TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 9890D
CMA Global Hedge PCC Ltd
31 March 2011
CMA Global Hedge PCC Limited (in voluntary liquidation) (the
"Company")
CASH DISTRIBUTION OF THE COMPANY, AND
CASH PAYMENTS FROM THE COMPANY'S DECEMBER 2008, MARCH 2009 AND
JUNE 2009 ENTITLEMENT POOLS
The Joint Liquidator of CMA Global Hedge PCC Limited (in
voluntary liquidation) today announces that it intends to make
distributions as follows:
-- a cash distribution, pursuant to the Extraordinary General
Meeting of the Company on 23 February 2011 approving the voluntary
winding up of the Company (the "Initial Distribution");
-- a fifth cash payment to Entitlement Pool Notional
Shareholders who participated in the Company's December 2008
Redemption Offer;
-- a fourth cash payment to Entitlement Pool Notional
Shareholders who participated in the Company's March 2009
Redemption Offer; and
-- a third cash payment to Entitlement Pool Notional
Shareholders who participated in the Company's June 2009 Redemption
Offer,
and these distributions are together described in this
announcement as the "Payments". The Payments are expected to be
made on or around 31 March 2011.
The Initial Distribution
Details of the cash payment to be received by each Shareholder
pursuant to the Cash Distribution are set out below. Each
Shareholder will receive the following amount per share for his
holding.
The record date for participation in the Cash Distribution is
5.00 p.m. on Wednesday 30 March 2011.
Share Class Distribution per Share
------------- -----------------------
USD USD 0.759812
------------- -----------------------
EUR EUR 0.721169
------------- -----------------------
GBP GBP 0.712614
------------- -----------------------
Shareholders should note that this is the first cash
distribution since the Company was placed into voluntary
liquidation.
Payment relating to the December 2008 Redemption Offer
Certain of the assets contained in the December 2008 Entitlement
Pool have been realised and in accordance with the terms of the
December Redemption Offer, the Company is to make a payment of
these realisation proceeds, less a four per cent. Redemption Fee
payable to the Manager, to Entitlement Pool Notional Shareholders
who participated in the December Redemption Offer.
Entitlement Pool Notional Shareholders will receive their
payment in the currency of the Shares that were redeemed. The
realisation proceeds of the December 2008 Entitlement Pool are in
US Dollars and the Company has converted the realisation proceeds
into either Euros or Sterling, as necessary using the prevailing
exchange rate on 24 March 2011.
The value of the net payment after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $0.1368
per Entitlement Pool Notional Share (or the Euro or Sterling
equivalents which are 0.0962 EUR and 0.0843 GBP per Entitlement
Pool Notional Share respectively). The aggregate gross US dollar
value of the payment, before the deduction of the Redemption Fee,
represents approximately 14 per cent. of the unaudited estimated
NAV of the December 2008 Entitlement Pool calculated as at 23
February 2011.
Shareholders should note that the initial payment made pursuant
to the December 2008 Redemption Offer represented 52.37 per cent.
of the total redemption value at the prevailing NAV in December
2008. The Entitlement Pool represented the remaining 47.63 per
cent., and this will be the fifth cash distribution out of the
December 2008 Entitlement Pool. Including this fifth distribution,
Entitlement Pool Notional Shareholders will have received a total
of US$2.84, EUR2.02, and GBP1.79 per Share for their US Dollar,
Euro and Sterling Shares respectively. These amounts represent
76.13 per cent. for US Dollar Shareholders, 75.71 per cent. for
Euro Shareholders and 69.91 per cent. for Sterling shareholders of
the value of the Entitlement Pool at creation in December 2008, net
of exit fees (the differences between the currencies are due to
foreign exchange movements).
To enable Entitlement Pool Notional Shareholders to obtain an
indicative value of the potential realisation proceeds of the
December 2008 Entitlement Pool, the table below sets out how the
Shares that were accepted for redemption in the December Redemption
Offer correspond to the "Entitlement Pool Notional Shares" of the
December 2008 Entitlement Pool. The net value of the cash payment
per December 2008 Entitlement Pool Notional Share is also
included.
CMA Global Hedge December Redemption Value of net Payment to
Redeemed Shares in Offer Entitlement Pool Shareholders per
December Redemption Notional Share December Redemption
Offer Offer Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 US Dollar Share 1 Entitlement Pool USD 0.1368 per
Notional Share Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Euro Share 1.346281 Entitlement EUR 0.0962 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Sterling Share 1.423355 Entitlement GBP 0.0843 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
Payment relating to the March 2009 Redemption Offer
Certain of the assets contained in the March 2009 Entitlement
Pool have been realised and in accordance with the terms of the
March Redemption Offer, the Company is to make a payment of these
realisation proceeds, less a 4 per cent. Redemption Fee payable to
the Manager, to Entitlement Pool Notional Shareholders who
participated in the March Redemption Offer.
Entitlement Pool Notional Shareholders will receive their
payment in the currency of the Shares that were redeemed. The
realisation proceeds of the March 2009 Entitlement Pool are in US
Dollars and the Company has converted the realisation proceeds into
either Euros or Sterling, as necessary using the prevailing
exchange rate on 24 March 2011.
