Results of Redemption Offers and EGM
July 31 2009 - 7:55AM
UK Regulatory
TIDMDASL
RNS Number : 6737W
Dexion Alpha Strategies Limited
31 July 2009
31 July 2009
Dexion Alpha Strategies Limited
Results of Redemption Offers and EGM
The Board of Dexion Alpha Strategies Limited (the "Company") is pleased to
announce that the Reorganisation Resolution was unanimously approved by
Shareholders at the Extraordinary General Meeting held today as follows:
+--------------------------+------------------------+--------------------------+
| Total Shares voted (% of | Votes cast in favour | Votes cast against (% of |
| aggregate issued share | (% of votes cast in | votes cast against) |
| capital) | favour) | |
| | | |
+--------------------------+------------------------+--------------------------+
| 47,971,639 (55.3%) | 47,971,639 (100.0%) | Nil |
+--------------------------+------------------------+--------------------------+
The Board also announces that acceptances of the Redemption Offers have been
received for:
* 27,925,515 GBP Shares (approximately 40.1% of the issued GBP Shares);
* 9,165,328 EUR Shares (approximately 57.7% of the issued EUR Shares); and
* 206,848 US$ Shares (approximately 15.2% of the issued US$ Shares).
The Net Asset Value of the Continuing Portfolio (using the estimated net assets
of the Company as at 24 July 2009, prevailing spot currency exchange rates and
net of attributable expenses of the Reorganisation Proposals) is approximately
GBP47.9 million. Accordingly, the Board is pleased to confirm that the Minimum
Size Condition has been met and the Reorganisation Proposals have become
effective. The Wind Down Resolution was also duly passed at the EGM but, as the
Reorganisation Proposals have become effective, a Wind Down will not take place.
The investment policy for the Continuing Portfolio will now be refocused as a
multi-manager, multi-strategy portfolio of commodities themed hedge funds to be
managed on a day to day basis by MAN Investments (CH) AG (formerly RMF
Investment Management). To better reflect the Company's revised investment
policy, the Company's name will shortly be changed to Dexion Commodities
Limited.
Robin Bowie, Chairman of Dexion Capital, said: "We are very pleased that
investors have shown such positive support of the Reorganisation Proposals to
transform Dexion Alpha Strategies into Dexion Commodities. Dexion Commodities
will enable investors to access hedge funds trading actively in environmental
and commodities markets. MAN Investments' roots are in the commodity sector and
their commodities fund of funds product is a consistent top performer".
The Redeemed Shares have an aggregate value (using the estimated net assets of
the Company as at 24 July 2009 and prevailing spot currency exchange rates) of
approximately GBP36.3 million. As set out in the Circular dated 10 July 2009, a
Redemption Portfolio will be created in respect of those Redeemed Shares. A
further announcement clarifying the first settlement date for Redeemed Shares
and the liquidity profile of the Redemption Portfolio will be made in due
course.
Enquiries:
+--------------------------------+--------------------------------------------+
| Robin Bowie / Ana Haurie | Tel: +44 (0) 20 7822 2260 |
| Dexion Capital Plc | |
| | |
+--------------------------------+--------------------------------------------+
| Anthony Payne | Tel: +44 (0) 20 3178 6869 |
| Peregrine Communications Group | |
| | |
+--------------------------------+--------------------------------------------+
| Gary Gould / 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 10 July 2009.
A copy of the Circular will shortly be available for public inspection at the
Document Viewing Facility, the Financial Services Authority, 25 North Colonnade,
Canary Wharf, London E14 5HS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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