Update on Company's holdings (1489N)
26 Août 2011 - 5:16PM
UK Regulatory
TIDMCEAF
RNS Number : 1489N
Close European Accelerated Fund Ltd
26 August 2011
Close European Accelerated Fund Limited (the "Company")
Update on the Company's Holdings
26 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 its investment
objective, the Company held seven Debt Securities, including one
issued by Glitnir banki hf. This Debt security had a nominal value
of GBP6,000,000 and accounted for approximately 15 per cent of the
total nominal value of the Company's Debt Securities.
The Company submitted a claim to Glitnir banki hf for
GBP10,050,000 in respect of the Debt Security, such amount being
equal to the maximum redemption proceeds of GBP1.675 per GBP1
nominal. The Winding-Up Board of Glitnir banki hf has written to
the Company to advise it accepts ISK 954,639,375 of the claim,
being equal to approximately GBP5.1 million 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
1,125,075,218 in respect of the claim submitted to it, being equal
to approximately GBP6.0 million based on exchange rates as at close
of business 24 August 2011.
Shareholders should be aware that it is likely that Glitnir
banki hf and Kaupthing Bank hf may not pay 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 nothing received from Glitnir
banki hf and Kaupthing Bank hf.
Any claims which are paid may be paid in currencies other than
Sterling and/or in forms other than cash. Any payments received may
therefore be subject to currency fluctuations and/or other market
movements.
Shareholders will be aware that the Company's interests in the
Glitnir bank hf Note and the Kaupthing Bank hf Note are in the
process of being transferred into the name of Anson Custody Limited
as trustee of the CEAF 2011 Defaulting Note Trust (the "Trust");
whereupon all shareholders in the Company will become the
beneficiaries of the Trust. Anson Custody Limited has created a
website at http://www.anson-group.com/ceaftrust.html via which it
intends to communicate generally with all beneficiaries and
advertise to them any third party offers received for their
interests in the Trust's Notes
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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