The value of the net payment after the deduction of the 4 per
cent. Redemption Fee and rounded to four decimal places will be
$0.1398 per Entitlement Pool Notional Share (or the Euro or
Sterling equivalents which are 0.0983 EUR and 0.0861 GBP per
Entitlement Pool Notional Share respectively). The aggregate gross
US dollar value of the payment, before the deduction of the
Redemption Fee, represents approximately 14 per cent. of the
unaudited estimated NAV of the March 2009 Entitlement Pool
calculated as at 23 February 2011.
Shareholders should note that the initial payment made pursuant
to the March 2009 Redemption Offer represented 60.64 per cent. of
the total redemption value at the prevailing NAV in March 2009. The
Entitlement Pool represented the remaining 39.36 per cent., and
this will be the fourth cash distribution out of the March 2009
Entitlement Pool. Including this fourth distribution, Entitlement
Pool Notional Shareholders will have received a total of US$2.27,
EUR1.62, and GBP1.44 per Share for their US Dollar, Euro and
Sterling Shares respectively. These amounts represent 74.77 per
cent. for US Dollar Shareholders, 70.93 per cent. for Euro
Shareholders and 68.20 per cent. for Sterling shareholders of the
value of the Entitlement Pool at creation in March 2009, net of
exit fees (the differences between the currencies are due to
foreign exchange movements).
To enable Entitlement Pool Notional Shareholders to obtain an
indicative value of the potential realisation proceeds of the March
2009 Entitlement Pool, the table below sets out how the Shares that
were accepted for redemption in the March Redemption Offer
correspond to the "Entitlement Pool Notional Shares" of the March
2009 Entitlement Pool. The net value of the cash payment per March
Redemption Entitlement Pool Share is also included.
CMA Global Hedge March 2009 Entitlement Value of net Payment to
Redeemed Shares in Pool Notional Share Shareholders per March
March Redemption Offer 2009 Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 US Dollar Share 1 Entitlement Pool USD 0.1398 per
Notional Share Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Euro Share 1.277811 Entitlement EUR 0.0983 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Sterling Share 1.401847 Entitlement GBP 0.0861 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
Payment relating to the June 2009 Redemption Offer
Certain of the assets contained in the June 2009 Entitlement
Pool have been realised and in accordance with the terms of the
June 2009 Redemption Offer, the Company is to make a payment of
these realisation proceeds, less a 4 per cent. Redemption Fee
payable to the Manager, to Entitlement Pool Notional Shareholders
who participated in the June 2009 Redemption Offer.
Entitlement Pool Notional Shareholders will receive their
payment in the currency of the Shares that were redeemed. The
realisation proceeds of the June 2009 Entitlement Pool are in US
Dollars and the Company has converted the realisation proceeds into
either Euros or Sterling, as necessary using the prevailing
exchange rate on 24 March 2011.
The value of the net payment after the deduction of the 4 per
cent. Redemption Fee and rounded to four decimal places will be
$0.1464 per Entitlement Pool Notional Share (or the Euro or
Sterling equivalents which are 0.1030 EUR and 0.0902 GBP per
Entitlement Pool Notional Share respectively). The aggregate gross
US dollar value of the payment, before the deduction of the
Redemption Fee, represents approximately 15 per cent. of the
unaudited estimated NAV of the June 2009 Entitlement Pool
calculated as at 23 February 2011.
Shareholders should note that the initial payment made pursuant
to the June 2009 Redemption Offer represented 64.03 per cent. of
the total redemption value at the prevailing NAV in June 2009. The
Entitlement Pool represented the remaining 35.97 per cent., and
this will be the third cash distribution out of the June 2009
Entitlement Pool. Including this third distribution, Entitlement
Pool Notional Shareholders will have received a total of US$2.05,
EUR1.50, and GBP1.31 per Share for their US Dollar, Euro and
Sterling Shares respectively. These amounts represent 72.34 per
cent. for US Dollar Shareholders, 74.12 per cent. for Euro
Shareholders and 75.99 per cent. for Sterling shareholders of the
value of the Entitlement Pool at creation in June 2009, net of exit
fees (the differences between the currencies are due to foreign
exchange movements).
To enable Entitlement Pool Notional Shareholders to obtain an
indicative value of the potential realisation proceeds of the June
2009 Entitlement Pool, the table below sets out how the Shares that
were accepted for redemption in the June 2009 Redemption Offer
correspond to the "Entitlement Pool Notional Shares" of the June
2009 Entitlement Pool. The net value of the cash payment per June
2009 Redemption Entitlement Pool Share is also included.
CMA Global Hedge June 2009 Entitlement Value of net Payment to
Redeemed Shares in June Pool Notional Share Shareholders per June
2009 Redemption Offer 2009 Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 US Dollar Share 1 Entitlement Pool USD 0.1464 per
Notional Share Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Euro Share 1.335716 Entitlement EUR 0.1030 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
1 Sterling Share 1.590017 Entitlement GBP 0.0902 per
Pool Notional Shares Entitlement Pool
Notional Share
------------------------ ------------------------- -------------------------
Definitions
Unless otherwise defined in this Announcement:
-- capitalised terms used in relation to the Initial
Distribution shall have the same meaning given to the them in the
Circular sent by the Company to its Shareholders on 28 January
2011; and
-- capitalised terms used in relation to the Entitlement Pool
payments shall have the same meaning given to them in the Circular
sent by the Company to its Shareholders on 2 December 2008.
Enquiries
Joint Liquidator
Nick Vermeulen
+44 (0) 1481 752107
This information is provided by RNS
The company news service from the London Stock Exchange
END
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