TIDMCED
RNS Number : 4984B
Close Enhanced Commodities Fund Ld
28 October 2009
Close Enhanced Commodities Fund Limited
Half-Yearly Financial Report
for the period ended 31 August 2009 (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 now 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
penny (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 unforeseen circumstances
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 End Value of the Commodity Portfolio will be calculated
by aggregating the average value of each constituent of the Commodity Portfolio
over the one year Calculation Period 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 are not 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.
As published in each of the annual and half-yearly financial reports of the
Company and as announced on 8 October 2008, the Company currently 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. Following the Icelandic authorities' decision to
place Glitnir Banki HF into receivership, the Board of the Company considers it
likely that it may not pay in full on its obligations. 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.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| ABOUT THE COMPANY (continued) |
| |
+-----------------------------------------------------------------------------+
Given the recent collapse of various financial institutions around the world,
including Glitnir Banki HF, and the intervention of various governments, it is
worth commenting on the assets held by the Company. Your attention is drawn to
the Schedule of Investments on page 29 of this annual financial report, which
shows the assets held by the Company, and note 12 (b) to the financial
statements, which refers to the credit risk of the issuers of these assets as at
the end of the reporting period and as at the date of this report.
In the event of a default by an issuer of a debt security purchased by the
Company, the Company would 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 (if any) and at a
different time than the proceeds anticipated at the maturity of the relevant
debt security. Any losses would be borne by the Company and returns to
Shareholders would be significantly adversely affected.
Proposal for the Processing of the Redemption of Shares
The Redemption Date for the Company's Shares is 24 February 2010 whereupon,
subject to the Company having received in cash its full entitlement on the
maturity of its underlying Debt Securities those monies are to be equally
distributed amongst all shareholders pro rata their respective holding of
Shares.
As already announced by the Company there is every expectation that on that date
the cash proceeds of the Company's entitlement due on the maturity of its
holding of debt securities issued by Glitnir Banki HF is unlikely to be received
("the Glitnir proceeds"). Your Board is in discussion with its advisors to agree
and establish arrangements whereby the Company's entitlement to a future payment
from Glitnir Banki can be held for the benefit of its Shareholders.
To give effect to these arrangements it will be necessary for an Extraordinary
General Meeting of all shareholders to be convened in order to vote on proposals
to amend the Company's Articles of Association. Assuming the proposal is
accepted by all shareholders there will be paid to them on the Redemption Date
whatever cash entitlement is available for distribution and they will also
receive an interest in any future payment from Glitnir Banki.
The Directors will make an announcement with further details to Shareholders as
soon as possible.
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| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| MANAGER'S REPORT |
| for the period ended 31 August 2009 |
+-----------------------------------------------------------------------------+
Investment Performance
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's reported failure to make payouts due on other
outstanding debt obligations, the Board of the Company considers it likely that
it may not pay in full on its obligation. 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 from Glitnir Banki HF at the
maturity of the Debt Security.
Potential capital entitlements available to shareholders are 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 Calculation Period ending on 22 February 2010.
+-------------------+---------------+-------------------+-------------------+
| Commodity | Start Value | Average daily | As at |
| | | values over the | 28 August 2009: |
| | | Calculation | |
| | | Period to 28 | |
| | | August 2009: | |
+-------------------+---------------+-------------------+-------------------+
| Oil | $51.15 | $59.76 | $72.74 |
+-------------------+---------------+-------------------+-------------------+
| Gold | $432.85 | $930.51 | $ 955.50 |
+-------------------+---------------+-------------------+-------------------+
| Aluminium | $1972.00 | $1554.06 | $ 1880.50 |
+-------------------+---------------+-------------------+-------------------+
| Copper | $3367.00 | $4789.14 | $ 6490.50 |
+-------------------+---------------+-------------------+-------------------+
| Zinc | $1383.00 | $1488.08 | $ 1820.00 |
+-------------------+---------------+-------------------+-------------------+
| Commodity | 100.00% | 147.1% | 167.6% |
| Portfolio | | | |
+-------------------+---------------+-------------------+-------------------+
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| MANAGER'S REPORT |
| for the period ended 31 August 2009 (continued) |
| |
+-----------------------------------------------------------------------------+
Based on the average daily value of the Commodity Portfolio over the Calculation
Period to 28 August 2009, and assuming the End Value of the Commodity Portfolio
is the same, the Final Capital Entitlement per Share on the Redemption Date
would be approximately 194 pence subject to there being no counterparty default
or any unforeseen circumstances, and in the event of Glitnir Banki HF defaulting
and having a zero recovery rate 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, the Final Capital Entitlement per Share on the
Redemption Date would be approximately 157 pence.
Based on the value of the Commodity Portfolio as at 28 August 2009, and assuming
the End Value of the Commodity Portfolio is the same, the Final Capital
Entitlement per Share on the Redemption Date would be approximately 235 pence
subject to there being no counterparty default or any unforeseen circumstances,
and in the event of Glitnir Banki HF defaulting and having a zero recovery rate
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, the Final
Capital Entitlement per Share on the Redemption Date would be approximately 190
pence.
This is not a forecast nor is it a reflection of the net asset value per Share
and takes no account of any unforeseen circumstances and is provided for
informational purposes only and should not be relied upon for investment
decisions.
The tables below illustrate how the Final Capital Entitlement of the Shares
might vary for different End Values of the Commodity Portfolio relative to its
Start Value (1) subject to there being no counterparty default or any unforeseen
circumstances, and (2) 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.
