UPDATE: REDEMPTION AND CASH OPTIONS
December 23 2009 - 11:15AM
UK Regulatory
TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 6723E
CMA Global Hedge PCC Ltd
23 December 2009
23 December 2009
REDEMPTION AND CASH OPTIONS - FIRST CASH PAYMENT
Following the Extraordinary General Meeting of CMA Global Hedge PCC Limited (the
"Company") on 15 December 2009, the Board of the Company today announces further
details of the first Cash Payment made to shareholders in conjunction with the
Redemption Option and Cash Option, offered to shareholders as one of two options
(the "Options") to realise their investment in the Company.
Cash Option
Details of the first Cash Payment received by each Cash Option Shareholder on
23rd December is outlined below. Each Shareholder received an initial cash
payment equal to the following percentage of his total number of shares,
multiplied by the NAV per share on the 4th of December 2009.
+--------------+---------------------------+-----------------------------+
| Share Class | % of initial payment | NAV per Share at 4th |
| | | December 2009 |
+--------------+---------------------------+-----------------------------+
| USD | 73.43% | USD 8.34 |
+--------------+---------------------------+-----------------------------+
| EUR | 73.55% | EUR 7.86 |
+--------------+---------------------------+-----------------------------+
| GBP | 73.61% | GBP 7.94 |
+--------------+---------------------------+-----------------------------+
Cash Option Shareholders will also receive a second and final Cash Payment which
is expected in January 2010, details of which will be issued accordingly. The
Company's Manager has begun the bid process for the illiquid assets of the Cash
Pool in the secondary market.
Redemption Option
Details of the first Cash Payment received by each Redemption Option shareholder
on 23rd December is outlined below. Each Shareholder will have the following
percentage of his shares redeemed at the NAV per share on the 4th of December
2009.
+--------------+---------------------------+-----------------------------+
| Share Class | % of Shares to be | NAV per Share at 4th |
| | Redeemed | December 2009 |
+--------------+---------------------------+-----------------------------+
| USD | 73.43% | USD 8.34 |
+--------------+---------------------------+-----------------------------+
| EUR | 73.55% | EUR 7.86 |
+--------------+---------------------------+-----------------------------+
| GBP | 73.61% | GBP 7.94 |
+--------------+---------------------------+-----------------------------+
The remaining holding of the Redemption Option Shareholders may represent a
non-integer number of shares in the new run-off listed vehicle, however, because
the remaining shares cannot have decimal places the remaining shares of all
remaining Redemption Option Shareholders will be rounded down to the nearest
integer.
Settlement
Shares held in CREST under the existing ISIN are disabled and, in the case of
the Redemption Option Shareholders, a new ISIN is applied to the remaining
Shares that have not been compulsorily redeemed.
In the case of Shares held in certificated form (that is, not in CREST),
redemptions take effect automatically. Because the Shares are compulsorily
redeemed, Certificated Shareholders do not need to return their Share
certificates to the Company in order to claim their Distribution Proceeds.
Shareholders' existing Share certificates are cancelled and, in the case of
Shareholders who have elected for the Redemption Option, new Share certificates
are issued to each such Shareholder for the balance of their shareholding after
the Redemption Date. Cheques will automatically be issued to Certificated
Shareholders upon the cancellation of their Shares.
New ISIN Codes
For the remaining shares of the Redemption Option Shareholders, the ISIN codes
for each share class have been changed to the following:
+-------------------------+-------------------+
|CMA Global Hedge Shares | NEW ISIN code |
+-------------------------+-------------------+
| USD | GB00B54NF486 |
+-------------------------+-------------------+
| EUR | GB00B520DR05 |
+-------------------------+-------------------+
| GBP | GB00B54NDL12 |
+-------------------------+-------------------+
The new ISIN codes are effective from today and trading will commence tomorrow.
Timetable for Cash Payment
+---------------------------------------------------+------------------------+
| First Redemption on which Redemption Option | 23 December 2009 |
| Shareholders' CREST accounts will be credited | |
| with Distribution Proceeds or cheques for | |
| Distribution Proceeds will be dispatched to | |
| Redemption Option Shareholders. | |
| | |
+---------------------------------------------------+------------------------+
| First tranche of the Cash Distribution, on which | 23 December 2009 |
| Cash Option Shareholders' CREST accounts will be | |
| credited with Distribution Proceeds or cheques | |
| for 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
END
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