RNS Number:3440E
CMA Global Hedge PCC Ltd
24 September 2007
FOR IMMEDIATE RELEASE
RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED
CMA GLOBAL HEDGE PCC LIMITED
INTERIM ANNOUNCEMENT
THE BOARD OF DIRECTORS OF CMA GLOBAL HEDGE PCC LIMITED
ANNOUNCE UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2007.
CHAIRMAN'S STATEMENT
I would like to thank all of our shareholders for their trust in CMA Global
Hedge and take the opportunity to give you an overview of the Company's progress
during the first half of 2007.
Your Company is one of the largest closed-ended funds of hedge funds listed on
the London Stock Exchange (LSE) raising approximately US$408 million, in three
currency share classes at launch, with a total market capitalisation of US$476
million as of 30 of June 2007.
During the first six months of 2007, I am pleased to report that the Company has
performed very well with the US Dollar Net Asset Value (NAV) returning 3.74% in
the first quarter and 6.21% in the second quarter. This brings our NAV return
for the US Dollar class to 10.18% for first half of 2007, and in the 11 months
since inception to 17%. The Company significantly outperformed the CSFB Tremont
Investable Hedge Fund Index which returned 6.36% to 30 June 2007 and 11.07% in
the same 11-month period. Accordingly, the returns so far are in line with the
Investment Manager's expectations and target.
The use of leverage continued during this period, as it forms an integral part
of the Company's investment strategy as stated in the Prospectus. At the end of
December 2006, the total outstanding loan was around US$242 million which
equated to approximately 60% of the Company's NAV. At the end of June 2007 the
total outstanding loan had increased to US$435 million(1) or approximately 90%
of the Company's NAV.
In relation to the June 2007 Conversion process, the Company received a large
number of conversion notices from US$ and Euro investors converting into the
Sterling class of shares. Following the successful conversion of approximately
#59 million worth of shares into Sterling in August 2007, the company announced
that for the first time it is able to offer a significant level of investment in
each major investment currency (Euro, US dollar, Sterling).
The Company has continued to work closely with its corporate broker and market
makers. In terms of disclosure and transparency, I believe CMA Global Hedge has
become the bellwether of the listed fund of funds industry by establishing an
open line of communication with its investors and the analyst community. The
Company has issued weekly NAV estimate announcements since its inception, all of
which are published on the LSE Regulatory News Service as well as on the
Company's website. Furthermore, on a monthly basis and after the publication of
the final monthly Net Asset Value, the Company issues a detailed report on that
month's performance, including details of its exposure to different hedge fund
strategies, performance attribution, and top 20 hedge fund holdings, as well as
a breakdown of the full portfolio of holdings on a quarterly basis. The
Company's quarterly conference calls give investors the opportunity to
communicate with the Manager and receive further information. Finally, all
disclosure and performance information is constantly updated on the Company's
website, www.cmaglobalhedge.com.
In conclusion, the first half of 2007 was very successful from the performance
perspective and the overall efforts of the Company delivered strong results.
Chris Fish
Chairman
UNAUDITED INCOME STATEMENT
For the six month period ended 30 June 2007
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
Interest income 326,800 - 326,800
Net changes in fair value on financial 66,524,319 - 66,524,319
assets and financial liabilities at fair
value though profit or loss
Other losses (90,404) - (90,404)
Total net income 66,760,715 - 66,760,715
Expenses (7,885,326) - (7,885,326)
Finance costs (10,976,389) - (10,976,389)
Profit for the period 47,899,000 - 47,899,000
Earnings per US dollar Share US$1.05
Earnings per Euro share Euro 1.19
Earnings per Sterling share #1.28
UNAUDITED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 June 2007
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
Opening shareholders' funds 427,802,697 2 427,802,699
Profit for the period 47,899,000 - 47,899,000
Closing shareholders' funds 475,701,697 2 475,701,699
INCOME STATEMENT
For the period from incorporation, 13 June 2006 to 31 December 2006
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
Interest income 758,636 - 758,636
Net changes in fair value on financial 34,719,272 - 34,719,272
assets and financial liabilities at fair
value though profit or loss
