RNS Number:3649T
CMA Global Hedge PCC Ltd
29 April 2008
FOR IMMEDIATE RELEASE BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED
CMA GLOBAL HEDGE PCC LIMITED
29 April 2008
PRELIMINARY ANNOUNCEMENT
THE BOARD OF DIRECTORS OF CMA GLOBAL HEDGE PCC LIMITED
ANNOUNCE RESULTS FOR THE PERIOD FROM 1 JANUARY 2007 TO 31 DECEMBER 2007.
CHAIRMAN'S STATEMENT
I would like to take this opportunity to thank all of our shareholders for their
trust in CMA Global Hedge and give you an overview of the Company's progress
during 2007.
Your Company is one of the largest closed-ended funds of hedge funds listed on
the London Stock Exchange (LSE) with a Net Asset Value (NAV) of US$500 million
and a total market capitalisation of US$518 million as of December 31st 2007 in
three currency share classes.
In 2007, I am pleased to report that the Company has performed very well with
the US Dollar NAV returning 13.46% for the year. Performance was 3.74% in the
first quarter, 6.21% in the second quarter, 1.24% in the third quarter, and
1.75% in the fourth quarter. This brings our total NAV return for the US Dollar
class in the 17 months since inception to 20.52% giving an annualised return of
14.08%. The Company significantly outperformed the CSFB Tremont Investable Hedge
Fund Index which returned 7.36% in 2007 and 12.09% in the same 17-month period.
Furthermore, the Company's returns have comfortably exceeded its long term
target of Libor plus 7%.
The use of leverage was maintained 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. In the first half of 2007,
the Company made additional draw-downs totalling US$185 million. In the second
half of the year the leverage level was maintained at around 90% of NAV,
slightly below the Company's target level of 100%, given the increased
uncertainty and turmoil in the markets. At the end of December 2007, the
outstanding loan was US$438(1) million, or approximately 88% of the Company's
NAV.
I am also pleased to report that according to the conversion requests in
relation to the December 2007 conversion option, close to 0.8 million Euro
shares and 2.4 million US Dollar shares were converted to Sterling, thus
effectively increasing the market-cap of the Sterling class of shares to #85
million approximately, giving the company much wider access to the UK
institutional and high net worth market.
As per the Company's announcement on the 14th of December 2007, the Sterling
shares of CMA Global Hedge were included in the FTSE All-share and the FTSE
Small-Cap indices, a very positive development for the Company with expected
strong investment flows from Index tracking funds.
The Company has continued to work closely with its corporate broker and market
makers and I am pleased to report that the number of Market Makers following the
Company's shares have increased to ten as of January 2008 and that an increasing
number of research analysts are covering the Company.
I would like to reiterate that CMA Global Hedge continues to focus on delivering
the highest level of disclosure and transparency among all listed fund of hedge
funds with weekly, monthly and quarterly communications to investors. Our aim is
to establish an open line of communication with 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 NAV, 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 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, 2007 was very successful from a performance perspective and the
overall efforts of the Company delivered strong results. I believe that the
Company's positioning bodes well for the new year and I look forward to 2008
with cautious optimism.
Chris Fish
Chairman
INCOME STATEMENT
For the year ended 31 December 2007
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
Interest income 884,324 - 884,324
Other investment income 56,291 - 56,291
Net changes in fair value on financial assets
and financial liabilities at fair value through
profit or loss 111,581,035 - 111,581,035
Other currency losses (231,139) - (231,139)
Total net income 112,290,511 - 112,290,511
Expenses (15,230,964) - (15,230,964)
Finance costs (24,562,711) - (24,562,711)
Profit for the period 72,496,836 - 72,496,836
Earnings per US dollar Share US$1.34
Earnings per Euro share Euro 2.04
Earnings per Sterling share #1.44
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2007
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
Opening shareholders' funds 427,802,697 2 427,802,699
Profit for the period 72,496,836 - 72,496,836
Closing shareholders' funds 500,299,533 2 500,299,535
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 assets
and financial liabilities at fair value -
through profit or loss 34,719,272 - 34,719,272
Other currency 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
BALANCE SHEET
As at 31 December 2007
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ US$ US$
ASSETS
Financial assets at fair value through profit or 933,902,093 - 933,902,093
loss
Forward foreign currency contracts 3,055,664 - 3,055,664
Receivables and prepayments 234,926 2 234,928
Cash and cash equivalents 21,817,686 - 21,817,686
TOTAL ASSETS 959,010,369 2 959,010,371
EQUITY
Called up share capital - 2 2
RESERVES
Special reserves 398,597,906 - 398,597,906
Retained earnings 101,701,627 - 101,701,627
500,299,533 2 500,299,535
LIABILITIES
Forward foreign currency contracts 1,057,319 - 1,057,319
Payables and accrued expenses 6,295,005 - 6,295,005
Loan payable 451,358,512 - 451,358,512
TOTAL LIABILITIES 458,710,836 - 458,710,836
TOTAL EQUITY AND LIABILITIES 959,010,369 2 959,010,371
Net assets per US dollar share US$11.63
Net assets per Euro share Euro 11.27
Net assets per Sterling share #11.53
BALANCE SHEET
As at 31 December 2006
CMA Global Company
Hedge 1 Cell Non -cellular Total
US$ 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$10.25
Net assets per Euro share Euro 10.12
Net assets per Sterling share #10.19
STATEMENT OF CASH FLOWS
For the year ended 31 December 2007
CMA Global
Hedge 1 Cell
and Company
US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 72,496,836
Adjustment for:
Total net gains on financial assets at fair value through profit or (111,581,035)
loss
Interest income (884,324)
(39,968,523)
Net increase in other receivables and payables 3,157,182
Unsettled investment trades 83,000,000
Purchases of financial assets at fair value through profit or loss (414,253,351)
Sales of financial assets at fair value through profit or loss 155,667,917
Realised gains on forward foreign currency contracts 13,062,731
(199,334,044)
Interest received 889,134
NET CASH USED IN OPERATING ACTIVITIES (198,444,910)
CASH FLOWS FROM FINANCING ACTIVITIES
Loans drawn down 209,562,711
Proceeds from issue of shares -
Placing commission -
NET CASH FROM FINANCING ACTIVITIES 209,562,711
Net increase in cash and cash equivalents 11,117,801
Cash and cash equivalents at beginning of year 10,699,885
Cash and cash equivalents at end of year 21,817,686
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
END
--------------------------
(1) Loan of US$438 million (US$438,297,666) includes gains of US$13,060,846
from the FX hedging (as per the Offering Memorandum) for the period
1 January 2007 to 31 December 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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