fund Limited (the "Company")
STATEMENT OF CASH FLOWS
for the period ended 31 August 2007
1 Mar 2007 1 Mar 2006
to 31 Aug 2007 to 31 Aug 2006
GBP GBP
Operating activities
Net gain for the period attributable to
shareholders 3,014,844 12,919,743
Less: Unrealised appreciation on investments (3,194,074) (13,092,879)
Less: Interest received (20,742) (19,708)
Add: Amortisation of debt issue costs 80,404 80,404
Add: Increase/(Decrease) in accrued expenses 5,436 (8,971)
Add: Decrease in prepayments and accrued
income excluding debt issue costs 600 2,602
----------- -----------
Net cash outflow from operating activities (113,532) (118,809)
----------- -----------
Investing activities
Interest received 20,742 19,708
----------- -----------
Net cash inflow from investing activities 20,742 19,708
----------- -----------
Cash and cash equivalents at beginning of
period 812,318 1,001,051
Decrease in cash and cash equivalents (92,790) (99,101)
----------- -----------
Cash and cash equivalents at end of period 719,528 901,950
=========== ===========
The notes on pages 11 to 16 form an integral part of these financial statements.
Close Enhanced Commodities Fund Limited (the "Company")
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the period
ended 31 August 2007
31 Aug 2007 28 Feb 2007 31 Aug 2006
GBP GBP GBP
Opening balance 65,948,618 52,009,406 52,009,406
Net gain for the period attributable
to shareholders 3,014,844 13,939,212 12,919,743
---------- ---------- ----------
Closing balance 68,963,462 65,948,618 64,929,149
========== ========== ==========
The notes on pages 11 to 16 form an integral part of these financial statements.
Close Enhanced Commodities Fund Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
for the period ended 31 August 2007
1 ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared in conformity with
International Financial Reporting Standards and applicable Guernsey law.
The financial statements have been prepared on an historical cost basis
except for the measurement at fair value of financial instruments.
(b) Taxation
The Company has been granted exemption under the Income Tax (Exempt Bodies)
(Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is charged an
annual fee of #600.
(c) Expenses
All expenses are accounted for on an accruals basis.
(d) Debt issue costs
The debt issue costs incurred amounted to #796,230. Because the Company's
participating shares are redeemable on or around 24 February 2010, they are
required to be classified as debt instruments under IAS 32. Consequently,
issue costs are required to be amortised over the life of the instrument.
(e) Interest income
Interest income is accounted for on an accruals basis.
(f) Cash and cash equivalents
Cash at bank and short term deposits which are held to maturity are carried
at cost. Cash and cash equivalents are defined as call deposits, short term
deposits and highly liquid investments readily convertible to known amounts
of cash and subject to insignificant risk of changes in value. For the
purposes of the Statement of Cash Flows, cash and cash equivalents consist
of cash and deposits at bank.
(g) Investments
All investments have been designated as financial assets at "fair value
through profit or loss". Investments are initially recognised on the date
of purchase at cost, being the fair value of the consideration given. After
initial recognition, investments are measured at fair value, with
unrealised gains and losses on investments and impairment of investments
recognised in the Statement of Operations. Investments are derecognised on
the date of sale. Gains and losses on the sale of investments will be taken
to the Statement of Operations.
(h) Trade date accounting
All "regular way" purchases and sales of financial assets are recognised on
the "trade date", i.e. the date that the entity commits to purchase or sell
the asset. Regular way purchases or sales are purchases or sales of
financial assets that require delivery of the asset within the timeframe
generally established by regulation or convention in the market place.
(i) Segmental reporting
The directors are of the opinion that the Company is engaged in a single
segment of business, being investment business.
Close Enhanced Commodities Fund Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the period ended 31 August 2007
2 OPERATING EXPENSES
1 Mar 2007 1 Mar 2006
to 31 Aug 2007 to 31 Aug 2006
GBP GBP
Amortisation of debt issue costs 80,404 80,404
Management fees(1) 62,438 62,438
Auditors remuneration 3,600 3,600
Directors and Officers insurance 4,810 5,175
Registration fees 5,178 6,072
Administration fees 12,637 11,918
Custody fees 6,719 5,533
Directors remuneration 7,500 5,000
Annual fees 6,393 7,594
Printing Accounts 8,559 473
Sundry costs and charges 1,734 4,637
----------- ----------
199,972 192,844
Less: Interest earned on expense provision (20,742) (19,708)
----------- ----------
179,230 173,136
=========== ==========
(1) The Manager is entitled to receive a fee from the Company at an annual rate
of 0.35% of the Initial Gross Proceeds of both share issues.
