Close Enhanced Commodities Fund II CORRECTED Inv Obj & Perf Update announcement (3546M)
September 14 2012 - 12:21PM
UK Regulatory
TIDMCED2
RNS Number : 3546M
Close Enhanced Commodities Fund II
14 September 2012
FOR IMMEDIATE RELEASE
14 September 2012
Close Enhanced Commodities Fund II Limited (the "Company")
CORRECTED Investment Objective and Performance Update
announcement
The announcement of the Investment Objective and Performance
Update of the Company at 31 August 2012 released at 5.56 p.m. on 10
September 2012 under RNS number 9370L contained erroneous data with
regards to the value of the constituents of the Commodity Portfolio
at the above date. The below announcement contains a corrected
value of the constituents of the Commodity Portfolio and replaces
the previous announcement in its entirety.
The investment objective of the Company is to provide to
shareholders, on the Redemption Date in June 2013, a capital amount
of 100 pence per Share and a growth amount equal to two times any
percentage increase in the End Value* of the Commodity Portfolio
relative to its Start Value. There are currently 45,250,000 Shares
in issue.
* The End Value will be the aggregate of the average official
closing price of each constituent of the Commodity Portfolio on the
last business day of each month in the one year prior to the End
Date of 31 May 2013.
The Commodity Portfolio is a notional portfolio of commodities
comprising by value on the Start Date, being 31 May 2007,
one-eighth of each of oil, copper, aluminium, zinc, nickel, sugar,
corn and wheat.
Based on the values of the commodities as at 31 August 2012, and
assuming these values were to remain unchanged through to the end
of the life of the Company, the redemption proceeds per Share on
the Redemption Date would be 140.50 pence . This is not a forecast
nor is it a reflection of the net asset value per Share and takes
no account of any unforeseen circumstances and is provided for
informational purposes only and should not be relied upon for
investment decisions.
**as at 31 August
Commodity Start Value 2012
Brent Crude Oil $68.04 $104.79
Aluminium $2,733.50 $1,879.88
Copper $7,440.50 $7,569.80
Nickel $50,900.00 $16,181.30
Zinc $3,685.50 $1,849.40
Corn 390.25c 709.25c
Sugar 9.34c 20.91c
Wheat 517.00c 785.50c
Commodity Portfolio
= 100.00% 120.50%
**Aggregate of the average official closing price of each
constituent of the Commodity Portfolio on the last business day of
each month from 31 May 2012 to 31 August 2012
Payoff Profile
The table below illustrates how the final capital entitlement of
the Shares might vary for different End Values of the Commodity
Portfolio.
Percentage change in Redemption
End Value of the Commodity Proceeds
Portfolio relative to
its Start Value
---------------------------- -----------
-100% 100
---------------------------- -----------
-50% 100
---------------------------- -----------
0% 100
---------------------------- -----------
50% 200
---------------------------- -----------
100% 300
---------------------------- -----------
150% 400
---------------------------- -----------
200% 500
---------------------------- -----------
The final return is subject to there being no counterparty
default or any other unforeseen circumstances.
As at 31 August 2012 the investments held by the Company
were:
NOMINAL
DEBT SECURITIES PORTFOLIO HOLDINGS
GBP
Caisse Centrale du Credit Immobilier de France
EMTN
14 June 2013 9,050,000
Erste Bank EMTN 14 June 2013 9,050,000
Irish Life & Permanent Plc EMTN 14 June 2013 9,050,000
Mediobanca SpA EMTN 14 June 2013 9,050,000
SNS Bank NV EMTN 14 June 2013 9,050,000
TOTAL
GBP
45,250,000
This data has been provided by Close Investments Limited. Close
Investments Limited may source data from third party data providers
such as, but not limited to, Bloomberg. Close Investments Limited
accepts no responsibility or liability for the accuracy of data
sourced from such third parties. All data in this document has been
procured and may have been acted upon by Close Investments Limited
for its own purpose. The results are being made available to you
for information purposes only and incidentally. This data is
provided purely for information purposes only and should not be
relied upon.
For further information contact:
Anson Fund Managers Limited
Secretary
Tel: 01481 722260
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
END
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