CED Close Enhanced

    RNS Number : 0457I
  Close Enhanced Commodities Fund Ld
  12 November 2008
   

    Close Enhanced Commodities Fund Limited (the "Company")

    Portfolio Update

    In order to fulfil its investment objective the Company holds six Debt Securities, including one issued by Glitnir Banki HF. This Debt
Security accounts for approximately 19 per cent of the total nominal value of the Company's Debt Securities. In the event of a default by an
issuer of a Debt Security purchased by the Company, the Company will rank as an unsecured creditor in respect of sums due from the issuer of
such Debt Security. In such event, the Company may (in respect of that Debt Security) receive a lesser amount of money than the amount due
pursuant to the terms of the Debt Security, may actually receive the money at a different time than would otherwise have been the case and
the amount received may be zero. Any losses will be borne by the Company and returns to Shareholders would be significantly adversely
affected.

    As a result of Glitnir Banki HF's failure to make payments due on other outstanding debt obligations, the Board of the Company considers
it likely that it will not pay in full on its obligations to the Company. Whilst recovery rates from issuers that default vary, and in this
case are currently unknown, the worst case scenario would see the Company receive nothing at the maturity of the relevant Debt Security.

    Payoff Profile

    The tables below illustrate how the Final Capital Entitlement of the Shares might vary for different ending levels of the Commodity
Portfolio on the assumption of zero recovery in the event of default of the Debt Security issued by Glitnir Banki HF and there being no
insolvency of any other issuer of Debt Securities held by the Company or any other event of default or any unforeseen circumstances.

  Percentage change in End Value of the Commodity    Final Capital Entitlement
       Portfolio relative to its Start Value+
                       -100%                                    80
                        -80%                                    80
                        -60%                                    80
                        -40%                                    80
                        -20%                                    80
                         0%                                     80
                        20%                                     113
                        40%                                     145
                        60%                                     177
                        80%                                     210
                        100%                                    242


    The table contemplates default and zero recovery in respect of the Debt Security issued by Glitnir Banki HF. The Final Capital
Entitlement set out in this table is an example only and not a forecast of actual payments and is subject to there being no insolvency of
any other issuer of Debt Securities held by the Company or any other event of default or any unforeseen circumstances. The attention of
shareholders is drawn to the section headed "Risk Factors" in the Prospectus.

    + The End Value will be the average value of the Commodity Portfolio over the one year period ending on 22 February 2010.


    The monthly factsheet is available on the website www.closeinvestments.com. 

    For further information contact:

    Close Investments Limited
    Manager

    Tel: 0800 269 824

    Anson Fund Managers Limited 
    Secretary

    Tel: 01481 722260

    12 November 2008

    E&OE - In transmission


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

Close Enhanced (LSE:CED)
Historical Stock Chart
From Nov 2024 to Dec 2024

Close Enhanced (LSE:CED)
Historical Stock Chart
From Dec 2023 to Dec 2024