TIDMGSDO TIDMTTM
RNS Number : 7147U
Goldman Sachs Dynamic Opportunities
02 January 2013
MONTHLY FINAL NAV
Goldman Sachs Dynamic Opportunities Limited (the "Company")
Net Asset Value and Performance Data*
As at the close of business on 30 November 2012, the net asset
value and performance of the Company's shares are as follows:
Share Class Net Asset WTD MTD YTD
Value performance performance performance
GBP Shares 104.32 pence 0.21 % 0.60 % (1.42) %
US$ Shares (Unlisted) US$ 2.0256 0.21 % 0.07 % 3.06 %
*IMPORTANT NOTES
1. Winding Up of the Company
At extraordinary general meeting of the Company held on 31
December 2012 it was determined, among others, that the listing of
the Company's Shares be cancelled and that liquidators be appointed
to effect the voluntarily winding up of the Company.
2. Calculation of Net Asset Value
This valuation of the Company's net asset value, which has been
prepared in good faith by the Company's administrator, is for
information only. Save as set forth below, it is determined based
upon the latest available valuations (or estimated valuations)
provided, directly or indirectly, by the Company's underlying
investment managers ("Advisors"). Please note that the listing of
the US$ Shares was cancelled on 1 August 2011.
Pursuant to the acceptances of the redemption proposals for the
US$ Shares and EUR Shares, the net asset values (including the
costs and expenses incurred by redeeming shareholders and assuming
no currency hedging is undertaken) of the Company's redeemed shares
are as follows:
US$ Redeemed Shares EUR Redeemed Shares
Net Asset Value Net Asset Value
2010 Redemption Proposals US$ 1.8860 EUR 1.4053
2011 Redemption Proposals US$ 1.6964 EUR 1.2642
3. Calculation of Performance Data
Set out above are the estimated week to date ("WTD"), final
month to date ("MTD") and final calendar year to date ("YTD")
performance figures. The WTD performance figure is calculated by
reference to the previously published estimated NAV. The MTD
performance figure is calculated by reference to the previous
month's estimated NAV as published or, if published, the previous
month's final NAV. The YTD performance figure is calculated by
reference to the NAV at the end of the last calendar year.
The Company's currency hedging arrangements, which were in place
only for its GBP Shares (through the use of rolling forward foreign
exchange contracts) were terminated with effect from 17 January
2012. As a result, the GBP Shares' performance figures as set out
above reflect currency movements for GBP against the US$ as well as
net performance of the underlying portfolio investments net of the
Company's fees and expenses. Changes in the value of GBP against
the US$ may result in significant differences between GBP Shares
performance figures when compared to those of the US$ Shares. The
US$ Share performance figures reflect the Company's underlying
portfolio return net of the Company's fees and expenses.
4. ERISA
The articles of association of the Company prohibit any purchase
or acquisition of shares by or on behalf of or for the benefit of
an ERISA plan or benefit plan investor subject to similar laws (a
"Plan Investor"), and incorporate provisions whereby purported
purchases of shares by or on behalf of or for the benefit of an
ERISA plan or Plan Investor will not operate to confer any interest
or rights whatsoever in such shares in favour of an ERISA plan or
Plan Investor, but instead will take effect as a trust for
redemption in favour of the Company and the Company will
subsequently purchase or redeem such shares, which purchase or
redemption may take place at an amount per share which is less than
the price paid by an ERISA plan or Plan Investor on the purported
acquisition.
5. For the Attention of United States Residents
The shares may not be offered or sold within the United States
or to, or for the account or benefit of, US Persons (as defined in
the Regulation S under the Securities Act of 1933 or any person who
would not be considered a Non-US person under Rule 4.7 of the
United States Commodity Exchange Act).
6. Investment Policy
At an extraordinary general meeting of the shareholders on 13
December 2011 the Company's investment objective was amended to
reflect the objective of realising its investments in an orderly
fashion and subsequently returning capital to shareholders.
Therefore, the Company will not make any new investments (other
than cash and near cash equivalent securities).
The Company's assets have been allocated (directly or
indirectly) to a relatively concentrated portfolio of advisors (or
entities managed by them) selected by the Company's investment
manager. Such advisors employ alternative investment strategies in
one or more of the event driven, tactical trading, equity
long/short and relative value sectors.
There can be no assurance that the Company will achieve its
investment objective or that it will be able to continue to
implement its investment policy, or that the portfolio design, risk
monitoring and hedging strategies (if any) of the Company will be
successful.
7. Notes on Valuation
Certain securities or other assets in which the Advisors invest
may not be readily realisable or have a readily ascertainable
market price or may otherwise be extremely difficult to value and
will be priced by the Advisors.
The Company may not have received valuations (or estimated
valuations) from Advisors on a timely or current basis, and may not
have received valuations at all. In order to arrive at the net
asset value, the Company will generally use the latest available
valuations (or estimated valuations) provided, directly or
indirectly, by the Advisors. Valuations (or estimated valuations)
received by the Company may be unaudited or may be subject to
little verification or other due diligence and may not comply with
generally accepted accounting practices or other valuation
principles. Such estimates and valuations may not be considered
"independent" or may be subject to potential conflicts of interest.
Further such valuations may take no account of any limited rights,
lock-ups or other restrictions attached to those investments.
In addition, neither the Company's administrator nor its
Investment Manager will generally have sufficient information to be
able to independently confirm or review the completeness,
genuineness or accuracy of the Advisors' valuations (or estimated
valuations). In certain circumstances as set out in the Company's
prospectus dated 2 May 2008, including if the Investment Manager
determines, in its sole discretion, that a valuation is inaccurate
or incomplete, the Investment Manager may, in its sole discretion,
determine the fair value of the Company's interests independently
of the Advisor's valuations based on information available to, and
factors deemed relevant (at its sole discretion) by, the Investment
Manager at the time of such valuation.
Other risk factors which may be relevant to this valuation are
set out in the Company's prospectus dated 2 May 2008.
As a result of these factors, the actual value of the Company's
assets may be materially different from this published value. In
the event that a valuation subsequently proves to be incorrect, no
adjustment to a previously published valuation is expected to be
made nor would compensation be payable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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