COMAC Cell 25,526,009 (25,526,009) * - -
USEI A Cell 48,500,080 - - 48,500,080
USEI B Cell 45,079,125 - - 45,079,125
Management Shares 2 - - 2
-------------- ------------------ ---------------- -------------------
TOTAL 485,865,996 (223,559,121) - 262,306,875
============== ================== ================ ===================
* See Note 8
Shares in
issue as Shares in
Allotted, called-up at issue as at
and fully paid 1 November 31 October
Preference Shares 2011 Shares Redeemed Shares Issued 2012
UK HI Cell 141,613,549 (141,613,549) * - -
EBM2 Cell 32,506,140 (32,506,140) * - -
ES Cell 25,000,000 (25,000,000) * - -
Abs Pro Cell 76,748,923 (76,748,923) * - -
US HI A Cell 92,469,987 - - 92,469,987
US HI B Cell 58,337,229 - - 58,337,229
Agrinvest Cell 47,225,896 - - 47,225,896
EPR Cell 30,125,000 - - 30,125,000
EBM3 Cell 49,587,600 - - 49,587,600
EI Cell 39,999,346 - - 39,999,346
UK EI Cell 49,015,722 - - 49,015,722
COMAC Cell 25,526,009 - - 25,526,009
USEI A Cell 48,500,080 - - 48,500,080
USEI B Cell 45,079,125 - - 45,079,125
Management Shares 2 - - 2
------------ ------------------ ---------------- -------------
TOTAL 761,734,608 (275,868,612) - 485,865,996
============ ================== ================ =============
Holders of Management Shares shall not be entitled to receive
and shall not participate in any dividends or other distributions
out of the profits of the Company. On winding up Management
shareholders are only entitled to an amount up to a maximum being
the Net Assets Attributable to Holders of Management Shares and
have no right to the Net Assets Attributable to the Holders of
Preference Shares. Holders of Management Shares shall be entitled
to receive notice of and to attend and vote at general meetings.
The Management Shares are not redeemable and comprise the Company's
non-cellular assets. The Holders of Preference Shares are not
entitled to receive distributions based on non-cellular assets.
Holders of BNP Paribas Enhanced Property Recovery Preference
Shares and BNP Paribas Energy - Base Metals (3) Preference Shares
("Cell Shares") shall not be entitled to receive and shall not
participate in any dividends or other distributions of the
Company.
Holders of BNP Paribas Class A Sterling Hedged US Enhanced
Income Preference Shares, Class B US Dollar Unhedged US Enhanced
Income Preference Shares, Enhanced Income 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.
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.
5 SHARE PREMIUM
Share premium Share premium
Share Premium as at as at
- Preference 1 November 31 October
Shares 2012 Shares Redeemed Shares Issued 2013
GBP GBP GBP GBP
UK HI Cell - - - -
EBM2 Cell - - - -
ES Cell - - - -
Abs Pro Cell - - - -
US HI A Cell 92,942,487 (92,942,487) * - -
US HI B Cell 30,710,285 (30,710,285) * - -
Agrinvest Cell 49,516,896 (49,516,896) * - -
EPR Cell 30,125,000 - - 30,125,000
EBM3 Cell 49,292,100 - - 49,292,100
EI Cell 42,548,346 - - 42,548,346
UK EI Cell 49,015,722 - - 49,015,722
COMAC Cell 25,526,009 (25,526,009) * - -
USEI A Cell 48,500,080 - - 48,500,080
USEI B Cell 28,964,898 - - 28,964,898
--------------- ---------------- -------------- --------------
TOTAL 447,141,823 (198,695,677) - 248,446,146
=============== ================ ============== ==============
* See Note 8
Share premium Share premium
Share Premium as at as at
- Preference 1 November 31 October
Shares 2011 Shares Redeemed Shares Issued 2012
GBP GBP GBP GBP
UK HI Cell 143,419,549 (143,419,549)* - -
EBM2 Cell 32,828,140 (32,828,140)* - -
ES Cell 25,000,000 (25,000,000)* - -
Abs Pro Cell 77,271,523 (77,271,523)* - -
US HI A Cell 92,942,487 - - 92,942,487
US HI B Cell 30,710,285 - - 30,710,285
Agrinvest Cell 49,516,896 - - 49,516,896
EPR Cell 30,125,000 - - 30,125,000
EBM3 Cell 49,292,100 - - 49,292,100
EI Cell 42,548,346 - - 42,548,346
UK EI Cell 49,015,722 - - 49,015,722
COMAC Cell 25,526,009 - - 25,526,009
USEI A Cell 48,500,080 - - 48,500,080
USEI B Cell 28,964,898 - - 28,964,898
--------------- ---------------- ---------------- --------------
TOTAL 725,661,035 (278,519,212) - 447,141,823
=============== ================ ================ ==============
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 program focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company's financial
performance.
(a) Interest Rate Risk
The Company holds cash in several bank accounts, the returns on
which are subject to fluctuations in market interest rates. The
exposure on the cash balances held is not considered to have a
material impact, so no sensitivity analysis has been performed.
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.
(b) Market Price Risk
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