3 DIRECTORS' REMUNERATION
The Prospectus provides that each director will be paid a fee of #5,000 per
annum by the Company. Their remuneration will remain fixed over the life of the
Company.
4 GAIN PER SHARE
The gain per share is based on the net gain for the period attributable to
shareholders of #3,014,844 (2006: #12,919,743) and on 35,300,000 (2006:
35,300,000) shares, being the weighted average number of shares in issue during
the period. There are no dilutive instruments and therefore basic and diluted
gain per share are identical.
Close Enhanced Commodities Fund Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the period ended 31 August 2007
5 INVESTMENTS
UNQUOTED FINANCIAL ASSETS 31 Aug 2007 28 Feb 2007 31 Aug 2006
DESIGNATED AS FAIR VALUE GBP GBP GBP
THROUGH PROFIT OR LOSS GBP
Opening portfolio cost 33,092,750 33,092,750 33,092,750
Unrealised appreciation on valuation
brought forward 31,568,077 17,288,544 17,288,544
Unrealised appreciation on valuation
for the period/year 3,194,074 14,279,533 13,092,879
--------- --------- ---------
Unrealised appreciation on valuation
carried forward 34,762,151 31,568,077 30,381,423
--------- --------- ---------
Closing valuation 67,854,901 64,660,827 63,474,173
========= ========= =========
Valuations of investments are based on valuations provided by Barclays Capital
and BNP Paribas which are subject to a check by the Manager. The performance of
the financial assets is based on the performance of a notional portfolio of
commodities between 22 February 2005 and 22 February 2010. The instruments are
designed to give a return of two times the performance of the notional portfolio
of commodities.
6 DEBTORS
31 Aug 2007 28 Feb 2007 31 Aug 2006
GBP GBP GBP
Prepaid debt issue costs 396,776 477,180 556,274
Prepayments 10,076 11,636 9,472
Accrued bank interest 1,728 768 -
--------- --------- ---------
408,580 489,584 565,746
========= ========= =========
7 CREDITORS (amounts falling due within one year)
31 Aug 2007 28 Feb 2007 31 Aug 2006
GBP GBP GBP
Accrued administration fees 2,180 1,818 2,135
Accrued registration fees 1,055 850 1,069
Accrued directors fees 2,500 2,500 -
Accrued audit fees 3,600 7,000 3,600
Accrued custody fees 5,412 1,943 2,116
Other accrued expenses 4,800 - 3,800
Expenses provision 243,714 235,627 232,852
--------- --------- ---------
Less: Prepaid expense provision (243,714) (235,627) (232,852)
(see note 8)
--------- --------- ---------
19,547 14,111 12,720
========= ========= =========
Close Enhanced Commodities Fund Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the period ended 31 August 2007
8 CREDITORS (amounts falling due after one year)
31 Aug 2007 28 Feb 2007 31 Aug 2006
GBP GBP GBP
Expenses provision 468,071 574,985 665,850
Less: Prepaid expenses provision (468,071) (574,985) (665,850)
--------- --------- ---------
- - -
========= ========= =========
The prepaid expense provision represents monies set aside to meet the ongoing,
annual and redemption expenses of the Company, as set out in the Prospectus.
If, at the Redemption Date, there is any surplus remaining from the expenses
provision (together with accrued interest thereon), this surplus will revert to
the Manager. In the event of redemption or repurchase of all the shares, or upon
a winding-up of the Company, in each case prior to the Redemption Date, any
balance of the expense provision (together with accrued interest thereon) other
than the investment management fee will also revert to the Manager.
