CEAF Close European

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRSSSFWEFFSESA

Close European Accelerated Fund (LSE:CEAF)
Historical Stock Chart
From Jun 2024 to Jul 2024

Close European Accelerated Fund (LSE:CEAF)
Historical Stock Chart
From Jul 2023 to Jul 2024