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| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| MANAGER'S REPORT |
| for the period ended 31 August 2009 (continued) |
| |
+-----------------------------------------------------------------------------+
+----------------------------+--------------------+--------------------+
| Percentage change in End | Final Capital | Final Capital |
| Value of the Commodity | Entitlement (1) | Entitlement (2) |
| Portfolio relative to its | | |
| Start Value+ | | |
+----------------------------+--------------------+--------------------+
| -100% | 100 | 80 |
+----------------------------+--------------------+--------------------+
| -80% | 100 | 80 |
+----------------------------+--------------------+--------------------+
| -60% | 100 | 80 |
+----------------------------+--------------------+--------------------+
| -40% | 100 | 80 |
+----------------------------+--------------------+--------------------+
| -20% | 100 | 80 |
+----------------------------+--------------------+--------------------+
| 0% | 100 | 80 |
+----------------------------+--------------------+--------------------+
| 20% | 140 | 113 |
+----------------------------+--------------------+--------------------+
| 40% | 180 | 145 |
+----------------------------+--------------------+--------------------+
| 60% | 220 | 177 |
+----------------------------+--------------------+--------------------+
| 80% | 260 | 210 |
+----------------------------+--------------------+--------------------+
| 100% | 300 | 242 |
+----------------------------+--------------------+--------------------+
(1) Subject to there being no counterparty default or any unforeseen
circumstances
(2) 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 daily value of the Commodity Portfolio over
the one year Calculation Period ending on 22 February 2010.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| MANAGER'S REPORT |
| for the period ended 31 August 2009 (continued) |
| |
+-----------------------------------------------------------------------------+
Market Review
The average daily value of the Commodity Portfolio over the Calculation Period
to 28 August 2009 was 14.1% greater than the average daily value of the
Commodity Portfolio over the Calculation Period to 28 February 2009 as all the
constituents rose apart from gold.
+--------------------+----------------+---------------+--------------+
| | Average daily |Average daily | Return over |
| | values over | values over | the period |
| | the | the | |
| | Calculation | Calculation | |
| | Period to 28 | Period to 28 | |
| | February 2009 | August 2009 | |
+--------------------+----------------+---------------+--------------+
| Oil | $42.18 | $59.76 | +41.7% |
+--------------------+----------------+---------------+--------------+
| Gold | $ 967.40 | $930.51 | -3.8% |
+--------------------+----------------+---------------+--------------+
| Aluminium | $ 1282.00 | $1554.06 | +21.2% |
+--------------------+----------------+---------------+--------------+
| Copper | $ 3315.90 | $4789.14 | +44.4% |
+--------------------+----------------+---------------+--------------+
| Zinc | $ 1090.40 | $1488.08 | +36.5% |
+--------------------+----------------+---------------+--------------+
| | | | |
+--------------------+----------------+---------------+--------------+
| Commodity | 128.9% | 147.1% | +14.1% |
| Portfolio | | | |
+--------------------+----------------+---------------+--------------+
In the first few months of the reporting period oil prices range traded between
$40 and $55 due to the uncertain global economic conditions. As "green shoots"
started to show signs of emerging in the global economy, this drove up the price
of oil to over $70 a barrel in June. However the price fell back down to $60 in
mid-July due to faltering expectations of an early economic recovery combined
with US data showing a big rise in fuel stocks, and the Organization of the
Petroleum Exporting Countries' 2009 World Oil Outlook predicting it could take
years for demand for crude oil to recover from the financial crisis. The price
of oil subsequently recovered, moving back up towards its high of the period at
the end of August.
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| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| MANAGER'S REPORT |
| for the period ended 31 August 2009 (continued) |
| |
+-----------------------------------------------------------------------------+
The industrial metals in the basket all rose significantly over the reporting
period. Copper was the strongest performer as the base metals benefited from the
belief that the global economy might have bottomed out. However a number of
metal traders have been surprised by the extraordinary rate of this rally and
are no longer trying to link the rally with fundamental supply and demands news,
but are blaming the soaring prices on speculative interest.
The price of gold fell to the low of the period at the beginning of April as
investors' appetite for risk increased and there were signs of strength in the
US dollar to which the price of gold is often inversely related. However over
the next two months the US dollar weakened considerably and consequently the
price of gold rose to reach its high of the period. Over the last few months of
the reporting period the price of gold range traded between $900 and $970.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| MANAGER'S REPORT |
| for the period ended 31 August 2009 (continued) |
| |
+-----------------------------------------------------------------------------+
Market Outlook
Over the coming months the ability of the global economy to nurture and protect
the "green shoots" which appear to be emerging may prove to be a crucial factor
affecting all commodity prices.
The price of oil in the second half of 2009 will continue to be affected by
demand forecasts which will vary with the global economic outlook. The usual
factors, including the US dollar, geopolitical risks, supply concerns, growth in
demand, and market speculation, are also all likely to continue to play a part.
The price of oil was largely unaffected by the widely anticipated maintenance of
total production quotas at the September Organization of Petroleum Exporting
Countries (OPEC) meeting and members of OPEC will be monitoring the price
closely over the next few months.
The industrial metals' prices are also likely to continue to be affected by the
strength or weakness of the global economy, being particularly sensitive to the
housing and automotive industries' woes or recoveries. Furthermore the price of
industrial metals will still be susceptible to changes in input costs,
particularly energy prices, which have a large impact. China remains the
largest consumer of many of the industrial metals and the prices of the
industrial metals are particularly sensitive to China's economic growth and
hence demand for these metals.
Further to the effect of the global economic recovery and the strength of the US
dollar, gold's demand and price may remain supported over the coming months as
it continues to be used as an inflation hedge, particularly as investors ponder
whether central banks will be able control inflation amid the recent growth of
monetary supply.
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| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| INTERIM MANAGEMENT REPORT |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
Detailed below and in the Manager's Report is a description of important events
which have occurred since the end of the reporting period and the principal
risks and uncertainties currently facing the Company.
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
Going Concern
The performance of the investments held by the Company over the reporting period
and the outlook for the future are described in the Manager's Report. The
Company's financial position, its cash flows and liquidity position are set out
in the financial statements and the Company's financial risk management
objectives and policies, details of its financial instruments and its exposures
to market price risk, credit risk, liquidity risk and interest rate risk are set
out at note 12 to the financial statements.
