Entitlement Pool Distributions
April 22 2010 - 9:47AM
UK Regulatory
TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 6446K
CMA Global Hedge PCC Ltd
22 April 2010
RNS ANNOUNCEMENT
CMA GLOBAL HEDGE PCC LIMITED
A THIRD CASH PAYMENT FROM THE DECEMBER 2008 ENTITLEMENT POOL
A SECOND CASH PAYMENT FROM THE MARCH 2009 ENTITLEMENT POOL
A FIRST CASH PAYMENT FROM THE JUNE 2009 ENTITLEMENT POOL
The Board of CMA Global Hedge PCC Limited (the "Company") today announces that a
third cash payment is to be made to Shareholders who participated in the
December 2008 Redemption Offer of the Company. This Payment is to be made
following the realisation of certain assets contained in the December
Entitlement Pool relating to the December Redemption Offer.
In addition, a second cash payment is to be made to Shareholders who
participated in the March 2009 Redemption Offer of the Company, following the
realisation of certain assets contained in the March Entitlement Pool relating
to the March Redemption Offer.
In addition, a cash distribution is to be made to Shareholders who participated
in the June 2009 Redemption Offer of the Company, following the realisation of
certain assets contained in the June Entitlement Pool relating to the June
Redemption Offer.
All cash payments will be settled on 23 April 2010. The Company anticipates that
the next cash payment to be made following the realisation of further assets
contained in the December, March, and June Redemption Offer Entitlement Pools
will be made by the end of 2010.
Payment relating to the December Redemption Offer
Certain of the assets contained in the December Redemption Offer Entitlement
Pool have been realised by the Company's investment manager, C.M. Advisors
Limited (the "Manager") 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
Shareholders who participated in the December Redemption Offer on 23 April 2010.
Shareholders who hold their Shares in CREST will receive a cash payment to their
CREST account on 23 April 2010 and Shareholders who hold their Shares in
certificated form (that is, not in CREST) will have a cheque despatched to them
on 23 April 2010.
Shareholders will receive their Payment in the currency of the Shares that were
redeemed. The realisation proceeds of the December Redemption Offer Entitlement
Pool are in US Dollars and the Company has converted the realisation proceeds
into either Euros or Sterling, as necessary, prior to making the Payment to
Shareholders using the prevailing exchange rate on 15 April 2010.
The value of the net Payment to shareholders after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $0.9288 per
Entitlement Pool Notional Share (or the Euro or Sterling equivalent which is
0.6792 EUR and 0.5997 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 39.22 per cent. of the unaudited
estimated NAV of the December Redemption Offer Entitlement Pool calculated as at
26 February 2010. In aggregate, the 3 payments of the December 2008 Entitlement
Pools represent approximately 63.4% of its NAV at the time of creation.
To enable Shareholders to obtain an indicative value of the potential
realisation proceeds of the December Redemption Offer 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 Redemption Offer Entitlement Pool. The net value of the cash
payment to Shareholders per December Redemption Offer Entitlement Pool Notional
Share is also included.
+------------+-------------+--------------+
| CMA | December | Value |
| Global | Redemption | of net |
| Hedge | Offer | Payment |
| Redeemed | Entitlement | to |
| Shares | Pool | Shareholders |
| in | Notional | per December |
| December | Shares | Redemption |
| Redemption | | Offer |
| Offer | | Entitlement |
| | | Pool |
| | | Notional |
| | | Share |
| | | (23 April |
| | | 2010) |
+------------+-------------+--------------+
| 1 US | 1 | USD |
| Dollar | Entitlement | 0.92884551 |
| Share | Pool | per |
| | Notional | Entitlement |
| | Share | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
| 1 Euro | 1.346281 | EUR |
| Share | Entitlement | 0.67917922 |
| | Pool | per |
| | Notional | Entitlement |
| | Shares | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
| 1 | 1.423355 | GBP |
| Sterling | Entitlement | 0.59968074 |
| Share | Pool | per |
| | Notional | Entitlement |
| | Shares | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
Payment relating to the March 2009 Redemption Offer
Certain of the assets contained in the March Redemption Offer Entitlement Pool
have been realised by the Company's investment manager, C.M. Advisors Limited
(the "Manager") and in accordance with the terms of the March 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 Shareholders who participated in
the March Redemption Offer on 23 April 2010.
Shareholders who hold their Shares in CREST will receive a cash payment to their
CREST account on 23 April 2010 and Shareholders who hold their Shares in
certificated form (that is, not in CREST) will have a cheque despatched to them
on 23 April 2010.
Shareholders will receive their Payment in the currency of the Shares that were
redeemed. The realisation proceeds of the March Redemption Offer Entitlement
Pool are in US Dollars and the Company has converted the realisation proceeds
into either Euros or Sterling, as necessary, prior to making the Payment to
Shareholders using the prevailing exchange rate on 15 April 2010.
The value of the net Payment to shareholders after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $1.0121 per
Entitlement Pool Notional Share (or the Euro or Sterling equivalent which is
0.7401 EUR and 0.6535 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 40.75 per cent. of the unaudited
estimated NAV of the March Redemption Offer Entitlement Pool calculated as at 26
February 2010. In aggregate, the 2 payments of the March 2009 Entitlement Pools
represent approximately 58.8% of its NAV at the time of creation.
