H3XU Newstar Rbc 3X$

    RNS Number : 8476W
  New Star RBC Hedge250 IDX (3X GBP)
  16 June 2008
   

    HEDGE ETS
    New Star RBC Hedge 250 Index Exchange Traded Securities
    PCC Limited (the "Company")
    (A closed-ended investment company incorporated in Guernsey with registered number 45501 under the provisions of The Companies
(Guernsey) Laws 1994 to 1996 and The Protected Cell Companies Ordinance 1997 to 1998, as amended)


    16 June 2008
    Posting of circular and extraordinary general meeting
    Introduction and background

    The Company has been granted authority to make market purchases of up to 14.99 per cent. of each Class of Shares in issue, which
authority expires on the later of 4 April 2009 or the conclusion of the annual general meeting to be held in 2008. 

    The Directors believe it is appropriate for the Company's Shares to trade at or around Net Asset Value and use the ability to buy back
Shares at a discount to Net Asset Value to facilitate such a rating. 

    The existing Share repurchases authority in respect of the 3X US$ Shares has been substantially exhausted as a result of Shares
repurchased by the Company. 

    The proposal

    Shareholder approval is now being sought to renew the authority for the Company to continue to make repurchases of up to 14.99 per cent.
(at the date the Resolution is passed) of each Class of Shares in issue and to sell repurchased Shares held in treasury. The timing of any
repurchases would be decided by the Board. 

    Any Share repurchases would be made at a narrow discount to the latest estimated Net Asset Value per Share and would be subject to
normal market conditions, accuracy of Index hedge fund valuations, availability of leverage under the relevant Swaps and close periods. The
estimated Net Asset Value per Share would be calculated using the Index value as reported on RBC's website, www.rbchedge250.com, the marked
to market value of collateral held and the Company's fees and expenses, as set out in the Prospectus. 

    The Company is able, at its discretion, to hold repurchased Shares as treasury shares, up to a limit for each Class of Shares of 10 per
cent of the total issued Shares of that Class at that time. In addition, in order to assist market liquidity, the Company has been
authorised by Shareholders to sell treasury shares in the market at a discount to the latest estimated Net Asset Value per Share, provided
always that such discount is no greater that the average purchase discount prevailing at the time of sale. 

    For these purposes, the average purchase discount would be the average of the discount to the then-prevailing estimate of Net Asset
Value per Share at which each treasury share of the relevant Class was acquired. When treasury shares are sold or cancelled, the average
purchase discount is adjusted using the "first in, first out" method. 

    Extraordinary general meeting

    The Company will today post to shareholders a circular which sets out the details of the proposal and of the extraordinary general
meeting to be held at 4.00pm on 9 July 2008 in order to obtain shareholder approval for the proposal. 

    If approved, the proposal will take effect on the date on which the resolutions are passed.
    Copies of the circular will be available for inspection at the registered office of the Company, Arnold House, St Julian's Avenue, St
Peter Port, Guernsey GY1 3NF.
    Circular Copies of the document have been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK
Listing Authority's Document Viewing Facility, which is situated at:

    Financial Services Authority
    25 The North Colonnade
Canary Wharf
London
    E14 5HS

    Tel: 020 7066 1000


    Enquiries:

    Alison Bilham, HSBC Securities Services (Guernsey) Limited
    Tel: + 44 (0)1481 707213


    ENDS

This information is provided by RNS
The company news service from the London Stock Exchange
 
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