JAC Jap.Acc.Rtn.Ii

 

TIDMJAC 
 
RNS Number : 5904C 
Close Fund Mngmt Portfolios II PCC 
16 November 2009 
 

Close Fund Management Portfolios II PCC Limited (the "Company") 
 
 
Japanese Accelerated Return Fund II (the "Cell") 
 
 
Update on the Company's Holdings 
 
 
The Company wishes to update Shareholders on the status of certain issuers of 
Debt Securities held by the Company. As Shareholders are aware, in order to 
fulfil the investment objective for the Cell, the Company for the account of the 
Cell holds seven Debt Securities, including one issued by Glitnir Banki HF and 
one issued by Kaupthing Bank HF. These Debt Securities have a nominal value of 
GBP7,100,000 each and in aggregate account for approximately 30 per cent of the 
total nominal value of the Cell's Debt Securities. 
 
 
In the event of a default by an issuer of a Debt Security purchased by the 
Company on behalf of the Cell, the Cell will rank as an unsecured creditor in 
respect of sums due from the issuer of that Debt Security. In such event, the 
Cell may (in respect of that Debt Security) receive a lesser amount of money 
than the amount due pursuant to the terms of the Debt Security, may actually 
receive the money at a different time than would otherwise have been the case 
and/or the amount received may be zero. Any losses will be borne by the Cell and 
returns to Shareholders would be significantly adversely affected. 
 
 
As a result of Glitnir Banki HF's and Kaupthing Bank HF's reported failure to 
make payments due on other outstanding debt obligations, the Board of the 
Company considers it likely that they may not pay in full on their obligations 
pursuant to the relevant Debt Securities. Whilst recovery rates from issuers 
that default vary, and in this case are currently unknown, the worst case 
scenario would see the Company receive nothing from either institution at the 
maturity of the relevant Debt Securities. 
 
 
The Winding-Up Boards for Glitnir Banki HF and Kaupthing Bank HF have asked all 
parties claiming debts of any sort or other rights to submit claims by 26 
November 2009 and 30 December 2009 respectively. Consequently the Company has 
today submitted claim forms to each of Glitnir Banki HF and Kaupthing Bank HF, 
claiming GBP12,780,000 in respect of each one of these Debt Securities, such 
amounts being equal to the maximum Final Capital Entitlement of GBP1.80 per GBP1 
nominal. 
 
 
The amount claimed should not be considered a forecast of the Final Capital 
Entitlement nor is it a reflection of the net asset value per Share. The Final 
Capital Entitlement per Share per the Company's investment objective will not be 
known until after the end of the life of the Company when the closing value of 
the Nikkei 225 Index on the End Date is known and may not be the amount 
currently claimed. 
 
 
Shareholders should be aware that it is likely that Glitnir Banki HF and 
Kaupthing Bank HF may not pay the Company the full amounts claimed or, indeed, 
anything at all. Any claims which are paid may be paid before or after the end 
of the life of the Company and in the case of early payment it may not be 
possible to reinvest the proceeds in Debt securities which replicate the 
investment characteristics of the original Debt Securities. Any claims which are 
paid may be paid in currencies other than Sterling and/or in forms other than 
cash. Any payments received by the Company may therefore be subject to currency 
fluctuations and/or other market movements. 
 
 
The Board of Directors will update Shareholders as appropriate. 
 
 
For further information contact: 
 
 
Anson Fund Managers Limited 
 
 
Secretary 
 
 
Tel: 01481 722260 
 
 
16 November 2009 
 
 
E&OE - In transmission 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRGUGBCGUPBGQQ 
 

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