TERMINATION OF CONVERSION OF SHARES OFFERING
December 23 2009 - 11:09AM
UK Regulatory
TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 6719E
CMA Global Hedge PCC Ltd
23 December 2009
23 December 2009
TERMINATION OF CONVERSION OF SHARES OFFERING
According to the Circular sent to Shareholders on 27 November 2009 and following
the Extraordinary General Meeting of CMA Global Hedge PCC Limited (the
"Company") on 15 December 2009, the Company's Portfolio does no longer retain
sufficient liquidity for the Manager to be able to maintain a full
currency hedging programme. Based on the Board's proposal, the Company has
ceased its currency hedging programme post the date of the EGM.
The removal of the currency hedging therefore means that Shareholders will be
exposed to subsequent fluctuations in those exchange rates. For the sake of
clarity, the remaining invested assets of the Company are denominated in US
Dollars so that, from on or around 15 December 2009 onwards, Shareholders have
been exposed not only to the investment performance of those assets but also to
fluctuations in the US Dollar/Sterling/Euro exchange rate. There may also be
some residual exposure due to receivables/payables denominated in US Dollars.
Following these developments the Company will not be offering a conversion
option to the Shareholders going forward.
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
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