Update on the Company's Holdings (0346N)
25 Agosto 2011 - 5:05AM
UK Regulatory
TIDMJAC
RNS Number : 0346N
Close Fund Mngmt Portfolios II PCC
25 August 2011
Close Fund Management Portfolios II PCC Limited (the
"Company")
Japanese Accelerated Return Fund II (the "Cell")
Update on the Company's Holdings
25 August 2011
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. This
Debt security has a nominal value of GBP7,100,000 and accounts for
approximately 15 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.
The Company on behalf of the Cell submitted a claim to Glitnir
banki hf for GBP12,780,000 in respect of the Debt Security, such
amount being equal to the maximum redemption proceeds of GBP1.80
per GBP1 nominal. The Winding-Up Board of Glitnir banki hf has
written to the Company to advise it accepts ISK 1,301,990,264 of
the claim, being equal to approximately GBP6.9 million (such amount
being equal to 97 pence per GBP1 nominal) based on exchange rates
as at close of business 24 August 2011. The Winding-Up Committee of
Kaupthing Bank hf has previously advised that it accepts ISK
1,356,668,000, being equal to approximately GBP7.2 million (such
amount being equal to GBP1.01 per GBP1 nominal) based on exchange
rates as at close of business 24 August 2011, in respect of the
claim submitted to it.
Shareholders should be aware that it is likely that Glitnir
banki hf and Kaupthing Bank hf may not pay the Company on account
of the Cell the full amounts accepted or, indeed, anything at all.
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 Glitnir banki hf and Kaupthing Bank hf
at the maturity of the relevant Debt Securities. The amounts
claimed or accepted should not be considered forecasts of the
amounts which will be due from Glitnir banki hf or Kaupthing Bank
hf on the maturity of the relevant Debt Securities, nor are they a
reflection of the net asset value per Cell Share. The redemption
proceeds per Cell Share per the Company's investment objective for
the Cell will not be known until after the end of the life of the
Cell when the closing value of the Nikkei 225 Index on theEnd Date
is known and may not be the amounts claimed or accepted.
Any claims which are paid may be paid before or after the end of
the life of the Cell 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 on account of the Cell may therefore be
subject to currency fluctuations and/or other market movements.
For further information contact:
Anson Fund Managers Limited
Secretary
Tel: 01481 722260
This information is provided by RNS
The company news service from the London Stock Exchange
END
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