As highlighted in the section entitled "Investment Objective and Policy", the
Manager's Report and notes 1(g), 5 and 12(b) to the financial statements, during
the previous financial year, the issuer of one of the debt securities held by
the Company, being Glitnir Banki HF ("Glitnir") suffered severe financial
difficulties. As such, the value of the debt security issued by Glitnir cannot
be ascertained with any degree of certainty. Although at the time of writing the
situation remains unclear, the Manager and Board of directors consider it likely
that Glitnir may not pay in full on its obligations and in the worst case
scenario may pay nothing at all. Any losses will be borne by the Company and
returns to Shareholders will be significantly adversely affected.
The Final Capital Entitlement due to shareholders will be 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 Calculation Period ending on 22 February 2010.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| INTERIM MANAGEMENT REPORT (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
At the end of the financial reporting period, the notional Commodity Portfolio
had risen 67.6 per cent. since launch. Based on the average daily value of the
Commodity Portfolio over the Calculation Period to 31 August 2009, and assuming
the End Value of the Commodity
Portfolio is the same, the Final Capital Entitlement per Share on the Redemption
Date would be approximately 194 pence, subject to there being no counterparty
default or any unforeseen circumstances, and in the event of Glitnir Banki HF
defaulting and having a zero recovery rate 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, the Final Capital Entitlement per Share
on the Redemption Date would be approximately 157 pence.
As disclosed in note 12(c) to the financial statements, upon the issue of Shares
in the Company in February 2005 the Company created a cash reserve (the "Expense
Provision") in the amount of 3.25% of the amount raised by the issue of such
Shares (the "Initial Gross Proceeds"), such amount being estimated in the
opinion of the directors upon the advice of the Manager to be sufficient to meet
the operating expenses reasonably expected to be incurred over the life of the
Shares. Upon the issue of additional Shares in May 2005 an additional 3.25% of
the proceeds of that issue of additional Shares was set aside to cover the
increase in the Manager's fee which resulted from that issue of additional
Shares, all other expenses being either fixed for the life of the Company or
deemed unlikely to increase materially as a result of that issue of additional
Shares.
If in any full accounting period of the Company the balance remaining on the
Expense Provision is insufficient to meet the expenses of the Company during
that accounting period, the Manager will firstly both rebate to the Company any
fees paid to it by the Company in that accounting period and waive its remaining
fee entitlement for that accounting period and, secondly, if after fully
discounting the fee entitlement the Expenses Provision remains insufficient,
cover the shortfall from its own resources. Such rebate is subject to a cap on
these expenses, excluding the management fee, of 0.25 per cent per annum of the
Initial Gross Proceeds, provided that during the final accounting period prior
to the Redemption Date the Manager's liability to make up any shortfall shall be
subject to a maximum of GBP100,000, notwithstanding the fact that such amount
may exceed 0.25 per cent of the Initial Gross Proceeds.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| INTERIM MANAGEMENT REPORT (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
As the Company's participating shares are due for redemption in February 2010,
being less than twelve months from the date of this report, in accordance with
International Financial Reporting Standards the financial statements cannot be
prepared on a going concern basis. These financial statements have therefore
been prepared on a realisable value basis. This does not imply that the Company
is insolvent, nor does it imply that returns to shareholders on the Redemption
Date will be impaired.
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.
Nicholas FallaRoger CumingJohn Le Prevost
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| STATEMENT OF OPERATIONS |
| for the period from 1 March to 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
+----------------------------------------+--------+--------------+--+--------------+
| | | 1 Mar 2009 | | 1 Mar 2008 |
+----------------------------------------+--------+--------------+--+--------------+
| | | to 31 Aug | | to 31 Aug |
| | | 2009 | | 2008 |
+----------------------------------------+--------+--------------+--+--------------+
| | Notes | GBP | | GBP |
+----------------------------------------+--------+--------------+--+--------------+
| | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| Net movement in unrealised | | | | |
| appreciation / | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| (depreciation) on investments | 5 | 15,529,765 | | (9,042,188) |
+----------------------------------------+--------+--------------+--+--------------+
| | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| Operating expenses | 2 | (198,529) | | (187,461) |
+----------------------------------------+--------+--------------+--+--------------+
| | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| Net gain / (loss) for the period | | | | |
| attributable to | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| Shareholders | | 15,331,236 | | (9,229,649) |
+----------------------------------------+--------+--------------+--+--------------+
| | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| | | Pence | | Pence |
+----------------------------------------+--------+--------------+--+--------------+
| Earnings / (loss) per Share for the | | | | |
| period - Basic | | | | |
+----------------------------------------+--------+--------------+--+--------------+
| and Diluted | 4 | 43.43 | | (26.15) |
+----------------------------------------+--------+--------------+--+--------------+
In arriving at the results for the period, all amounts above relate to
continuing operations.
There are no recognised gains or losses for the period other than those
disclosed above.
