Anson Fund Managers Limited is the Administrator and Secretary
of the Company and Anson Registrars Limited is the Registrar of the
Company. John R Le Prevost is a director of both these companies.
During the period under review, the Administrator charged fees of
GBP99,817 (Apr 2011: GBP127,699) in respect of its administration
of the Company of which GBP13,944 (Oct 2011: GBP17,771) was
outstanding at the period end and the Registrar charged fees of
GBP14,426 (Apr 2011: GBP20,313) in respect of registration services
on behalf of the Company of which GBP1,692 (Oct 2011: GBP1.259) was
outstanding at the period end.
Anson Group Limited ("AGL") is the parent company of Anson Fund
Managers Limited and Anson Registrars Limited, John Le Prevost is a
director of AGL. John R Le Prevost is also the beneficial owner of
AGL.
THEAM (previously named Harewood Asset Management SAS) and BNP
Paribas Arbitrage SNC, the Company's ultimate controlling party,
are both members of the BNP Paribas Group.
During the period under review the Investment Manager charged
fees of GBP274,947 (Apr 2011: GBP340,034)), of which GBP19,082 (Oct
2011: GBP56,441l) was outstanding at the period end.
As described elsewhere in the financial statements, BNP Paribas,
a member of the BNP Paribas Group, was appointed as Distributor of
Preference Shares in all the cells and is also the counterparty to
the Index Derivative Contracts entered into by the Company on
behalf of all cells. All these transactions and arrangements have
been entered into on an arms length basis. At the end of the period
BNP Paribas Group and its subsidiaries held the following shares in
issue:
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
7 RELATED PARTY TRANSACTIONS (continued)
As at As at
30 Apr 2012 % of total 31 Oct
2011 % of total
Shares shares Shares shares
BNP Paribas UK High Income - 0.00% 134,021,882 94.64%
BNP Paribas Energy - Base
Metals (2) - 0.00% 31,736,309 97.63%
BNP Paribas European Shield - 0.00% 22,692,027 90.77%
BNP Paribas Absolute Progression 74,362,625 96.89% 74,351,196 96.88%
US High Income Class A Sterling
Hedged Preference Shares 84,420,647 91.30% 83,662,674 90.48%
US High Income Class B Unhedged
Preference Shares 55,741,836 95.55% 55,266,836 94.74%
BNP Paribas Agrinvest 44,521,311 94.27% 43,688,878 92.51%
BNP Paribas Enhanced Property
Recovery 18,714,550 62.12% 17,841,850 59.23%
BNP Paribas Energy - Base
Metals (3) 42,755,076 86.22% 41,540,153 83.77%
BNP COMAC 24,438,699 95.74% 24,431,594 95.71%
US Enhanced Income Class
A 34,914,523 71.99% 31,783,523 65.53%
US Enhanced Income Class
B 25,255,527 56.02% 23,606,527 52.37%
UK Enhanced Income 35,424,622 72.27% 32,754,741 66.82%
BNP Paribas Enhanced Income 31,101,192 77.75% 30,394,824 75.99%
As detailed in Note 8 on 15 December 2011 all BNP Paribas UK
High Income Preference Shares were compulsorily redeemed and BNP
Paribas UK High Income was subsequently dissolved.
On 27 March 2012, all BNP Paribas Energy- Base (2) Preference
Shares were compulsorily redeemed and BNP Paribas Energy-Base
Metals (2) was subsequently dissolved.
On 26 April 2012, all BNP Paribas European Shield Preference
Shares were compulsorily redeemed and BNP Paribas European Shield
was subsequently dissolved.
The Counterparty, which is part of the BNP Paribas Group, is
required to post collateral in favour of the Company acting for and
on behalf of each cell. Details of the collateral arrangements and
amount held against each financial instrument are detailed in Note
6 (i).
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
7 RELATED PARTY TRANSACTIONS (continued)
ONGOING EXPENSES Period ended Period ended
30 Apr 2012 30 Apr 2011
TOTAL TOTAL
GBP GBP
Administration fees 99,817 127,699
Directors' remuneration 13,469 12,000
Registration fees 14,426 20,313
Custody fees 55,129 72,959
Asset management fees 274,947 340,034
Tax fees 37,425 10,000
Audit fees 23,614 34,550
Annual fees 11,239 14,016
Other operating expenses 1,209 8,039
------------- -------------
531,275 639,609
============= =============
All expenses are accounted for on an accruals basis through the
Statement of Financial Position and are borne by BNP Paribas
SA.
