Maturity and Redemption (6189L)
02 Août 2011 - 7:01PM
UK Regulatory
TIDMCEAF
RNS Number : 6189L
Close European Accelerated Fund Ltd
02 August 2011
FOR IMMEDIATE RELEASE
Close European Accelerated Fund Limited (the "Company")
MATURITY AND REDEMPTION
The Company held two debt securities issued by Glitnir Banki hf
("Glitnir") and Kaupthing Bank hf ("Kaupthing") respectively (each
a "Defaulting Note" and together the "Defaulting Notes"). The
Defaulting Notes had a nominal value of GBP6 million each and a
combined value of GBP12 million, representing approximately 30% of
the total nominal value of the Company's debt securities, but it is
not known at this stage whether any value can be realised from the
Defaulting Notes or what, ultimately, that realisable value might
be.
The winding-up board for Glitnir Banki hf and the winding-up
Committee of Kaupthing Bank hf asked all parties claiming debts of
any sort against the respective bank(s) to submit claims in respect
thereof. Consequently, as announced by the Company on 13 November
2009, a separate claim was submitted to each bank on the Company's
behalf and in respect of each Defaulting Note. The Company claimed
for a total amount equivalent to GBP10,051,608.20 (equating to
approximately 25 pence per Participating Share) from Glitnir (the
"Glitnir Claim") and for a total amount equivalent to
GBP10,051,608.20 (equating to approximately 25 pence per
Participating Share) from Kaupthing (the "Kaupthing Claim")
(together the "Claims").
On 6 December 2010 the winding-up committee of Kaupthing Bank hf
wrote to the Company to advise that it accepts ISK 1,125,075,218
(equivalent to approximately GBP5.97 million or 15 pence per
Participating Share as at 1 August 2011) of the Kaupthing Claim. As
announced on 8 April 2011, the winding-up board of Glitnir Banki hf
has postponed a decision on the Company's claim until 31 August
2011. However, it is not expected that any monies will result from
either the Glitnir Claim or the Kaupthing Claim for some time, if
ever.
Pursuant to the Proposal detailed in the Circular dated 24 June
2011 and approved at the Extraordinary General Meeting and Class
Meeting held on 14 July 2011 the Claims are being transferred to
the CEAF 2011 Defaulting Note Trust.
Under the terms of the Company's Articles of Association as
amended at the Extraordinary General Meeting and Class Meeting held
on 14 July 2011, Shareholders are therefore due to receive 69.5
pence per Share and, separately, an interest in the CEAF 2011
Defaulting Note Trust. The Company's investments (excluding the
Defaulting Notes) have now matured and the Shares are being
redeemed, with redemption proceeds expected to be paid to
Shareholders on or around 8 August 2011.
Redemption proceeds will be paid to all shareholders by cheque
made payable to the relevant holder or in the case of joint holders
to such relevant joint holders and sent at the risk of the
holder(s) to the address of the holder or first named joint holder
as such appears in the Company's Register of Members, or by an
alternative method of payment (at the expense of the holder(s)), if
writing of such alternative method from the registered holder(s)
has been received by the Company's Registrar and Paying Agent,
Anson Registrars Limited.
For further information contact:
Anson Fund Managers Limited
Secretary
Tel: Guernsey 01481 722260
Anson Registrars Limited
Registrar
Tel: Guernsey 01481 711301
2 August 2011
END OF ANNOUNCEMENT
E&OE - In transmission
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