August Estimated Net Asset Values
15 Settembre 2009 - 9:07AM
UK Regulatory
TIDMAIDP TIDMAIDU TIDMAIDE
RNS Number : 0582Z
Aida Fund Limited
15 September 2009
The Aida Fund Limited ("Aida")
August Estimated Net Asset Values
The estimated Net Asset Values of Aida's Shares as of 28 August 2009 are as
follows:
+------------------+------------------+------------------+------------------+
| | US Dollar | Euro |Sterling (pence) |
+------------------+------------------+------------------+------------------+
| NAV | 1.6680 | 1.5773 | 136.54 |
+------------------+------------------+------------------+------------------+
+------------------+------------------+------------------+------------------+
| | US Dollar | Euro | Sterling |
+------------------+------------------+------------------+------------------+
| Performance | | | |
+------------------+------------------+------------------+------------------+
| MTD | 0.73% | (0.06)% | 0.01% |
+------------------+------------------+------------------+------------------+
| YTD | 1.47% | 2.37% | 2.45% |
+------------------+------------------+------------------+------------------+
| 5-Year | (8.44)% | (14.26)% | (9.87)% |
+------------------+------------------+------------------+------------------+
These valuations, which have been prepared in good faith by Aida, are based
principally on estimated valuations prepared generally by the investment manager
of Aida's underlying investments. Such estimates may be subject to little
verification or other due diligence, are un-audited 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.
At the end of August 2009 side pockets accounted for 7.08% of the total assets
of Aida Fund and 7.85% of invested assets.
Investment Manager Comment
During August 2009 the Aida Fund US$ class increased by 0.73%, the underlying
portfolio before leverage and expenses increased by an estimated 1.51%, the S&P
500 increased by 3.36% and the FTSE 100 increased by 6.52%.
Since inception in September 2001 until the end of August 2009 the Aida Fund US$
class has risen by 11.20%, the underlying portfolio before leverage and expenses
increased by an estimated 51.96%. Over the same period the S&P 500 has fallen
(9.96)% and the FTSE 100 has fallen (8.16)%.
Of the underlying funds that Aida invests in 1 of the funds who have reported
declined whilst 18 of the funds who have reported increased.
On 17th December 2008 shareholders approved a change in the strategy of Aida to
eliminate leverage for investment purposes. As at the 30th June 2009 the Fund
ceased to employ leverage for investment purposes. The fund has been debt free
from the 17th July 2009 and currently has a net cash position.
A restructuring of Aida was outlined in a circular dated 4th August 2009. At an
EGM on the 24th 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 28th 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 28th August 2009 which, were:
* Sterling to US Dollar: GBP1:1.63111 US$
* Euro to US Dollar: EUR1:1.43735 US$
It is anticipated that by the end of September documentation will be posted
to those shareholders who have returned a valid Indication of Interest Form to
Aida.
Aida Capital, the investment manager, remains available at all times to discuss
the fund and markets in general.
Aida Capital
+44 20 7600 7500
Disclaimer
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 4th March 2008 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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