Reconciliation of earnings per Share for investment purposes to earnings per
Share per the financial statements:
+-----------------------------------------------+--------------+--+--------------+
| | Pence | | Pence |
+-----------------------------------------------+--------------+--+--------------+
| Earnings / (loss) per Share for investment | 43.99 | | (25.62) |
| purposes | | | |
+-----------------------------------------------+--------------+--+--------------+
| Adjustment to include expenses on an accruals | (0.56) | | (0.53) |
| basis | | | |
+-----------------------------------------------+--------------+--+--------------+
| Earnings / (loss) per Share per the financial | 43.43 | | (26.15) |
| statements | | | |
+-----------------------------------------------+--------------+--+--------------+
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 earnings 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.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NET ASSET STATEMENT |
| as at 31 August 2009 |
+-----------------------------------------------------------------------------+
+----------------------------------------+--------+--------------+--+-------------+
| | | 31 Aug 2009 | | 28 Feb 2009 |
+----------------------------------------+--------+--------------+--+-------------+
| | Notes | GBP | | GBP |
+----------------------------------------+--------+--------------+--+-------------+
| NON-CURRENT ASSETS | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| Unquoted financial assets designated | | | | |
| at fair value | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| through profit or loss | 5 | 59,428,854 | | 43,899,089 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| CURRENT ASSETS | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| Receivables | 6 | 92,117 | | 169,445 |
+----------------------------------------+--------+--------------+--+-------------+
| Cash and cash equivalents | | 290,681 | | 415,238 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| | | 382,798 | | 584,683 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| CURRENT LIABILITIES | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| Payables - falling due within one year | 7 | 25,019 | | 28,375 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| NET CURRENT ASSETS | | 357,779 | | 556,308 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| TOTAL ASSETS LESS CURRENT LIABILITIES | | 59,786,633 | | 44,455,397 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| Payables - falling due after one year | | | | |
| excluding net | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| assets attributable to shareholders | 8 | - | | - |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| NET ASSETS ATTRIBUTABLE TO | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| SHAREHOLDERS | | 59,786,633 | | 44,455,397 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| SHARES IN ISSUE | | 35,300,000 | | 35,300,000 |
+----------------------------------------+--------+--------------+--+-------------+
| | | | | |
+----------------------------------------+--------+--------------+--+-------------+
| | | Pence | | Pence |
+----------------------------------------+--------+--------------+--+-------------+
| NAV PER SHARE | | 169,37 | | 125.94 |
+----------------------------------------+--------+--------------+--+-------------+
Reconciliation of NAV per Share for investment purposes to NAV per Share per the
financial statements:
+-----------------------------------------------+--------------+--+-------------+
| | Pence | | Pence |
+-----------------------------------------------+--------------+--+-------------+
| NAV per Share for investment purposes | 168.35 | | 124.36 |
+-----------------------------------------------+--------------+--+-------------+
| Adjustment to include expenses on an accruals | 1.02 | | 1.58 |
| basis | | | |
+-----------------------------------------------+--------------+--+-------------+
| NAV per Share per the financial statements | 169.37 | | 125.94 |
+-----------------------------------------------+--------------+--+-------------+
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.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| STATEMENT OF CASH FLOWS |
| for the period ended 31 August 2009 |
+-----------------------------------------------------------------------------+
+-----------------------------------------------+--------------+--+--------------+
| | 1 Mar 2009 | | 1 Mar 2008 |
+-----------------------------------------------+--------------+--+--------------+
| | to 31 Aug | | to 31 Aug |
| | 2009 | | 2008 |
+-----------------------------------------------+--------------+--+--------------+
| | GBP | | GBP |
+-----------------------------------------------+--------------+--+--------------+
| Operating activities | | | |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Net gain / (loss) for the period attributable | 15,331,236 | | (9,229,649) |
| to shareholders | | | |
+-----------------------------------------------+--------------+--+--------------+
| Less: Unrealised (appreciation) / | | | |
| depreciation on | | | |
+-----------------------------------------------+--------------+--+--------------+
| investments | (15,529,765) | | 9,042,188 |
+-----------------------------------------------+--------------+--+--------------+
| Less: Interest received | (457) | | (14,845) |
+-----------------------------------------------+--------------+--+--------------+
| Add: Amortisation of debt issue costs | 80,404 | | 80,404 |
+-----------------------------------------------+--------------+--+--------------+
| Less: (Decrease) / increase in accrued | (3,356) | | 1,808 |
| expenses | | | |
+-----------------------------------------------+--------------+--+--------------+
| Less: (Increase) / decrease in prepayments | | | |
| and accrued | | | |
+-----------------------------------------------+--------------+--+--------------+
| income excluding debt issue costs | (3,076) | | 381 |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Net cash outflow from operating activities | (125,014) | | (119,713) |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Investing activities | | | |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Interest received | 457 | | 14,845 |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Net cash inflow from investing activities | 457 | | 14,845 |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Cash and cash equivalents at beginning of | 415,238 | | 638,114 |
| period | | | |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Decrease in cash and cash equivalents | (124,557) | | (104,868) |
+-----------------------------------------------+--------------+--+--------------+
| | | | |
+-----------------------------------------------+--------------+--+--------------+
| Cash and cash equivalents at end of period | 290,681 | | 533,246 |
+-----------------------------------------------+--------------+--+--------------+
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS |
| for the period ended 31 August 2009 |
+-----------------------------------------------------------------------------+
+-------------------------------------------------+-------------+--+-------------+
| | 31 Aug 2009 | | 31 Aug 2008 |
+-------------------------------------------------+-------------+--+-------------+
| | GBP | | GBP |
+-------------------------------------------------+-------------+--+-------------+
| | | | |
+-------------------------------------------------+-------------+--+-------------+
| Opening balance | 44,455,397 | | 102,681,851 |
+-------------------------------------------------+-------------+--+-------------+
| Net gain / (loss) for the period attributable | 15,331,236 | | (9,229,649) |
| to shareholders | | | |
+-------------------------------------------------+-------------+--+-------------+
| | | | |
+-------------------------------------------------+-------------+--+-------------+
| Closing balance | 59,786,633 | | 93,452,202 |
+-------------------------------------------------+-------------+--+-------------+
Under IAS 32, the Participating Shares are classified as debt and the Management
Shares are classified as equity.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
1. ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements have been prepared in conformity with International
Financial Reporting Standards and applicable Guernsey law. As the Company's
participating Shares are due for redemption within twelve months, on or around
24 February 2010, the financial statements have been prepared on a realisable
value basis. The directors do not anticipate costs of liquidation to be
material. Such costs will be borne out of the Expense Provision described in
note 8 to the financial statements.
Amendments to IFRS 7 were issued by the International Accounting Standards Board
in March 2009, effective for annual periods beginning on or after 1 January
2009. The amendment to IFRS 7 requires fair value to be disclosed by the source
of inputs, using a three-level hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or liabilities
(Level 1);
Inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from
prices) (Level 2);
Inputs for the asset or liability that are not based on observable market data
(unobservable inputs) (Level 3).
The following Standards or Interpretations that are expected to affect the
Company have been issued but not yet adopted by the Company as shown below.
