Dexion Absolute Limited (the "Company")
Estimated Net Asset Values
Ordinary Shares
As at the close of business on 29 January 2016, the estimated net asset value
of the Company's ordinary shares is as follows:-
Ordinary NAV per Share Performance MTD YTD
Share Class since 22 Performance* Performance
January
£ Shares 185.48 pence -0.37% -2.09% -2.09%
* based on Final NAV for 31 December 2015 reported on 29 January 2016
2011 Redeemed Shares
The estimated net asset value of the Company's 2011 Redemption Portfolio was
$0.47 million as of 29 January 2016. This was attributed to the Redeemed Share
class as follows:-
Share Class NAV per Redeemed Share
EUR Shares US$ 0.0084
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
$1.61 million as of 29 January 2016. Shares redeemed pursuant to the 2012
Redemption Offer have a single USD net asset value based upon exchange rates at
the relevant date. This was attributed between Redeemed Share classes as
follows:-
Share Class NAV per Redeemed Share
EUR Shares US$ 0.0124
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
$1.99 million as of 29 January 2016. Shares redeemed pursuant to the 2013
Redemption Offer have a single USD net asset value based upon exchange rates at
the relevant date. This was attributed between Redeemed Share classes as
follows:-
Share Class NAV per Redeemed Share
GBP Shares US$ 0.0150
EUR Shares US$ 0.0185
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 $54.88
million as of 29 January 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 $2.8719
EUR Shares $2.9369
USD Shares $4.0112
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 February 2016 approximately 103.39% of the
Continuing Portfolio (by NAV) was invested in AOFL II. The value of designated
investments as at 1 February 2016 equates to approximately 1.07% 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.