September Estimated Net Asset Values
2009年11月2日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMAIDU TIDMAIDE
The Aida Fund Limited ("Aida")
September Estimated Net Asset Values
The Estimated Net Asset Values of Aida's Shares as of 30 September 2009 are as
follows:
US Dollar
NAV 1.6901
US Dollar US Dollar
Illustrative
Unlevered returns
(1)
Performance
MTD 1.06% 2.10%
YTD 2.82% 9.03%
5-Year(2) (7.74)% 27.94%
(1) As a result of eliminating leverage at the fund level on 30th June 2009,
the actual historic performance is not a fair representation of how Aida would
have performed if managed in a manner consistent with how it will be undertaken
going forward. Therefore, for illustrative purposes in addition to the actual
returns, the Investment Manager has calculated an estimate of the return of the
underlying portfolio which is the return that would have been achieved if Aida
had operated without expenses and the costs of leverage. These are included as
"illustrative unlevered returns".
(2) Cumulative
These valuations, which have been prepared in good faith by Aida, are based
principally on formal valuations supplied to Aida by the administrators of
Aida's underlying investments. In the case where no such formal valuation has
been received, an estimated valuation prepared by the manager or administrator
of the underlying investments has been used. Valuations or estimates are
unaudited 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.
Investment Manager Comment
During September 2009 the Aida US$ class NAV achieved a performance of +1.06%,
the underlying portfolio before expenses and the costs of leverage achieved a
performance of +2.10%.
Since inception until the end of September 2009 the Aida US$ class NAV has
achieved a performance of +12.67%, the underlying portfolio before leverage and
expenses achieved a performance of +55.55%. Over the same period the S&P 500
has fallen (6.75)% and the FTSE 100 has fallen (3.95)%.
Of the underlying funds held by Aida all nineteen reported a positive
performance.
Restructuring
On 17 December 2008 shareholders approved a change in the strategy of Aida to
eliminate leverage for investment purposes. This was achieved from the 30 June
2009. The fund has been debt free from the 17 July 2009 and has a net cash
position.
A restructuring of Aida was outlined in a circular dated 4 August 2009. At an
EGM on the 24 August 2009 resolutions were passed to: (a) change Aida's
investment policy; (b) adopt revised articles of incorporation to provide,
amongst other things, for the conversion of Euro and Sterling denominated
Ordinary Shares into US Dollar denominated Ordinary Shares; (c) change the name
of Aida to the Aida Closed Ended Fund Limited; and (d) undertake a capital
reorganisation of Aida to create side pocket shares for investments which did
not satisfy the revised investment policy.
On 28 August 2009 Aida ceased hedging of currency classes and as part of the
restructuring of the fund Euro and Sterling shares will be converted to US
Dollar shares at the exchange rates prevailing on 28 August 2009 which, were:
* Sterling to US Dollar: GBP1:$1.63111
* Euro to US Dollar: EUR1:$1.43735
The Euro and Sterling shares will therefore be converted to US Dollar shares
using the following conversion factors:
* For each EUR share investors will receive 1.3590 USD shares
* For each GBP share investors will receive 1.3347 USD shares
The conversion will take place on implementation of the proposals.
Documentation was posted to those shareholders who had returned a valid
Indication of Interest Form to Aida on the 30 September 2009. The anticipated
dates and expected sequence of events is detailed below:
2009 Anticipated dates and expected sequence of events
15.00 on Wednesday 4 Latest time and date for receipt of completed
November exchange request forms together with any supporting
documentation required
On or after Wednesday Implementation of Proposals
18 November
On or after Wednesday Shares in the Open-Ended Fund issued to valid
25 November applicants
Aida Capital, the investment manager, remains available at all times to discuss
the fund and markets in general.
Contacts:
Colin Clark
Peter Haspel
Nicholas Oppenheim
Aida Capital
+44 20 7600 7500
invest@aidacapital.com
Disclaimer
The information in this announcement should be read in conjunction with the
full text of the Circular to shareholders dated 4th August 2009 and any
subsequent announcements. Capitalised terms used in this announcement shall,
unless the context otherwise requires, bear the meaning given to them in the
Circular.
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 4 March 2008 of The Aida Fund Limited
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.
THE AIDA FUND LIMITED
Page 3 of 3
THE AIDA FUND LIMITED
The Aida Fund Ltd., PO Box 246, Canada Court, Upland Road, St Peter Port
Guernsey, GY1 3QE
END
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