Cash Option
March 11 2010 - 2:00AM
UK Regulatory
TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 4107I
CMA Global Hedge PCC Ltd
11 March 2010
11 March 2010
CMA GLOBAL HEDGE PCC LIMITED
CASH OPTION - SECOND AND FINAL CASH PAYMENT
At the Extraordinary General Meeting (EGM) of CMA Global Hedge PCC Limited (the
"Company") on 15 December 2009, 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. Accordingly, the special resolution was passed and the following
numbers of Shareholders elected for the Cash Option.
+----------+----------------+---------------+
| Share | No. of Shares | Weight of |
| Class | | Total Class |
+----------+----------------+---------------+
| USD | 1,075,464 | 15.65% |
+----------+----------------+---------------+
| EUR | 996,302 | 18.40% |
+----------+----------------+---------------+
| GBP | 699,561 | 18.41% |
+----------+----------------+---------------+
Following the sale of the pro rata share of all remaining illiquid assets of the
Cash Option Shareholders, the Board of the Company today announces the details
on the second and final Cash Payment made to the shareholders who elected the
Cash Option, in order to realise their investment in the Company.
Final Cash Payment Details
Details on the second and final Cash Payment that will be received by each Cash
Option Shareholder on or around the 17th March is outlined below.
Each Cash Option Shareholder will receive a second and final cash payment equal
to the following value per share held.
+--------+---------------+------------------+------------------+
| Share |First Payment |Second and Final | Total Payments |
| Class | | | Per Share |
| | Per Share | Payment Per | |
| | 23 December | Share | |
| | 2009 | 17 March 2010 | |
+--------+---------------+------------------+------------------+
| USD | USD 6.1278 | USD 0.8844 | USD 7.0122 |
+--------+---------------+------------------+------------------+
| EUR | EUR 5.7784 | EUR 0.8747 | EUR 6.6532 |
+--------+---------------+------------------+------------------+
| GBP | GBP 5.8470 | GBP 0.9091 | GBP 6.7562 |
+--------+---------------+------------------+------------------+
Any differences are due to rounding.
This means that USD shareholders received as a first payment 73.43% of the NAV
per share as at the 4th December 2009 and will receive an additional 10.60% or
approximately 40 cents on the dollar of the remaining NAV per share. Therefore
they will have received a total of 84.03% of the 4th December 2009 NAV.
EUR shareholders received as a first payment 73.55% of the NAV per share as at
the 4th December 2009 and will receive an additional 11.13% or approximately 42
cents on the dollar of the remaining NAV per share. Therefore they will have
received a total of 84.68% of the 4th December 2009 NAV.
GBP shareholders received as a first payment 73.61% of the NAV per share as at
the 4th December 2009 and will receive an additional 11.44% or approximately 43
cents on the dollar of the remaining NAV per share. Therefore they will have
received a total of 85.05% of the 4th December 2009 NAV.
Differences between classes in the figures of the second and final distribution
are mainly due to FX gains arising from the appreciation of the USD. As
previously disclosed the Company ceased its FX hedging program after its EGM on
the 15th December 2009.
Settlement
In the case of Shares held in uncertificated form (that is, in CREST),
redemptions will take effect automatically on the day of the Cash Distribution.
In the case of Shares held in certificated form (that is, not in CREST),
redemptions will take effect automatically on the day of the Cash Distribution.
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. Cheques will automatically be issued to Certificated
Shareholders upon the cancellation of their Shares.
All Cash Option Shareholders' existing Share certificates are automatically
cancelled.
Timetable for Cash Payment
+--------------------------------------------+--------------------+
| Second and final tranche of the Cash | On or around the |
| Distribution, on which Cash Option | 17 March 2010 |
| 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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