2012 Continuation Resolution (1088Y)
2012年2月25日 - 12:30AM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 1088Y
Dexion Trading Limited
24 February 2012
24 February 2012
Dexion Trading Limited
2012 Continuation Resolution
Introduction
The Company is today posting a Circular to Shareholders in
connection with the 2012 Continuation Resolution.
Over the 12 month period ended 20 February 2012, the Shares
traded, on average, at a discount to estimated NAV of 10.33 per
cent.. Accordingly, the Board is required under the Articles to
propose the 2012 Continuation Resolution within 4 months of the
discount floor provision being triggered.
Notice convening the Meeting of Shareholders to be held at 2.00
p.m. on 21 March 2012 is set out in the Circular. At the Meeting an
ordinary class resolution will be proposed that the Shares continue
in issue.
Rationale for Continuation
The Board believes that the Company has a number of attractive
features that support a vote in favour of the 2012 Continuation
Resolution, in particular:
-- the Company continues to be a unique offering for investors
in the listed hedge fund sector, providing access to a single hedge
fund strategy (namely global macro) through a liquid and
diversified fund of funds portfolio;
-- investing in global macro via a diversified portfolio of
funds has generated low volatility returns and generally performs
well during recessionary periods compared to other investment
approaches; strategies within global macro are generally agnostic
with respect to market direction and portfolios can be repositioned
quickly as they are highly liquid; and global macro does not have
the same level of market beta associated with some other hedge fund
strategies;
-- the Company's total return of 14.48 per cent. over the period
from 30 September 2007 (the Company become a feeder fund of Permal
Macro on 1 October 2007) to 31 January 2012 is the highest in the
London listed funds of hedge funds peer group (source: Dexion
Capital);
-- the Company's active stance in managing the discount to NAV
through its share buyback policy during 2011; the Board is
cognisant of Shareholders' sensitivity to Share price volatility
and intends to continue to actively use the Company's share
repurchase authority in 2012; and
-- the Company's broad Shareholder communication and investor
relations efforts provide a high degree of transparency for
investors.
Portfolio redemptions and portfolio liquidity
The Company may currently realise any or all of its holding of
class A GBP shares in Permal Macro by giving not less than 20 days'
notice to Permal, such notice to expire on any monthly Redemption
Date.
Accordingly, given the expected timing of any Redemption
Proposal which may be required to be put forward, the Company
currently expects that it would be able to realise all or any part
of its investment in Permal Macro within approximately 2 months
after the closing of a Redemption Proposal and pay redemption
monies to Redeeming Shareholders shortly thereafter. By way of
example, if a Redemption Proposal closed for acceptance on 28 May
2012, the Company would expect to be able to distribute redemption
monies to Shareholders by reference to a 30 June 2012 NAV
Calculation Date by the end of July 2012.
Upon any realisation of PMH class A GBP shares by the Company to
fund a Redemption Proposal where less than nine months' notice of
realisation is given, the Company is required, pursuant to its
investment advisory agreement with the Investment Adviser and the
Investment Manager, to pay to the Investment Adviser an amount
equivalent to thirty three per cent. of the management fees that
would otherwise have been payable in respect of the class A GBP
shares so realised (at a rate of 2 per cent. per annum) if the full
nine months' notice had been given. Such additional fees would be
borne solely by Redeeming Shareholders.
Recommendation and voting intentions
Your Board considers that a vote in favour of the 2012
Continuation Resolution to be proposed at the Meeting is in the
best interests of Shareholders as a whole. Accordingly, your Board
unanimously recommends Shareholders to vote in favour of the 2012
Continuation Resolution.
Your Directors intend to vote (or, as the case may be, procure
the voting of) their beneficial holdings in favour of the 2012
Continuation Resolution in respect of their aggregate holding of
337,000 Shares (representing approximately 0.34 per cent. of the
Company's issued Shares (excluding Shares held in treasury)).
Further Information
Further details of the indicative nature of any Redemption
Proposal to be put forward where the 2012 Continuation Resolution
is not passed, together with detailed performance information for
the Company, an investment review for 2011 and an investment
outlook are set out in the Circular.
The Circular also contains further information which
Shareholders should take into consideration in deciding whether to
vote for or against the 2012 Continuation Resolution including
certain risk factors (which are not intended to be exhaustive)
which may be relevant generally and/or to the 2012 Continuation
Resolution being passed and/or to a Shareholder electing to redeem
Shares pursuant to a Redemption Proposal.
Expected Timetable
Latest time and date for receipt of 2.00 p.m. on 19 March 2012
Forms of
Proxy for the Meeting
Meeting of the Company 2.00 p.m. on 21 March 2012
Enquiries:
Robin Bowie / Ana Haurie Tel: +44 (0) 20 7832 0900
Dexion Capital Plc
Carol Kilby Tel: +44 (0) 1481 743 940
Dexion Capital (Guernsey)
Limited
Stuart Klein Tel: +44 (0) 20 7678 8000
RBS Hoare Govett Limited
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the Circular
dated 24 February 2012.
A copy of the Circular will shortly be submitted to the National
Storage Mechanism and will shortly be available for inspection at:
www.Hemscott.com/nsm.do
This information is provided by RNS
The company news service from the London Stock Exchange
END
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