Update re Holdings
16 Novembro 2009 - 2:50PM
UK Regulatory
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
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