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Company Dexion Absolute Limited
TIDM DAB
Headline

Estimated NAV 25.07.2014

Released 18:18 31-Jul-2014
Number 9542N18

RNS Number : 9542N
Dexion Absolute Limited
31 July 2014
 



 

Dexion Absolute Limited (the "Company")

 

Estimated Net Asset Values

 

Ordinary Shares

 

As at the close of business on 25 July 2014, the estimated net asset values of the Company's ordinary shares are as follows:-

 

Share Class

NAV

Since 18 July Performance

MTD Performance*

YTD Performance

£ Shares

182.61 pence

    0.10%

 -0.05%

 2.11%

EUR Shares

EUR 2.6403

    0.10%

 -0.09%

 2.23%

US$ Shares

US$ 3.8863

    0.08%

 -0.08%

 1.97%

 

* based on FIN NAV for 30 June 2014 reported on 23 July 2014. 

 

Following the announcement of the 2014 Exit Offer Results on 19 June 2014, the Offer Price per Redeemed Share will be calculated on the basis of NAVs at the Final Offer NAV Calculation Date (which is expected to be 31 December 2014). However, assuming (amongst other things) that the NAVs of the Redeemed Shares (and the proportion of such NAVs represented by the Illiquid Investments) do not change between the Initial Offer NAV Calculation Date and the Final Offer NAV Calculation Date and that there are no unprovided for costs and expenses (and using spot exchange rates at 25 July 2014), the estimated Offer Prices would be as follows:

 

£ Shares        US$2.9429

EUR Shares    US$3.3671

US$ Shares    US$3.6896

 

On those same assumptions the approximate uplift for the Continuing Shareholders would be as follows:

 

£ Shares        +5.2%

EUR Shares    +0.9%

US$ Shares    +4.8%

 

Shareholders should note that these are not actual Offer Prices or uplift percentages (which will not be known until January 2015) and are for illustrative purposes only and should not be relied upon for any purpose.

 

These valuations, which have been prepared in good faith by the Company's administrator, are for information purposes only and are based on the unaudited estimated valuations supplied to the Company's investment adviser by the administrators or managers of the Company's underlying investments and such valuations may not be considered independent or may be subject to potential conflicts of interest. Both weekly manager estimates and monthly valuations may be produced as at valuation dates which do not co-incide with valuation dates for the Company, may be based on valuations provided as of a significantly earlier date, may differ materially from the actual value of the Company's portfolio and are unaudited or may be subject to little verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. The Company's investment adviser, investment manager and administrator may not have sufficient information to confirm or review the completeness or accuracy of information provided by those managers or administrators of the Company's investments. In addition, those entities may not provide estimates of the value of the underlying funds in which the Company invests on a regular or timely basis or at all with the result that the values of such investments may be estimated by the investment adviser. Since 1 April 2013 the Company has been transitioning to becoming a feeder fund of Aurora Offshore Fund Ltd II ("AOFL II"). AOFL II's investment manager is also the investment adviser to the Company and so valuations of the Company's investment in AOFL II may be subject to potential conflicts of interest. As at 1 July 2014 approximately 87.65% of the Continuing Portfolio (by NAV) was invested in AOFL II. The value of designated investments as at 1 July 2014 equates to approximately 1.22% of the Continuing Portfolio NAV. Certain other risk factors which may be relevant to these valuations are set out in the Company's prospectus dated 17 October 2007 and the Company's circulars dated 15 April 2011, 5 April 2012 and 22 February 2013.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Estimated NAV 25.07.2014 - RNS