Other Standards or Interpretations issued by the International Accounting
Standards Board and the International Financial Reporting Interpretations
Committee are not expected to affect the Company.
IFRS 2 (revised June 2009) Share-based Payment effective for annual periods
beginning on or after 1 January 2010.
IFRS 3 (revised 2008) Business Combinations effective for annual periods
beginning on or after 1 July 2009.
IAS 27 (revised 2008) Consolidated and Separate Financial Statements effective
for annual periods beginning on or after 1 July 2009.
IAS 28 (revised 2008) Investments in Associates effective for annual periods
beginning on or after 1 July 2009.
IAS 31 (revised 2008) Interests in Joint Ventures effective for annual periods
beginning on or after 1 July 2009.
IAS 39 (revised July 2008) Financial Instruments: Recognition and Measurement
effective for annual periods beginning on or after 1 July 2009.
The directors have considered the above and are of the opinion that the above
Standards and Interpretations are not expected to have an impact on the
Company's financial statements except for the presentation of additional
disclosures and changes to the presentation of components of the financial
statements. These items will be applied in the first financial period for which
they are required.
(b) Taxation
The Company has been granted exemption under the Income Tax (Exempt Bodies)
(Guernsey) Ordinance, 1989, as amended, from Guernsey Income Tax, and is charged
an annual fee of GBP600.
(c)Expenses
All expenses are accounted for on an accruals basis.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
1 ACCOUNTING POLICIES (continued)
(d)Debt Issue Costs
The debt issue costs incurred amounted to GBP796,230. 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 are classified as "at fair value through profit or loss".
Investments are initially recognised at cost, being the fair value of the
consideration given, excluding transaction costs associated with the investment.
After initial recognition, investments are measured at fair value, with
unrealised gains and losses on investments and impairment of investments being
recognised in the Statement of Operations.
Fair value is the amount for which the financial instruments could be exchanged,
or a liability settled, between knowledgeable willing parties in an arms length
transaction. Fair value also reflects the credit quality of the issuers of the
financial instruments.
Valuations of the Company's investments are based on valuations provided to the
Company by Future Value Consultants Limited ("FVC"). These valuations are
intended to be an indication of the fair value of those investments, including
an issuer's credit risk, designed to reflect the best estimation of the price at
which they could be sold, even though there is no guarantee that a willing buyer
might be found if the Company chose to sell the relevant investment.
The indicative fair values of the investments are based on an approximation of
the market level of the investments. As the investments are not traded in an
active market, the indicative fair value is determined by using valuation
techniques. FVC used a variety of methods and make assumptions that were based
on market conditions existing at the balance sheet date.
Valuation techniques used may include the use of comparable recent arm's length
transactions (where available), discounted cash flows analysis, option pricing
models and other valuation techniques commonly used by market participants.
Models use observable data, to the extent practicable. However, areas such as
counterparty credit risk, volatilities and correlations require FVC to make
estimates. Changes in assumptions about these factors could affect the reported
fair value of financial instruments.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
1. ACCOUNTING POLICIES (continued)
(g)Investments (continued)
During the previous period, one of the issuers of the Company's debt securities,
Glitnir Banki HF ("Glitnir"), suffered severe financial difficulties and was
placed into receivership. At the previous year end, given the uncertainty of the
value of this debt instrument, the directors exercised their judgement in the
best interests of both shareholders and creditors in valuing this investment at
GBPnil. The directors have again exercised their judgement in valuing this
investment at GBPnil in these financial statements.
Different assumptions regarding these factors, combined with different valuation
techniques and models used, could lead to significantly different valuations of
the financial instruments produced by different parties. As at the balance sheet
date, valuation data provided by Barclays Capital and BNP Paribas was
GBP2,009,093 higher than that provided by FVC.
Being cognisant of current market conditions, the Company believes that, with
the exception of Glitnir as noted above, the valuations provided by FVC comply
with the definition of fair value as defined by International Financial
Reporting Standards and are more appropriate.
The investments will be derecognised on their maturity date, being 24 February
2010. However, in accordance with IFRS 5, the investments continue to be
classified as non current assets as at 31 August 2009, as they are not
considered to be available for immediate sale. Gains and losses on the sale or
maturity 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 2009 |
| |
+-----------------------------------------------------------------------------+
2 OPERATING EXPENSES
+----------------------------------------+--------------+--+--------------+
| | 1 Mar 2009 | | 1 Mar 2008 |
+----------------------------------------+--------------+--+--------------+
| | to 31 Aug | | to 31 Aug |
| | 2009 | | 2008 |
+----------------------------------------+--------------+--+--------------+
| | GBP | | GBP |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Amortisation of debt issue costs | 80,404 | | 80,404 |
+----------------------------------------+--------------+--+--------------+
| Management fees(1) | 62,438 | | 62,267 |
+----------------------------------------+--------------+--+--------------+
| Auditor's remuneration | 250 | | 2,875 |
+----------------------------------------+--------------+--+--------------+
| Directors' and Officers' insurance | 4,163 | | 2,081 |
+----------------------------------------+--------------+--+--------------+
| Registration fees | 4,494 | | 7,874 |
+----------------------------------------+--------------+--+--------------+
| Administration fees | 11,918 | | 15,619 |
+----------------------------------------+--------------+--+--------------+
| Custody fees | 6,452 | | 8,107 |
+----------------------------------------+--------------+--+--------------+
| Directors' remuneration | 7,500 | | 7,500 |
+----------------------------------------+--------------+--+--------------+
| Annual fees | 14,211 | | 7,542 |
+----------------------------------------+--------------+--+--------------+
| Printing accounts | (150) | | 6,121 |
+----------------------------------------+--------------+--+--------------+
| Legal and professional fees | 4,960 | | - |
+----------------------------------------+--------------+--+--------------+
| Sundry costs and charges | 2,346 | | 1,916 |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| | 198,986 | | 202,306 |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Less: Interest earned on expense | (457) | | (14,845) |
| provision | | | |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| | 198,529 | | 187,461 |
+----------------------------------------+--------------+--+--------------+
(1) The Manager is entitled to receive a fee from the Company at an annual rate
of 0.35% of the Initial Gross Proceeds.
