As at 31 October 2013, the accounting reference date, the
calculated net asset value per share in each existing cell at that
date was as follows:-
As at 31 Oct 2013 As at 31 Oct
2012
US High Income - Class A ("USHI - 31.84 pence
A")
US High Income - Class B ("USHI - 38.43 US$ cents
B")
BNP Paribas Agrinvest ("Agrinvest") - 123.31 pence
Enhanced Property Recovery ("EPR") 79.26 pence 73.56 pence
Energy - Base Metals (3) ("EBM3") 99.32 pence 100.75 pence
Enhanced Income - Class A ("EIF") 96.60 pence 91.78 pence
BNP Paribas COMAC ("COMAC") - 72.61 pence
US Enhanced Income - Class A 113.13 pence 105.35 pence
("USEI A")
US Enhanced Income - Class B 113.08 US$ cents 105.61 US$ cents
("USEI B")
UK Enhanced Income ("UKEI") 91.38 pence 88.46 pence
MANAGEMENT REPORT
For the year ended 31 October 2013
A description of important events which have occurred during the
financial year, their impact on the performance of the Company as
shown in the Financial Statements and a description of the
principal risks and uncertainties facing the Company is given in
the Investment Manager's Report contained within this report and is
incorporated here by reference.
Details of related party transactions are given in Note 7 to the
Financial Statements and in the Report of the Directors as
contained within this report.
Going Concern
The performance of the investments held by the Company, for the
account of each of its cells, over the reporting period and the
outlook for the future are described in the Investment Manager's
Report. The Company's financial position, its cash flows and
liquidity position are set out in the Financial Statements and the
Company's financial risk management objectives and policies,
details of its financial instruments and its exposures to market
price risk, credit risk, liquidity risk, interest rate risk and
foreign exchange risk are set out in Note 6 to the Financial
Statements as contained within this report.
As disclosed in Note 6 to the Financial Statements, the only
financial commitments of the Company are its on-going operating
expenses and obligations to shareholders on the redemption of their
preference shares held in a cell. BNP Paribas has agreed to
reimburse the Company for or, on behalf of the Company, pay in full
all of its on-going operating expenses. On the redemption of shares
of a cell, the holders of such shares shall only be entitled to the
net asset value of such shares. Such net asset value will be
calculated by reference to the proceeds received under the relevant
contract entered into between the Company, acting on behalf of the
relevant cell, and BNP Paribas upon the maturity or early
termination of that contract.
After making enquiries, and taking into consideration the
long-term counterparty credit rating of BNP Paribas which, at the
date of this report, was rated by Standard & Poor's Rating
Agency ("S&P") as A+, the directors have a reasonable
expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future.
Responsibility Statement
The Board of directors jointly and severally confirm that, to
the best of their knowledge:
(a) the Financial Statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company; and
(b) this Management Report includes, or incorporates by
reference, a fair review of the development and performance of the
business and the position of the Company, together with a
description of the principal risks and uncertainties that it
faces.
John R Le Prevost Trevor Hunt
Director Director
12 February 2014
REPORT OF THE DIRECTORS
The directors present their Report and Financial Statements for
the year ended 31 October 2013.
Principal Activity
The principal activity of the Company is to carry on business as
an investment company. The Company is a Guernsey incorporated,
authorised, closed-ended protected cell investment company and the
shares of each cell are listed on the CISE. The directors do not
envisage any change in these activities for the foreseeable
future.
Investment Objective and Investment Policy
The investment objective and policy of each of the Company's
cells are summarised on in this report. Full details of each cell's
investment objective and policy are set out in the relevant Summary
and Securities Note, copies of which are available for existing
cells upon request from the Company's Administrator or
Distributor.
Shareholder Information
The net asset value of a share in each of the Company's cells is
announced to the CISE and to a regulatory information service on a
daily basis.
The shares of all of the Company's cells are listed on the CISE
and could be dealt, indirectly, through a stockbroker or
professional adviser acting on an investor's behalf. The buying and
selling of such shares could be settled through CREST.
The Company's registers of shareholders are maintained by Anson
Registrars Limited in Guernsey who can be contacted on +44 (0) 1481
711301.
Results
The results for the year are set out in the Statement of
Comprehensive Income as contained within this report.
Substantial Interests
Other than by BNP Arbitrage SNC, the Company has not been
notified by any shareholder of a substantial interest in the shares
of any of the Company's cells as at 31 October 2013.
BNP Paribas Arbitrage SNC is the beneficial owner of the two
Ordinary Shares in issue, those being the only class of shares
entitled to receive notice of general meetings of the Company and
to attend and vote thereat. The Ordinary Shares are registered in
the name of JTC Fund Managers (Guernsey) Limited as nominee for BNP
Paribas Arbitrage SNC.
BNP Paribas Arbitrage SNC also holds Preference Shares in each
of the Company's cells and details of its shareholdings are shown
in Note 7 to the Financial Statements.
Directors
The directors in office are shown within this report. Further
details of the directors' responsibilities are given in this
report. As at 31 October 2013, none of the directors, nor any
persons connected with them, had any beneficial interest in the
Company. The Company does not have a Chairman and, as all of the
directors are non-executive, there is no chief executive.
Related Party Transactions
Anson Registrars Limited is the Company's Registrar, Transfer
Agent, Paying Agent and Receiving Agent. John Le Prevost is a
director and controlling shareholder of Anson Group Limited, the
holding company of Anson Registrars Limited. John Le Prevost is
also a director of the subsidiary companies of Anson Group
Limited.
BNP Paribas Arbitrage SNC, a wholly owned subsidiary of BNP
Paribas SA, holds Preference Shares in each of the Company's cells
and, as such, is entitled to receive dividend payments, where
applicable, and redemption proceeds on the maturity of the cells.
Details of these shareholdings are disclosed in Note 7 to the
Financial Statements.
Francois-Xavier Foucault and Youri Siegel are both employees of
BNP Paribas SA, the Company's Investment Counterparty and
Distributor. The Company's Investment Manager, THEAM, is also a
wholly owned subsidiary of BNP Paribas SA.
Statement of Directors' Responsibilities
The directors are responsible for keeping proper accounting
records which disclose, with reasonable accuracy at any time, the
financial position of the Company, for safeguarding the assets of
the Company, for taking reasonable steps for the prevention and
detection of fraud and other irregularities and for the preparation
of a Directors' Report, which complies with the requirements of The
Companies (Guernsey) Law, 2008, as amended (the "Law").
The directors are responsible for preparing the Financial
Statements in accordance with applicable Guernsey law and have
chosen to prepare Financial Statements for the Company in
accordance with International Financial Reporting Standards
("IFRS").
IFRS requires that the Financial Statements present fairly, for
each financial year, the Company's financial position, financial
performance and cash flows. This requires the faithful
representation of the effects of transactions, other events and
conditions in accordance with the definitions and recognition
criteria for assets, liabilities, income and expenses as set in the
International Accounting Board's Framework for the preparation and
presentation of Financial Statements. In virtually all
circumstances, a fair representation will be achieved by compliance
with all applicable IFRS. A fair presentation also requires the
directors to:
-- select suitable accounting policies and apply them consistently;
-- make judgements and estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been
followed, subject to any material departures disclosed, and
explained in the Financial Statements; and
-- prepare the Financial Statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The directors confirm that they have complied with the above
requirements in preparing the Financial Statements.
To the best of the directors' knowledge, there is no relevant
audit information of which the Company's auditor is unaware and
each director has taken all the steps that he ought to have taken
as a director to make himself aware of any relevant audit
information and to establish that the Company's auditor is aware of
that information.
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