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JSE CBN013
CBN013
CBN013 - Sterling Waterford CCN SPV 4 - Update In Regard To Delivery Of
Carbon Credits By Hedging Counterparty
STERLING WATERFORD CCN SPV 4
(the "Issuer")
CARBON CREDIT NOTES
Share code: CBN013 ISIN code: MU0249S00005
UPDATE IN REGARD TO DELIVERY OF CARBON CREDITS BY HEDGING COUNTERPARTY
Holders of Carbon Credit Notes are referred to the offering circular issued
as of 27 August 2008. Copies of the offering circular are available on
request from the Manager.
BACKGROUND
As set out in the circular, in terms of the Hedging Agreement the Hedging
Counterparty is obliged to deliver to the Issuer sufficient Carbon Credits to
enable the Issuer to fully discharge its obligations under the Carbon Credit
Notes (the "requisite number of Carbon Credits"). Delivery by the Hedging
Counterparty was subject to the delivery of Carbon Credits to it by the
identified Initial Projects or Substitute Projects.
The Hedging Agreement further provided that insofar as the Hedging
Counterparty had not concluded an Emissions Reduction Participation Agreement
("ERPA") in respect of any Initial Project on or before 31 May 2009 and had
not substituted such Initial Project with an acceptable Substitute Project on
or before that date, and the relevant Initial Project then delivered Carbon
Credits to its participants, the Hedging Counterparty would be obliged to
procure and deliver to the Issuer Carbon Credits from alternative sources.
LATEST DEVELOPMENTS
It has now been agreed between the Issuer, the Hedging Counterparty, the
Manager and the Trustee (acting on behalf of Holders) that the Hedging
Counterparty will procure the requisite number of Carbon Credits in the
secondary market and deliver these to the Issuer, without reference to the
performance of the Initial Projects. From the Holders` perspective this means
that they are no longer exposed to the risk of non-delivery by Initial
Projects or Substitute Projects.
The above followed notification from the Hedging Counterparty of delays in
concluding ERPAs in respect of the Initial Projects, and it being unlikely
that suitable Substitute Projects would be identified prior to 31 May 2009.
Any queries in regard to the content of this announcement should be directed
to Gregor PattersonJones of the Manager, on 021 674 6592 or
gregpj@swsecurities.co.za.
Cape Town
24 March 2009
Manager
Sterling Waterford Securities (Proprietary) Limited
Trustee
ABC Global Management Services
Sponsor
Java Capital (Proprietary) Limited
Date: 24/03/2009 15:30:04 Produced by the JSE SENS Department.
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