3 DIRECTORS' REMUNERATION
The Prospectus provides that each director will be paid a fee of GBP5,000 per
annum by the Company. Their remuneration will remain fixed over the life of the
Company.
4 EARNINGS PER SHARE
Earnings per share is based on the net gain for the period attributable to
shareholders of GBP15,331,236 (Aug 2008: loss GBP9,229,649) and on 35,300,000
(Aug 2008: 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 2009 |
| |
+-----------------------------------------------------------------------------+
5UNQUOTED FINANCIAL ASSETS DESIGNATED AT
FAIR VALUE THROUGH PROFIT OR LOSS
+----------------------------------------+--------------+--+--------------+
| | 31 Aug 2009 | | 28 Feb 2009 |
+----------------------------------------+--------------+--+--------------+
| | GBP | | GBP |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Opening portfolio cost | 33,092,750 | | 33,092,750 |
+----------------------------------------+--------------+--+--------------+
| Unrealised appreciation on valuation | | | |
| brought | | | |
+----------------------------------------+--------------+--+--------------+
| Forward | 10,806,339 | | 68,656,016 |
+----------------------------------------+--------------+--+--------------+
| Unrealised appreciation / | | | |
| (depreciation) on valuation | | | |
+----------------------------------------+--------------+--+--------------+
| for the period | 15,529,765 | | (57,849,677) |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Unrealised appreciation on valuation | 26,336,104 | | 10,806,339 |
| carried forward | | | |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Closing valuation | 59,428,854 | | 43,899,089 |
+----------------------------------------+--------------+--+--------------+
Valuations of investments are based on valuations provided by Future Value
Consultants Limited (the "Calculation Agent"). The provided valuations were
derived from proprietary models based upon well-recognised financial principles
and reasonable estimates about relevant future market conditions.
To comply with the definition of fair value as defined by International
Financial Reporting Standards, the Calculation Agent was engaged to provide
valuations of the investments, taking account of the current counterparty credit
risk of the issuers of the debt securities held by the Company. Details of the
quantitative effect of using different valuation providers compared to the
previous year is given in note 1(g).
As detailed in note 1(g) to the financial statements, the values of the debt
instruments issued by Glitnir cannot be ascertained in the same way as the other
investments held by the Company. Therefore the directors have exercised their
judgement in the best interests of both shareholders and creditors to value
these investments at GBPnil.
All debt securities held by the Company have been classified as Level 2 in
accordance with the fair value hierarchy. There have been no transfers between
Level 1 and Level 2 of the fair value hierarchy during the period under review.
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.
Valuation data provided by the Calculation Agent to the Company is provided for
informational purposes only and does not represent an offer to buy or sell the
debt securities by the Calculation Agent or any other party. The valuations
provided are an indication of market levels and do not imply that they can be
sold at that valuation price. They are based on assumptions and data the
Calculation Agent considers in its judgement reasonable, but an alternative
valuer might arrive at different valuations for the same investments.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
6 RECEIVABLES
+----------------------------------------+--------------+--+--------------+
| | 31 Aug 2009 | | 28 Feb 2009 |
+----------------------------------------+--------------+--+--------------+
| | GBP | | GBP |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Prepaid debt issue costs | 77,345 | | 157,749 |
+----------------------------------------+--------------+--+--------------+
| Prepayments | 14,772 | | 11,696 |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| | 92,117 | | 169,445 |
+----------------------------------------+--------------+--+--------------+
7 PAYABLES (amounts falling due within one year)
+----------------------------------------+--------------+--+--------------+
| | 31 Aug 2009 | | 28 Feb 2009 |
+----------------------------------------+--------------+--+--------------+
| | GBP | | GBP |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Accrued administration fees | 2,267 | | 2,347 |
+----------------------------------------+--------------+--+--------------+
| Accrued registration fees | 1,161 | | 798 |
+----------------------------------------+--------------+--+--------------+
| Accrued management fees | 10,519 | | - |
+----------------------------------------+--------------+--+--------------+
| Accrued directors' fees | 2,500 | | 2,500 |
+----------------------------------------+--------------+--+--------------+
| Accrued audit fees | - | | 7,750 |
+----------------------------------------+--------------+--+--------------+
| Accrued custody fees | 4,167 | | 7,500 |
+----------------------------------------+--------------+--+--------------+
| Other accrued expenses | 4,405 | | 7,480 |
+----------------------------------------+--------------+--+--------------+
| Expenses provision | 276,434 | | 398,559 |
+----------------------------------------+--------------+--+--------------+
| Less: Prepaid expense provision (see | (276,434) | | (398,559) |
| note 8) | | | |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| | 25,019 | | 28,375 |
+----------------------------------------+--------------+--+--------------+
8PAYABLES (amounts falling due after one year)
+----------------------------------------+--------------+--+--------------+
| | 31 Aug 2009 | | 28 Feb 2009 |
+----------------------------------------+--------------+--+--------------+
| | GBP | | GBP |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Expense provision | - | | - |
+----------------------------------------+--------------+--+--------------+
| Less: Prepaid expenses provision | - | | - |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| | - | | - |
+----------------------------------------+--------------+--+--------------+
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.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
9 SHARE CAPITAL
+----------------------------------------+--------------+--+--------------+
| Authorised | SHARES | | GBP |
+----------------------------------------+--------------+--+--------------+
| | | | |
+----------------------------------------+--------------+--+--------------+
| Unclassified Shares of 0.01p each | 200,000,000 | | 20,000 |
+----------------------------------------+--------------+--+--------------+
| Management Shares of GBP1 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 28 February 2009 and 31 | 35,300,002 |
| August 2009 | |
+---------------------------------------------------------+--------------+
| | |
+---------------------------------------------------------+--------------+
| | GBP |
+---------------------------------------------------------+--------------+
| | |
+---------------------------------------------------------+--------------+
| Issued capital as at 28 February 2009 and 31 August | 3,532 |
| 2009 | |
+---------------------------------------------------------+--------------+
The issue of participating shares took place as follows:
+--------------------------+------------+--+--------------+--+--------------+
| | Number | | Price per | | Amount |
+--------------------------+------------+--+--------------+--+--------------+
| | of 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 |
+--------------------------+------------+--+--------------+--+--------------+
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 28 February 2009 and 31 August 2009 | 35,384,470 |
+---------------------------------------------------------+-------------+
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
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
review 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
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 pages
29 and 30.
