GIC huge paper lost on UBS investment

From: "AleXX"
Date: Thu, 24 Sep 2009 00:18:10 +0800
Local: Thurs, Sep 24 2009 12:18 am
Subject: Re: GIC huge paper lost on UBS investment

"truth" wrote in message
> Meanwhile, GIC's investment of 11 billion Swiss francs in mandatory
> convertible notes issued by UBS in March 2008 has taken a much worse
> battering than its Citi venture, despite various safeguards that were also
> built into the investment agreement with UBS.

> According to UBS's latest annual report, the UBS notes held by GIC must be
> exchanged for ordinary shares by March 5 next year, giving GIC an
> estimated 228.83 million shares.

> At Monday's closing price of 19.27 francs for UBS shares, those shares
> would be worth just 4.41 billion francs, or about 6.6 billion francs less
> than its original investment of 11 billion francs.

> Including the two yearly coupons of 9 per cent, or 990 million francs
> each, that GIC is entitled to over the two-year term of the UBS notes it
> holds, UBS's share price would have to reach 39.4 francs for GIC to break
> even on its investment in the bank, based on the current terms of
> conversion.

Looks like when he lost $Billions, you have to search for the small print in
the shit times for the news. But when he $millions, his propaganda
newspapers will help him to yell on top of his voice to the world.