Other gains 22,337 - 22,337
Total net income 35,500,245 - 35,500,245
Expenses (4,499,653) - (4,499,653)
Finance costs (1,795,801) - (1,795,801)
Profit for the period 29,204,791 - 29,204,791
Earnings per US dollar Share US$0.60
Earnings per Euro share Euro 0.79
Earnings per Sterling share #0.97
STATEMENT OF CHANGES IN EQUITY
For the period from incorporation, 13 June 2006 to 31 December 2006
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
Opening shareholders' funds - - -
Proceeds from issue of shares 412,828,700 2 412,828,702
Placing commission (14,230,794) - (14,230,794)
398,597,906 2 398,597,908
Profit for the period 29,204,791 - 29,204,791
Closing shareholders' funds 427,802,697 2 427,802,699
UNAUDITED BALANCE SHEET
As at 30 June 2007
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
ASSETS
Financial assets at fair value through profit or 872,184,276 - 872,184,276
loss
Forward foreign currency contracts 1,652,702 - 1,652,702
Receivables and prepayments 19,555,173 2 19,555,175
Cash and cash equivalents 25,319,732 - 25,319,732
TOTAL ASSETS 918,711,883 2 918,711,885
EQUITY
Called up share capital - 2 2
RESERVES
Special reserves 398,597,906 - 398,597,906
Retained Earnings 77,103,791 - 77,103,791
475,701,697 2 475,701,699
LIABILITIES
Payables and accrued expenses 5,237,995 - 5,237,995
Loan payable 437,772,191 - 437,772,191
TOTAL LIABILITIES 443,010,186 - 443,010,186
TOTAL EQUITY AND LIABILITIES 918,711,883 2 918,711,885
Net assets per US dollar share US$11.29
Net assets per Euro share Euro 11.06
Net assets per Sterling share #11.21
BALANCE SHEET
As at 31 December 2006
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
ASSETS
Financial assets at fair value through profit or 578,143,569 - 578,143,569
loss
Forward foreign currency contracts 653,131 - 653,131
Receivables and prepayments 83,170,052 2 83,170,054
Cash and cash equivalents 10,699,885 - 10,699,885
TOTAL ASSETS 672,666,637 2 672,666,639
EQUITY
Called up share capital - 2 2
RESERVES
Special reserves 398,597,906 - 398,597,906
Retained Earnings 29,204,791 - 29,204,791
427,802,697 2 427,802,699
LIABILITIES
Payables and accrued expenses 3,068,139 - 3,068,139
Loan payable 241,795,801 - 241,795,801
TOTAL LIABILITIES 244,863,940 - 244,863,940
TOTAL EQUITY AND LIABILITIES 672,666,637 2 672,666,639
Net assets per US dollar share US$10.25
Net assets per Euro share Euro 10.12
Net assets per Sterling share #10.19
UNAUDITED STATEMENT OF CASH FLOWS
For the six month period ended 30 June 2007
CMA Global
Hedge 1 Cell
and Company
US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 47,899,000
Adjustment for:
Total net gains on financial assets at fair value through profit or (66,524,319)
loss
Interest income (326,800)
(18,952,119)
Net increase in other receivables and payables 2,302,012
Unsettled investment trades 63,500,000
Purchases of financial assets at fair value through profit or loss (310,459,911)
Sales of financial assets at fair value through profit or loss 79,113,091
Realised gains on forward foreign currency contracts 2,830,861
(181,666,066)
Interest received 309,523
NET CASH USED IN OPERATING ACTIVITIES (181,356,543)
CASH FLOWS FROM FINANCING ACTIVITIES
Loans drawn down 195,976,390
Proceeds from issue of shares -
Placing commission -
NET CASH FROM FINANCING ACTIVITIES 195,976,390
Net increase in cash and cash equivalents 14,619,847
Cash and cash equivalents at beginning of period 10,699,885
Cash and cash equivalents at end of period 25,319,732
STATEMENT OF CASH FLOWS
For the period from incorporation, 13 June 2006 to 31 December 2006
CMA Global
Hedge 1 Cell
and Company
US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 29,204,791
Adjustment for:
Total net gains on financial assets at fair value through profit or (34,719,272)
loss
Interest income (758,636)
(6,273,117)
Net increase in other receivables and payables 3,068,139
Unsettled investment trades (83,000,000)
Purchases of financial assets at fair value through profit or loss (548,750,000)
Realised gains on forward foreign currency contracts 4,672,572
(630,282,406)
Interest received 588,584
NET CASH USED IN OPERATING ACTIVITIES (629,693,822)
CASH FLOWS FROM FINANCING ACTIVITIES
Loans drawn down
241,795,801
Proceeds from issue of shares 412,828,700
Placing commission (14,230,794)
NET CASH FROM FINANCING ACTIVITIES 640,393,707
Net increase in cash and cash equivalents 10,699,885
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 10,699,885
--------------------------
(1) Loan of US$435 million ($434,942,547.67) includes gains of $2,829,643.04
from the FX hedging (as per the Offering Memorandum) for the period 1 January
2007 to 30 June 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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