Details of the Company's Investment Objective and Policy are given on pages 1 to
3.
Price sensitivity
The following details the Company's sensitivity to a 10% increase and decrease
in the average daily values over the calculation period to 31 August 2009 of its
constituent financial assets and liabilities.
If average daily values over the calculation period to 31 August 2009 had been
10% higher, and assuming these values were to remain unchanged through to the
end of the Company's life, with all other variables held constant, the net
assets attributable to shareholders on the Redemption Date would have been
GBP10,237,000 higher (2008: GBP9,178,000 higher) arising due to the increase in
the fair value through profit or loss of GBP10,237,000 (2008: GBP9,178,000).
If average daily values over the calculation period to 31 August 2009 had been
10% lower, and assuming these values were to remain unchanged through to the end
of the Company's life, with all other variables held constant, the decrease in
net assets attributable to shareholders on the Redemption Date would have been
GBP10,590,000 lower (2008: GBP8,825,000 lower) arising due to the decrease in
the fair value of financial assets at fair value through profit or loss of
GBP10,590,000 (2008: GBP8,825,000).
(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 five of the six issuers carried an investment grade
credit rating. The Board monitors credit risk and will consider further action
if the credit rating of an issuer falls below A- or A3 as ranked by Standard and
Poor's and Moody's respectively. Credit risks are mitigated in the Company
because the Debt Securities have been purchased from several different issuers.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
12 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit Risk (continued)
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.
The following table details the aggregate investment grade of the debt
instruments in the portfolio, based on the valuations of the investments at 31
August 2009 (28 February 2009 for the comparative period) as rated by Moody's:
+---------------------------+---------------+--------------+---------------+
| Rating | 19 Oct 2009* | 31 Aug 2009 | 29 Feb 2009 |
+---------------------------+---------------+--------------+---------------+
| | | | |
+---------------------------+---------------+--------------+---------------+
| Aaa/AAA | 0.00% | 0.00% | 23.64% |
+---------------------------+---------------+--------------+---------------+
| Aa/AA | 76.47% | 76.47% | 52.97% |
+---------------------------+---------------+--------------+---------------+
| A/A | 23.53% | 23.53% | 23.39% |
+---------------------------+---------------+--------------+---------------+
*Based on the value of the Company's investments at 31 August 2009.
As at the financial reporting date, the date of this report and in the
comparative period, the credit rating of Glitnir Banki HF was non-investment
grade, so that this issuer was not included in the above table.
As the value of the debt instrument issued by Glitnir Banki HF cannot be
ascertained, the directors have exercised their judgement in the best interests
of both shareholders and creditors to value this investment at GBPnil.
The credit risk on cash transactions and transactions involving derivative
financial instruments is mitigated by transacting with counterparties that are
regulated entities subject to prudential supervision, or with high
credit ratings assigned by international credit rating agencies.
(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
Company's main financial commitment is its ongoing operating expenses.
Upon the issue of Shares in February 2005, the Company created a cash reserve
(the "Expense Provision") in the amount of 3.25% of the amount raised by the
issue of the Shares (the "Initial Gross Proceeds"), such amount being estimated
in the opinion of the directors upon the advice of the Manager to be sufficient
to meet the operating expenses reasonably expected to be incurred over the life
of the Shares. Upon the issue of additional Shares in May 2005 an additional
3.25% of the proceeds of that issue of additional Shares was set aside to cover
the increase in the Manager's fee which resulted from that issue of additional
Shares, all other expenses being either fixed for the life of the Company or
deemed unlikely to increase materially as a result of this issue of additional
Shares.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
12 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity Risk (continued)
If in any full accounting period of the Company the balance remaining on the
Expense Provision is insufficient to meet the expenses of the Company during
that accounting period, the Manager will firstly both rebate to the Company any
fees paid to it by the Company in that accounting period and waive its remaining
fee entitlement for that accounting period and, secondly, if after fully
discounting the fee entitlement the Expenses Provision remains insufficient,
cover the shortfall from its own resources. Such rebate is subject to a cap on
these expenses, excluding the management fee, of 0.25 per cent per annum of the
Initial Gross Proceeds, provided that during the final accounting period prior
to the Redemption Date the Manager's liability to make up any shortfall shall be
subject to a maximum of GBP100,000, notwithstanding the fact that such amount
may exceed 0.25 per cent of the Initial Gross Proceeds.
The Euro Medium Term Notes (the "Debt Securities") purchased by the Company
mature on 24 February 2010, and are designed to pay on the Maturity Date 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. If the End Value is
lower than the Start Value, the Shares are designed to repay the full initial
subscription amount of 100p per Share on 24 February 2010, all subject to
counterparty default. The End Value will be calculated by aggregating the
average value of each constituent of the Commodity Portfolio over the one year
Calculation Period ending on the End Date of 22 February 2010. It is not
anticipated that dividends will be paid in respect of the Shares.
The directors and the Manager monitor the credit ratings of all issuers of the
Debt Securities. In the event of any downgrading in the long-term credit rating
of any issuer below A- or A3, as determined by Standard & Poor's and/or Moody's
Investor Services Inc. respectively, the Company may in its absolute discretion
seek to sell the relevant Debt Securities to third party purchasers and to
reinvest the proceeds in the purchase of Debt Securities of another issuer such
that the new Debt Securities will replicate as closely as possible the terms and
conditions of the original Debt Securities. If the purchase of such Debt
Securities is not possible, the directors may reinvest such proceeds as they see
fit in investments which, in the opinion of the directors, as nearly as is
practicable, replicate the investment characteristics of the Debt Securities
sold and so that the proceeds are invested, as nearly as is practicable, in
accordance with the Company's stated investment objective. As at the accounting
reference date and the date of this report, five of the six issuers of the Debt
Securities carried an investment grade credit rating.