9 SHARE CAPITAL
Authorised Shares GBP
Unclassified shares of 0.01p each 200,000,000 20,000
Management shares of #1.00 each 100 100
--------
20,100
========
Issued SHARES
Participating shares - fully paid 35,300,000
Management shares - fully paid 2
---------
Number of shares in issue at 31 August 2006, 28 February 2007 and 35,300,002
31 August 2007
=========
GBP
Issued capital as at 31 August 2006, 28 February 2007 and 31
August 2007 3,532
=========
The issue of participating shares took place as follows:
Number of Price per Amount
Shares share pence received GBP
23 February
2005 33,700,000 100.00 33,700,000
13 May 2005 1,600,000 105.50 1,688,000
Close Enhanced Commodities Fund Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the period ended 31 August 2007
9 SHARE CAPITAL (continued)
Participating shares are redeemable on or around 24 February 2010. The Company
is closed-ended and therefore shareholders have no right to request the Company
to repurchase their Shares or to redeem them prior to the redemption date. If
the Company is wound up prior to the redemption date, shareholders will be
entitled to the net asset value of the Shares on the winding up date. No
dividends will be paid on the Shares.
Management shares are not redeemable, do not carry any right to dividends and in
a winding up rank only for a return of the amount of paid up capital after
return of capital on Shares and nominal shares.
10 SHARE PREMIUM
GBP
Share premium at 31 August 2006, 28 February 2007 and 31 August
2007 35,384,470
=========
11 FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
(a) Cash and cash equivalents that arise directly from the
Company's operations; and
(b) Debt securities.
12 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The main risks arising from the Company's financial instruments are market price
risk, credit risk, liquidity risk and interest rate risk. The Board regularly
reviews and agrees policies for managing each of these risks and these are
summarised below.
(a) Market Price Risk
Market price risk arises mainly from uncertainty about future prices of
financial instruments held. It represents the potential loss the Company
might suffer through holding market positions in the face of price
movements. The investment manager actively monitors market prices and
reports to the Board as to the appropriateness of the prices used for
valuation purposes. A list of investments held by the Company is shown in
the schedule of investments on page 19.
Details of the Company's Investment Objective and Policy are given on
pages 1 and 2.
Close Enhanced Commodities Fund Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the period ended 31 August 2007
12 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit Risk
Credit risk is the risk that an issuer or counterparty will be unable or
unwilling to meet a commitment that it has entered into with the Company. At
the date of this report all issuers carried an investment grade credit
rating.
Investors should be aware that the prospective returns to Shareholders mirror
the returns under the Debt Securities held or entered into by the Company and
that any default by an issuer of any such Debt Securities held or entered
into by the Company would have a consequential adverse effect on the ability
of the Company to pay some or all of the Final Capital Entitlement to
Shareholders. Such a default might, for example, arise on the insolvency of
an issuer of a Debt Security.
(c) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in
realising assets or otherwise raising funds to meet financial commitments.
The Board regularly monitors the appropriateness of the expense provision
over the anticipated life of the Company.
(d) Interest Rate Risk
The interest rate risk profile of the financial assets and liabilities is:
Currency Floating rate financial assets Fixed rate financial assets Total
GBP #719,528 Nil #719,528
The floating rate financial assets comprise bank balances which bear interest
at a rate based on LIBOR.
