May Estimated Net Asset Values
17 Junho 2009 - 4:14AM
UK Regulatory
TIDMAIDP TIDMAIDU TIDMAIDE
RNS Number : 0254U
Aida Fund Limited
17 June 2009
The Aida Fund Limited ("Aida")
May Estimated Net Asset Values
The estimated Net Asset Values of Aida's Shares as of 31 May 2009 are as
follows:
+------------------+------------------+------------------+------------------+
| | US Dollar | Euro |Sterling (pence) |
+------------------+------------------+------------------+------------------+
| NAV | 1.6420 | 1.5702 | 136.13 |
+------------------+------------------+------------------+------------------+
+------------------+------------------+------------------+------------------+
| | US Dollar | Euro | Sterling |
+------------------+------------------+------------------+------------------+
| Performance | | | |
+------------------+------------------+------------------+------------------+
| MTD | 2.80% | 3.13% | 3.46% |
+------------------+------------------+------------------+------------------+
| YTD | (0.10)% | 1.91% | 2.14% |
+------------------+------------------+------------------+------------------+
| 5-Year | (9.75)% | (14.40)% | (9.25)% (1) |
+------------------+------------------+------------------+------------------+
(1) since inception in July 2004
These valuations, which have been prepared in good faith by Aida, are based
principally on estimated valuations prepared generally by the investment manager
of Aida's underlying investments. Such estimates may be subject to little
verification or other due diligence, are un-audited and may not comply with
generally accepted accounting or valuation principles. Other risk factors which
may be relevant to this valuation are set out in Aida's prospectus dated 4th
March 2008.
Estimates were not provided by the underlying funds for the value of a number of
the side pockets held by the fund. Side pockets at the end of May are estimated
to be 5.31% of the total assets of the fund (5.77% of the invested assets).
Investment Manager Comment
During May 2009 the Aida Fund US$ class increased by 2.80%, the underlying
portfolio before leverage and expenses increased by an estimated 2.93%, the S&P
500 increased by 5.31% and the FTSE 100 increased by 4.11%.
Since inception in September 2001 until the end of May 2009 the Aida Fund US$
class has risen by 9.47%. Over the same period the S&P 500 has fallen (18.92)%
and the FTSE 100 has fallen (17.34)%.
Of the underlying funds that Aida invests in 2 of the funds who have reported
declined whilst 19 of the funds who have reported increased.
On the 24th October 2008 the Aida Fund announced a change in its investment
strategy whereby it will reduce or completely eliminate leverage at the Aida
fund level. On 17th December 2008 shareholders approved the new strategy at an
EGM.
Considerable progress has been made to date in eliminating leverage. Redemption
proceeds of $92m have been received since the announcement of the change in
investment strategy on 24th October 2008 to date and net debt is estimated today
to be circa 18% of NAV. However, like a number of other fund of funds, certain
funds in which Aida invests have imposed gating restrictions which has resulted
in the need to reduce some other investments. In addition the hedging of the GBP
and Euro classes has resulted in a cash outflow of circa $4.9m over the period
from 24th October 2008 to date. As a consequence it is now anticipated that the
fund will cease to employ leverage for investment purposes with effect from the
end of June 2009.
The Aida Fund board is aware of the level of discount to NAV at which the
company's shares are currently trading and is working on proposals to address
this in parallel with the deleveraging timetable outlined above.It is
anticipated that further information on such proposals will be provided within
the next 7 days.
Aida Capital, the investment manager, remains available at all times to discuss
the fund and markets in general.
Aida Capital
+44 20 7600 7500
Disclaimer
This announcement does not constitute an offer to sell, exchange or transfer any
securities of The Aida Fund Limited and is not soliciting an offer to purchase,
exchange or transfer such securities in any jurisdiction where the offer, sale,
exchange or transfer is not permitted or to any person or entity to whom it is
unlawful to make that offer, sale, exchange or transfer.
The registration document published on 4th March 2008 contains further details
of the selling restrictions in such jurisdictions.
This announcement is not an offer of securities for sale in the United States.
The shares referred to herein have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "Securities Act") or with
any securities regulatory authority of any state or other jurisdiction of the
United States and may not be offered or sold within the United States or to, or
for the account or benefit of, US Persons (as defined in Regulation S under the
Securities Act) except in accordance with the Securities Act or an exemption
therefrom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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