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From Sagar Chakraverty, Opalesque Asia:
Dexion Absolute's (DAB) ordinary shares returned 23.35% YTD in 2009 and were up 0.72% YTD as of 29-Jan-10. This fund, which was launched in 2002, has been trading at a discount to the value of its investments since the fall of Lehman Brothers.
Although DAB managed to beat the Hedge Fund of Funds Index which returned 11.55% YTD in 2009, the MSCI World Index Gross went up 30.79% YTD for 2009 (see here).
On 5-Feb, DAB announced that it purchased 350,000 of GBP shares of no par value. Following the above purchase, the company holds 50,320,384 GBP shares, 1,900,000 EUR shares, and 875,000 USD shares in treasury.
Accordingly, the current issued share capital consists of 555,622,000 ordinary shares with voting rights.
Investors show confidence
DAB released the results of its redemption offer this week which ended on 5-Feb-10. The company said it received acceptances for 15.4% of sterling shares, 9% of euro shares and 9.7% of US dollar shares. The strike discount at which the reverse auction will be conducted was set at 3%, according to the latest Royal Bank of Scotland's (RBS) Friday Flyer, a weekly research publication.
Shareholders of DAB have shown their support by refusi...................... To view our full article Click here
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