EGM & Cash Election Results
December 16 2009 - 5:36AM
UK Regulatory
TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 2053E
CMA Global Hedge PCC Ltd
16 December 2009
16 December 2009
RESULTS OF EGM PROPOSALS FOR WIND-DOWN OF THE COMPANY
Background
In a Circular sent to its Shareholders on 27 November 2009, CMA Global Hedge PCC
Limited (the "Company") offered its Shareholders two options (the "Options") as
to how they may realise their investment in the Company, being the Redemption
Option and the Cash Option. In order to offer the Shareholders the Options, it
was necessary for the Company to seek Shareholder approval for certain
amendments to its Articles of Incorporation and to its Investment Objective and
Policy.
Result of EGM
At the Extraordinary General Meeting of the Company held yesterday at 10.00
a.m., the Company passed a special resolution (i) to amend the Company's
Investment Objective and Policy in order to become a listed run-off vehicle
and (ii) to amend the Company's Articles of Incorporation in a manner
consistent with converting to a listed run-off vehicle
and with offering
Shareholders the Redemption Option and the Cash Option.
100% of proxy votes cast at the EGM were voted in favour of the special
resolution.
The Options
In addition to voting on the special resolution at the EGM, Shareholders were
able to choose the Option which best suited their circumstances.
(i) Cash Option - Shareholders elect to receive their entire entitlement in
cash at a price (which is likely to be a discount to the current NAV) as the
Manager is able to achieve through a sale of the assets in the Secondary Market
+--------+---------------------------+------------------+
| Class | Number of Shares for Cash | Converted to |
| | Election | USD* |
+--------+---------------------------+------------------+
| USD | 1,075,464 | 8,969,369.76 |
+--------+---------------------------+------------------+
| EUR | 996,302 | 11,650,080.10 |
+--------+---------------------------+------------------+
| GBP | 699,561 | 9,184,667.19 |
+--------+---------------------------+------------------+
| Total | 2,771,327 | 29,804,117.04 |
+--------+---------------------------+------------------+
*The conversion is based on the estimated NAV of the Company and exchange rates
as of the 4th December 2009
The number of Shareholders who elected for the Cash Option has resulted in the
Cash Option Threshold being met and therefore the Cash Option will be
implemented.
(ii) Redemption Option - Shareholder entitlement to receive distributions, on
dates to be determined at the Directors' sole discretion, from the Company by
way of compulsory redemption until its liquidation
All remaining shareholders are deemed to have elected for the Redemption Option
and will be treated accordingly.
Expected Timetable
+-------------------------------------------------+-----------------------------+
| Record date for participation in the First | 5.00 |
| Redemption | p.m. on |
| | 21 |
| | December |
| | 2009 |
| | |
+-------------------------------------------------+-----------------------------+
| Record date for participation in the Cash | 5.00 |
| Distribution | p.m. on |
| | 21 |
| | December |
| | 2009 |
+-------------------------------------------------+-----------------------------+
| Anticipated date of the First Redemption, on | on or |
| which Redemption Offer Shareholders' CREST | before |
| accounts will be credited with Distribution | 23 |
| Proceeds, or cheques for Distribution Proceeds | December |
| will be dispatched to Redemption Option | 2009 |
| Shareholders | |
| | |
+-------------------------------------------------+-----------------------------+
| Earliest anticipated date of the Cash | on or |
| Distribution (or the first tranche thereof, as | before |
| applicable), on which Cash Option Shareholders' | 23 |
| CREST accounts will be credited with | December |
| Distribution Proceeds or cheques for | 2009 |
| Distribution Proceeds will be dispatched to | |
| Cash Option Shareholders | |
| | |
+-------------------------------------------------+-----------------------------+
Definitions
Unless otherwise defined in this announcement, capitalised terms shall have the
same meaning given to them in the Circular sent to Shareholders on 27 November
2009.
Enquiries:
HSBC Securities Services (Guernsey) Limited +44 (0) 1481 707211
Sue Saunders
CMA
+1 441 295 5929
Keri Wong
Financial Dynamics
+44 (0) 20 7269 7200
Rob Bailhache
Zaman Toleafoa
Oriel Securities Limited
+44 (0) 20 7710 7600
Joe Winkley
Sapna Shah
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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