Dexion Absolute Limited (the
"Company")
Estimated Net Asset Values
Ordinary Shares
As at the close of business on 29
February 2016, the estimated net asset value of the
Company’s ordinary shares is as follows:-
Ordinary Share Class |
NAV per Share |
Performance since 19
February |
MTD Performance* |
YTD Performance |
£ Shares |
182.51 pence |
+0.48% |
-1.59% |
-3.66% |
* based on Final NAV for 29 January
2016 reported on 29 February 2016.
2011 Redeemed Shares
The estimated net asset value of the Company’s 2011 Redemption
Portfolio was $0.46 million as of
29 February 2016. This was attributed
to the Redeemed Share class as follows:-
Share Class |
NAV per
Redeemed Share |
EUR Shares |
US$
0.0083 |
All of the Redeemed Shares have been cancelled. Accordingly, the
“NAV per Redeemed Share” represents the amount then owed by the
Company in respect of such Redeemed Shares at the relevant
date.
2012 Redeemed Shares
The estimated net asset value of the Company’s 2012 Redemption
Portfolio was $1.61 million as of
29 February 2016. Shares redeemed
pursuant to the 2012 Redemption Offer have a single USD net asset
value based upon exchange rates at the relevant date. This was
attributed between Redeemed Share classes as follows:-
Share Class |
NAV per Redeemed
Share* |
EUR Shares |
US$ 0.0123 |
USD Shares |
US$ 0.0136 |
All of the Redeemed Shares have been cancelled. Accordingly, the
“NAV per Redeemed Share” represents the amount then owed by the
Company in respect of such Redeemed Shares at the relevant
date.
2013 Redeemed Shares
The estimated net asset value of the Company’s 2013 Redemption
Portfolio was $1.99 million as of
29 February 2016. Shares redeemed
pursuant to the 2013 Redemption Offer have a single USD net asset
value based upon exchange rates at the relevant date. This was
attributed between Redeemed Share classes as follows:-
Share Class |
NAV per Redeemed
Share |
GBP Shares |
US$ 0.0150 |
EUR Shares |
US$ 0.0184 |
USD Shares |
US$ 0.0212 |
All of the Redeemed Shares have been cancelled. Accordingly, the
“NAV per Redeemed Share” represents the amount then owed by the
Company in respect of such Redeemed Shares at the relevant
date.
2015 Redeemed Shares
The net asset value of the Company’s 2015 Redemption Portfolio
was $3.12 million as of 29 February 2016. Shares redeemed pursuant to the
2015 Redemption Offer have a single USD net asset value based upon
exchange rates at the relevant date. This was attributed between
Redeemed Share classes as follows:-
Share Class |
NAV per Redeemed
Share* |
GBP Shares |
$0.1631 |
EUR Shares |
$0.1668 |
USD Shares |
$0.2278 |
* As adjusted for the payment for 2015 Redeemed GBP Shares of
US$ 2.707626 per Redeemed GBP Share,
Redeemed EUR Shares of US$ 2.768853
per Redeemed EUR Share and Redeemed USD Shares of US$ 3.781738 per Redeemed USD Share on
29 February 2016.
All of the Redeemed Shares have been cancelled. Accordingly, the
“NAV per Redeemed Share” represents the amount then owed by the
Company in respect of such Redeemed Shares at the relevant
date.
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 March 2016 approximately 105.42% of the
Continuing Portfolio (by NAV) was invested in AOFL II. The value of
designated investments as at 1 March
2016 equates to approximately 1.08% 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, 22 February 2013, 27 May
2013 and 26 August 2015.