Holders of Ordinary Shares shall not be entitled to receive and
shall not participate in any dividends or other distributions out
of the profits of the Company. Holders of Ordinary Shares shall be
entitled to receive notice of and to attend and vote at general
meetings. The Ordinary Shares are not redeemable and comprise the
Company's non-cellular assets.
Holders of BNP Paribas Absolute Progression Preference Shares,
BNP Paribas Agrinvest Preference Shares, Enhanced Property Recovery
Preference Shares, Energy-Base Metals (3) Preference Shares and BNP
Paribas COMAC, ("Cell shares") shall not be entitled to receive and
shall not participate in any dividend or other distributions of the
Company.
Holders of Class A Sterling Hedged US High Income Preference
Shares, Class B Unhedged US High Income Preference Shares, Class A
Sterling Hedged US Enhanced Income Preference Shares, Class B US
Dollar Unhedged US Enhanced Income Preference Shares, Enhanced
Income Preference Shares and UK Enhanced Income Preference Shares
("Cell Shares") shall be entitled to receive any dividends or other
distributions out of the profits of their respective cells only,
but not out of the non-cellular assets of the Company.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
4 SHARE CAPITAL (continued)
On their respective redemption dates the holders of Cell Shares
shall be entitled to receive per Cell Share held an amount equal to
the net asset value per Cell Share. As disclosed in the
Supplemental Memorandum or Summary and Securities Note for each
cell, the Cell Shares of each cell will be compulsorily redeemed by
the Company on their respective redemption dates.
Holders of Cell Shares shall not be entitled to receive notice
of or to attend or vote at any general meeting of the Company.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
5 SHARE PREMIUM
Share premium Share premium
Share Premium as at 1 November Preference Preference as at
Preference Shares 2011 Shares Redeemed Shares Issued 30 April 2012
GBP GBP GBP GBP
Cell Agribus - - - -
Cell EGAA - - - -
Cell FTSE S - - - -
Cell UK HI 143,419,549 (143,419,549) * - -
Cell EBM (2) 32,828,140 (32,828,140) * - -
Cell ES 25,000,000 (25,000,000) * - -
Cell Abs Pro 77,271,523 - - 77,271,523
Cell US HI A 92,942,487 - - 92,942,487
Cell US HI B 30,710,285 - - 30,710,285
Cell Agrinvest 49,516,896 - - 49,516,896
Cell EPR 30,125,000 - - 30,125,000
Cell EBM (3) 49,292,100 - - 49,292,100
Cell COMAC 25,526,009 - - 25,526,009
Cell USEI A 48,500,080 - - 48,500,080
Cell USEI B 28,964,898 - - 28,964,898
Cell UK EI 49,015,722 - - 49,015,722
Cell EI 42,548,346 - - 42,548,346
TOTAL 725,661,035 (201,247,689) - 524,413,346
================== ================= =============== ===============
*See Note 8
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
5 SHARE PREMIUM (continued)
Share premium Share premium
Share Premium as at 1 November Preference Preference as at 31 October
Preference Shares 2010 Shares Redeemed Shares Issued 2011
GBP GBP GBP GBP
Cell Agribus 2,502,344 (2,502,344) - -
Cell EGAA 14,656,755 (14,656,755) - -
Cell FTSE S 47,058,395 (47,058,395) - -
Cell UK HI 143,419,549 - - 143,419,549
Cell EBM (2) 32,828,140 - - 32,828,140
Cell ES 25,000,000 - - 25,000,000
Cell Abs Pro 77,271,523 - - 77,271,523
Cell US HI A 92,942,487 - - 92,942,487
Cell US HI B 30,710,285 - - 30,710,285
Cell Agrinvest 49,516,896 - - 49,516,896
Cell EPR 30,125,000 - - 30,125,000
Cell EBM (3) 49,292,100 - - 49,292,100
Cell COMAC 25,526,009 - - 25,526,009
Cell USEI A 48,500,080 - - 48,500,080
Cell USEI B 28,964,898 - - 28,964,898
Cell UK EI 49,015,722 - - 49,015,722
Cell EI 42,548,346 - - 42,548,346
TOTAL 789,878,529 (64,217,494) - 725,661,035
================== ================= =============== ==================
6 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's activities expose it to a variety of financial
risks: market risk (including interest rate risk and market price
risk), credit risk, liquidity risk, capital risk and foreign
exchange risk.
The Company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company's financial performance.
The Company uses derivative financial instruments to moderate
certain risk exposures.
(a) Interest Rate Risk
The Company is not directly exposed to cash flow interest rate
risk. Changes in interest rates may affect the performance of the
swap contracts in which each cell is invested. The Board and the
Investment Manager monitor, but cannot control, interest rate
risk.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
6 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Market Price Risk
Market price risk arises mainly from uncertainty about future
prices of financial instruments held. It represents the potential
loss the Company might suffer through holding market positions in
the face of price movements. The Investment Manager actively
monitors market prices and reports to the Board as to the
appropriateness of the prices used for valuation purposes. On a
periodic basis independent valuations of the Company's investments
are obtained from the Calculation Agent. A list of investments held
by the Company is shown in the Schedule of Investments on pages 68
to 70.
The Investment Manager also monitors on a monthly basis the
market price risk of each Cell's underlying financial assets and
liabilities using statistical measures, such as Delta. Delta is the
percentage change in price of a derivative in relation to a 1%
change in the price of the underlying security, index or rate. As
there is no secondary market for the Company's investments, the
Board cannot directly monitor nor control market price risk.
Price sensitivity
If market prices as at 30 April 2012 / 31 October 2011 had been
10 per cent higher / lower, and assuming these values were to
remain unchanged through to the end of the life of the Cells, with
all other variables held constant, the increase / decrease in net
assets attributable to holders of Cell Shares on the Redemption
Date would have been as stated below, arising due to the increase /
decrease in the fair value of the financial assets at fair value
through profit or loss.
Increase in net assets Decrease in net assets
attributable to holders attributable to holders
of Preference Shares of Preference Shares
Period ended Year ended Period ended Year ended
30 April 2012 31 October 30 April 31 October
2011 2012 2011
Cell GBP GBP GBP GBP
Cell UK HI - 6,475,988 - (6,475,988)
Cell EBM (2) - 5,184,729 - (5,184,729)
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