Close Enhanced Commodities Fund Limited (the "Company")
SCHEDULE OF INVESTMENTS
as at 31 August 2007
NOMINAL VALUATION TOTAL NET
DEBT SECURITIES PORTFOLIO HOLDINGS GBP ASSETS
Barclays Bank Plc EMTN 24 February 2010 6,740,000 12,949,562 18.78%
BNP Paribas EMTN 24 February 2010 1,600,000 3,046,720 4.42%
Irish Life & Permanent Plc EMTN 24
February 2010 6,740,000 12,926,927 18.74%
Glitnir Banki HF EMTN 24 February 2010 6,740,000 12,920,701 18.74%
KBC Bank NV EMTN 24 February 2010 6,740,000 12,950,618 18.78%
SNS Bank NV EMTN 24 February 2010 6,740,000 13,060,373 18.94%
--------- --------- ---------
35,300,000 67,854,901 98.39%
========= ========= =========
Close Enhanced Commodities Fund Limited (the "Company")
SCHEDULE OF INVESTMENTS
as at 28 February 2007
NOMINAL VALUATION TOTAL NET
DEBT SECURITIES PORTFOLIO HOLDINGS GBP ASSETS
Barclays Bank Plc EMTN 24 February 2010 6,740,000 12,326,112 18.69%
BNP Paribas EMTN 24 February 2010 1,600,000 2,933,280 4.45%
Irish Life & Permanent Plc EMTN 24
February 2010 6,740,000 12,308,554 18.66%
Glitnir Banki HF EMTN 24 February 2010 6,740,000 12,301,160 18.65%
KBC Bank NV EMTN 24 February 2010 6,740,000 12,335,966 18.71%
SNS Bank NV EMTN 24 February 2010 6,740,000 12,455,755 18.89%
--------- --------- ---------
35,300,000 64,660,827 98.05%
========= ========= =========
Close Enhanced Commodities Fund Limited (the "Company")
SCHEDULE OF INVESTMENTS
as at 31 August 2006
NOMINAL VALUATION TOTAL NET
DEBT SECURITIES PORTFOLIO HOLDINGS GBP ASSETS
Barclays Bank Plc EMTN 24 February 2010 6,740,000 12,082,798 18.61%
BNP Paribas EMTN 24 February 2010 1,600,000 2,850,080 4.39%
Irish Life & Permanent Plc EMTN 24
February 2010 6,740,000 12,091,147 18.62%
Glitnir Banki HF EMTN 24 February 2010 6,740,000 12,082,522 18.61%
KBC Bank NV EMTN 24 February 2010 6,740,000 12,123,922 18.67%
SNS Bank NV EMTN 24 February 2010 6,740,000 12,243,704 18.86%
--------- --------- ---------
35,300,000 63,474,173 97.76%
========= ========= =========
Close Enhanced Commodities Fund Limited
SHAREHOLDER INFORMATION
The Company's Participating Shares are listed on the London Stock Exchange.
Monthly factsheets are issued by the Manager and can be down-loaded from the
Manager's web-site www.closeinvestments.co.uk
Company announcements and daily market closing prices of the Company's
Participating Shares are available on Reuters, Bloomberg and on-line on the web.
The ISIN of the Company's Participating Shares is GB00B05QHC32, and the London
Stock Exchange mnemonic is CED.
The Audited Report and Financial Statements for the year ended 28 February 2008
is intended to be made public and sent to Shareholders in June 2008 together
with a Notice of Meeting convening the Annual General Meeting of shareholders.
SHARE DEALING
Shares may be dealt in directly through a stockbroker or professional adviser
acting on an investor's behalf. The buying and selling of shares may be settled
through CREST.
SHAREHOLDER ENQUIRIES
The Company's registrar is Anson Registrars Limited in Guernsey and they can be
contacted on 01481 711301.
Close Enhanced Commodities Fund Limited
Registered in Guernsey No. 42782
DIRECTORS AND SERVICE PROVIDERS
---------------------- ----------------------------
Directors Nicholas John Falla (Chairman)
Roger Edward Cuming
John Reginald Le Prevost
---------------------- ----------------------------
Manager Close Investments Limited
(Authorised and regulated by the Financial Services
Authority)
10 Exchange Square
Primrose Street
London, England EC2A 2BY
---------------------- ----------------------------
Administrator and Anson Fund Managers Limited
Secretary
PO Box 405
Anson Place
Mill Court
La Charroterie
St Peter Port
Guernsey GY1 3GF
---------------------- ----------------------------
Custodian BNP Paribas Trust Company (Guernsey) Limited
Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey GY1 4BQ
---------------------- ----------------------------
Principal Bankers Royal Bank of Scotland International Limited
PO Box 604
Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey GY1 4NW
---------------------- ----------------------------
Auditor Saffery Champness
La Tonnelle House
Les Banques
St Sampson
Guernsey GY1 3HS
---------------------- ----------------------------
Registrar, Transfer Anson Registrars Limited
Agent
and Paying Agent PO Box 426
Anson Place
Mill Court
La Charroterie
St Peter Port
Guernsey GY1 3WX
---------------------- ----------------------------
UK Transfer Agent Anson Administration (UK) Limited
3500 Parkway
Whiteley
Fareham
Hampshire
England PO15 7AL
---------------------- ----------------------------
For further information contact:
Anson Fund Managers Limited
Company Secretary
Tel: 01481 722260
31 October 2007
E&OE- In transmission
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGMFGNMVGNZM
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