8 REDEMPTION ON SHARES
During the period, BNP Paribas UK High Income, BNP Paribas
Energy-Base Metals (2) and BNP Paribas European Shield reached
their redemption dates. Therefore all BNP Paribas UK High Income
Preference Shares, BNP Paribas Energy-Base Metals (2) Preference
Shares and BNP Paribas European Shield Preference Shares in issue
were compulsorily redeemed.
The redemption value per BNP Paribas UK High Income Preference
Share was 43.7931 pence, resulting in redemption proceeds and
distributions to the holders of BNP Paribas UK High Income
Preference Shares of GBP62,016,693. The net realised loss on this
redemption was GBP81,402,586.
The redemption value per BNP Paribas Energy - Base Metals (2)
Preference Share was 166.6276 pence, resulting in redemption
proceeds and distributions to the holders of BNP Paribas Energy -
Base Metals (2) Preference Shares of GBP54,164,201. The net gain on
this redemption was GBP21,336,061.
The redemption value per BNP Paribas European Shield Preference
Share was 75.08894 pence, resulting in redemption proceeds and
distributions to the holders of BNP Paribas European Shield
Preference Shares of GBP18,772,235. The net loss on this redemption
was GBP6,227,765. The redemption proceeds and distributions were
received and paid on 3 May 2012, therefore they have been shown in
'redemption proceeds receivable' and 'redemption proceeds payable'
respectively, in the Statement of Financial Position.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2012
9 ULTIMATE CONTROLLING PARTY
The ultimate controlling party is BNP Paribas Arbitrage SNC as
beneficial holder of the two Ordinary Shares in issue.
10 SUBSEQUENT EVENTS
There have been no material subsequent events
Harewood Structured Investment PCC Limited (the "Company")
SCHEDULE OF INVESTMENTS
as at 30 April 2012
As at 30 April 2012
NOMINAL VALUATION TOTAL NET ASSETS
GBP %
BNP Paribas UK High Income
Cell
BNP Paribas Index Derivative
Contract GBP 141,613,549 - 0.00%
BNP Paribas Energy - Base
Metals (2)
Cell
BNP Paribas Index Derivative
Contract GBP 32,506,140 - 0.00%
BNP Paribas European Shield
Cell
BNP Paribas Index Derivative
Contract GBP 25,000,000 - 0.00%
BNP Paribas Absolute Progression
Cell
BNP Paribas Index Derivative
Contract GBP 76,748,923 97,934,696 21.47%
US High Income Cell - Class
A
BNP Paribas Index Derivative
Contract GBP 92,469,987 35,702,662 7.82%
US High Income Cell - Class
B
BNP Paribas Index Derivative
Contract USD 58,337,229 15,628,451 3.43%
BNP Paribas Agrinvest Cell
BNP Paribas Index Derivative
Contract GBP 47,225,896 54,533,159 11.96%
BNP Paribas Enhanced Property
Recovery Cell
BNP Paribas Index Derivative
Contract GBP 30,125,000 19,411,947 4.26%
BNP Paribas Energy - Base
Metals (3)
Cell
BNP Paribas Index Derivative
Contract GBP 49,587,600 50,323,976 11.03%
BNP Paribas Enhanced Income
Cell
BNP Paribas Index Derivative
Contract GBP 39,999,346 35,989,812 7.89%
BNP Paribas UK Enhanced
Income Cell
BNP Paribas Index Derivative
Contract GBP 49,015,722 45,976,747 10.08%
BNP Paribas COMAC Cell
BNP Paribas Index Derivative
Contract GBP 25,526,009 17,515,947 3.84%
US Enhanced Income Cell
- Class A
Sterling Hedged
BNP Paribas Index Derivative
Contract GBP 48,500,080 52,778,757 11.57%
US Enhanced Income Cell
- Class B
US Dollar Unhedged
BNP Paribas Index Derivative
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