To enable Shareholders to obtain an indicative value of the potential
realisation proceeds of the March Redemption Offer 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 Redemption Offer Entitlement Pool. The net value of the cash payment to
Shareholders per March Redemption Entitlement Pool Share is also included.
+------------+-------------+--------------+
| CMA | March | Value |
| Global | Redemption | of net |
| Hedge | Offer | Payment |
| Redeemed | Entitlement | to |
| Shares | Pool | Shareholders |
| in March | Notional | per March |
| Redemption | Shares | Redemption |
| Offer | | Offer |
| | | Entitlement |
| | | Pool |
| | | Notional |
| | | Share |
| | | (23 April |
| | | 2010) |
+------------+-------------+--------------+
| 1 US | 1 | USD |
| Dollar | Entitlement | 1.01214271 |
| Share | Pool | per |
| | Notional | Entitlement |
| | Share | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
| 1 Euro | 1.277811 | EUR |
| Share | Entitlement | 0.74008680 |
| | Pool | per |
| | Notional | Entitlement |
| | Shares | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
| 1 | 1.401847 | GBP |
| Sterling | Entitlement | 0.65345904 |
| Share | Pool | per |
| | Notional | Entitlement |
| | Shares | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
Payment relating to the June 2009 Redemption Offer
Certain of the assets contained in the June Redemption Offer Entitlement Pool
have been realised by the Company's investment manager, C.M. Advisors Limited
(the "Manager") and in accordance with the terms of the June 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 Shareholders who participated in
the June Redemption Offer on 23 April 2010.
Shareholders who hold their Shares in CREST will receive a cash payment to their
CREST account on 23 April 2010 and Shareholders who hold their Shares in
certificated form (that is, not in CREST) will have a cheque despatched to them
on 23 April 2010.
Shareholders will receive their Payment in the currency of the Shares that were
redeemed. The realisation proceeds of the June Redemption Offer Entitlement Pool
are in US Dollars and the Company has converted the realisation proceeds into
either Euros or Sterling, as necessary, prior to making the Payment to
Shareholders using the prevailing exchange rate on 15 April 2010.
The value of the net Payment to shareholders after the deduction of the 4%
Redemption Fee and rounded to four decimal places will be $1.3344 per
Entitlement Pool Notional Share (or the Euro or Sterling equivalent which is
0.9757 EUR and 0.8614GBP per Entitlement Pool Notional Share respectively). The
aggregate gross US dollar value of the Payment, before the deduction of the
Redemption Fee, represents approximately 45.24 per cent. of the unaudited
estimated NAV of the June Redemption Offer Entitlement Pool calculated as at 26
February 2010.
To enable Shareholders to obtain an indicative value of the potential
realisation proceeds of the June Redemption Offer Entitlement Pool, the table
below sets out how the Shares that were accepted for redemption in the June
Redemption Offer correspond to the "Entitlement Pool Notional Shares" of the
June Redemption Offer Entitlement Pool. The net value of the cash payment to
Shareholders per June Redemption Entitlement Pool Share is also included.
+------------+-------------+--------------+
| CMA | June | Value |
| Global | Redemption | of net |
| Hedge | Offer | Payment |
| Redeemed | Entitlement | to |
| Shares | Pool | Shareholders |
| in June | Notional | per June |
| Redemption | Shares | Redemption |
| Offer | | Offer |
| | | Entitlement |
| | | Pool |
| | | Notional |
| | | Share |
| | | (23 April |
| | | 2010) |
+------------+-------------+--------------+
| 1 US | 1 | USD |
| Dollar | Entitlement | 1.33437169 |
| Share | Pool | per |
| | Notional | Entitlement |
| | Share | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
| 1 Euro | 1.335716 | EUR |
| Share | Entitlement | 0.97570320 |
| | Pool | per |
| | Notional | Entitlement |
| | Shares | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
| 1 | 1.590017 | GBP |
| Sterling | Entitlement | 0.86149635 |
| Share | Pool | per |
| | Notional | Entitlement |
| | Shares | Pool |
| | | Notional |
| | | Share |
+------------+-------------+--------------+
The Company will continue to publish, on a monthly basis, an unaudited estimated
NAV per Entitlement Pool Notional Share for the December, March and June
Redemption Offer Entitlement Pools, which Shareholders may choose to take as
indicative of the potential realisation costs of the Entitlement Pools and the
Actual Cash Proceeds they may receive. Shareholders should be aware that the
realisation proceeds of the December, March, and June Redemption Offer
Entitlement Pools will be affected by the ability of the Manager to realise
assets at the same price as those assets are held at NAV, taking into account
the market conditions and the deduction of costs and expenses associated with
the December, March, and June Redemption Offers. Therefore, the Actual Cash
Proceeds received by Shareholders may be materially different to the indicated
by the unaudited estimated NAV per Entitlement Pool Notional Share published by
the Company for the December, March, and June Redemption Offer Entitlement
Pools.
Definitions
Unless otherwise defined in this announcement, capitalised terms shall have the
same meaning given to them in the Circular sent to Shareholders on 2 December
2008.
All disclosure information including NAV reporting is available on:
www.cmaglobalhedge.com
Enquiries
C.M. Advisors Limited +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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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