(d) Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates
will affect future cash flows or the fair value of financial instruments. Except
for cash set aside to meet expenses, the Company's assets and liabilities are
expected to be held until the Maturity Date.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
12 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(d) Interest Rate Risk (continued)
Interest rate risk is the risk that fluctuations in market interest rates will
result in a reduction in deposit interest earned on cash deposits by the
Company. The Company holds cash on fixed deposit, the return on which is subject
to fluctuations. All fixed deposits mature within three months.
The weighted average effective interest rate for cash and bank balances for the
period ended 31 August 2009 was 1.84%.
None of the other assets or liabilities of the Company attract or incur
interest.
Interest rate sensitivity
If interest rates had been 100 basis points higher and all other variables were
held constant, the Company's increase in net assets attributable for the period
ended 31 August 2009 would have been GBP1,453 (Feb 2009: GBP4,152) greater due
to an increase in the amount of interest receivable on the bank balances.
If interest rates had been 100 basis points lower and all other variables were
held constant, the Company's increase in net assets attributable for the period
ended 31 August 2009 would have been GBP1,453 (Feb 2009: GBP4,152) lower due to
a decrease in the amount of interest receivable on the bank balances.
(e) Currency Risk
Whilst shareholders are not exposed to direct currency risk, since the Shares
and the Debt Securities are all Sterling-denominated, 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.
(f)Capital Management
The investment objective of the Company is to provide shareholders, on the
Redemption Date, with a 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 penny (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 other unforeseen circumstances.
The Shares have a fixed life and a fixed capital and this is not expected to
change during the life of the Shares.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| NOTES TO THE FINANCIAL STATEMENTS (continued) |
| for the period ended 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
13 RELATED PARTIES
Anson Fund Managers Limited is the Company's Administrator and Secretary, Anson
Registrars Limited is the Company's Registrar, Transfer Agent and Paying Agent
and Anson Administration (UK) Limited is the UK Transfer Agent. John R Le
Prevost is a director of Anson Fund Managers Limited, Anson Registrars Limited
and Anson Administration (UK) Limited. GBP16,412 (Aug 2008: GBP23,493) of costs
were incurred by the Company with these related parties in the period, of which
GBP3,428 (Feb 2009: GBP3,145) was due to these related parties as at 31 August
2009.
14ULTIMATE CONTROLLING PARTY
In the opinion of the directors, the Company has no ultimate controlling party.
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| SCHEDULE OF INVESTMENTS |
| as at 31 August 2009 |
| |
+-----------------------------------------------------------------------------+
+-------------------------------------+------------+--+------------+--+------------+
| | NOMINAL | | VALUATION | | TOTAL NET |
+-------------------------------------+------------+--+------------+--+------------+
| DEBT SECURITIES PORTFOLIO | HOLDINGS | | GBP | | ASSETS |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Barclays Bank Plc EMTN 24 February | 6,740,000 | | 14,092,531 | | 23.57% |
| 2010 | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| BNP Paribas EMTN 24 February 2010 | 1,600,000 | | 3,349,738 | | 5.60% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Glitnir Banki HF EMTN 24 February | 6,740,000 | | - | | 0.00% |
| 2010 | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Irish Life & Permanent Plc EMTN 24 | | | | | |
| February | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| 2010 | 6,740,000 | | 13,992,283 | | 23.40% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| KBC Bank NV EMTN 24 February 2010 | 6,740,000 | | 14,010,396 | | 23.43% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| SNS Bank NV EMTN 24 February 2010 | 6,740,000 | | 13,983,906 | | 23.39% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| | 35,300,000 | | 59,428,854 | | 99.39% |
+-------------------------------------+------------+--+------------+--+------------+
+-----------------------------------------------------------------------------+
| Close Enhanced Commodities Fund Limited (the "Company") |
| |
+-----------------------------------------------------------------------------+
| SCHEDULE OF INVESTMENTS |
| as at 29 February 2009 |
| |
+-----------------------------------------------------------------------------+
+-------------------------------------+------------+--+------------+--+------------+
| | NOMINAL | | VALUATION | | TOTAL NET |
+-------------------------------------+------------+--+------------+--+------------+
| DEBT SECURITIES PORTFOLIO | HOLDINGS | | GBP | | ASSETS |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Barclays Bank Plc EMTN 24 February | 6,740,000 | | 10,419,632 | | 23.44% |
| 2010 | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| BNP Paribas EMTN 24 February 2010 | 1,600,000 | | 2,496,096 | | 5.61% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Glitnir Banki HF EMTN 24 February | 6,740,000 | | - | | 0.00% |
| 2010 | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Irish Life & Permanent Plc EMTN 24 | | | | | |
| February | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| 2010 | 6,740,000 | | 10,376,332 | | 23.34% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| KBC Bank NV EMTN 24 February 2010 | 6,740,000 | | 10,335,504 | | 23.25% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| SNS Bank NV EMTN 24 February 2010 | 6,740,000 | | 10,271,525 | | 23.11% |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| | 35,300,000 | | 43,899,089 | | 98.75% |
+-------------------------------------+------------+--+------------+--+------------+
+-----------------------------------------------------------------------------+
| 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.closeam.com
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.
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 Secretary | Anson Fund Managers Limited |
| | 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 |
| | GuernseyGY1 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 Agent | Anson Registrars Limited |
| 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 |
+----------------------------------+-------------------------------------------+
| Corporate Broker | Matrix Corporate Capital LLP |
| | One Vine Street |
| | London WIJ 0AH |
+----------------------------------+-------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGMZGGRDGLZM
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