August 2009 Final Net Asset Values

 

TIDMAIDP TIDMAIDU TIDMAIDE 
 
RNS Number : 5157A 
Aida Fund Limited 
09 October 2009 
 

The Aida Fund Limited ("Aida") 
 
 
August 2009 Final Net Asset Values 
 
 
The Net Asset Values of Aida's Shares as of 28 August 2009 are as follows: 
 
 
+----------------+---------------+----------------+----------------+ 
|                |  US Dollar    |      Euro      |    Sterling    | 
|                |               |                |    (pence)     | 
+----------------+---------------+----------------+----------------+ 
| NAV            |    1.6724     |    1.5812      |    136.85      | 
+----------------+---------------+----------------+----------------+ 
 
 
+----------------+---------------+----------------+----------------+--+---------------------+ 
|                |  US Dollar    |      Euro      |    Sterling    |  |         US          | 
|                |               |                |                |  |Dollar Illustrative  | 
|                |               |                |                |  |      Unlevered      | 
|                |               |                |                |  |    returns (2)      | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| Performance    |               |                |                |  |                     | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| MTD            |    1.00%      |     0.19%      |     0.23%      |  |        1.80%        | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| YTD            |    1.74%      |     2.62%      |     2.68%      |  |        6.78%        | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| Rolling        |   (32.73)%    |    (33.66)%    |    (34.82)%    |  |      (7.70)%        | 
| 12-month       |               |                |                |  |                     | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| 5-Year         |    (8.20)%    |    (14.05)%    |    (9.67)%     |  |       25.90%        | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| 5-Year         |    (1.70)%    |    (2.99)%     |    (2.03)%     |  |        4.71%        | 
| Annualised     |               |                |                |  |                     | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
| Since          |    11.49%     |     5.41%      |    (8.77)%     |  |       52.35%        | 
| Inception (1)  |               |                |                |  |                     | 
+----------------+---------------+----------------+----------------+--+---------------------+ 
 
 
(1)US$ class September 2001, Euro class June 2002 and GBP class June 2004 
 
 
(2) As a result of eliminating leverage at the fund level on 30th June 2009, the 
actual historic performance is not a fair representation of how Aida would have 
performed if managed in a manner consistent with how it will be undertaken going 
forward. Therefore, for illustrative purposes in addition to the actual returns, 
the Investment Manager has calculated an estimate of the return of the 
underlying portfolio which is the return that would have been achieved if Aida 
had operated without expenses and the costs of leverage. These are included as 
"illustrative unlevered returns". 
 
 
These valuations, which have been prepared in good faith by Aida, are based 
principally on formal valuations supplied to Aida by the administrators of 
Aida's underlying investments. In the case where no such formal valuation has 
been received, an estimated valuation prepared by the manager or administrator 
of the underlying investments has been used. Valuations or estimates are 
unaudited 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. 
 
 
On 28th August 2009 side pockets accounted for 6.82% of the total assets 
(including cash and amounts due from brokers or underlying funds) of Aida and 
7.61% of invested assets. 
 
 
Investment Manager Comment 
 
 
During August 2009 the Aida US$ class NAV achieved a performance of +1.0%, the 
underlying portfolio before expenses and the costs of leverage achieved a 
performance of +1.80%. 
 
 
Since inception until the end of August 2009 the Aida US$ class NAV has achieved 
a performance of +11.49%, the underlying portfolio before leverage and expenses 
achieved a performance of +52.35%. Over the same period the S&P 500 has fallen 
(9.96)% and the FTSE 100 has fallen (8.16)%. 
 
 
Of the underlying funds held by Aida only one has reported a negative 
performance during August whilst eighteen reported a positive performance. 
 
Restructuring 
 
 
On 17th December 2008 shareholders approved a change in the strategy of Aida to 
eliminate leverage for investment purposes.This was achieved from the 30th June 
2009. The fund has been debt free from the 17th July 2009 and 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 
  *  Euro to US Dollar: EUR1:$1.43735 
 
 
 
The Euro and Sterling shares will therefore be converted to US Dollar shares 
using the following conversion factors: 
 
 
  *  For each EUR share investors will receive 1.3590 USD shares 
  *  For each GBP share investors will receive 1.3347 USD shares 
 
 
 
Documentation was posted to those shareholders who had returned a valid 
Indication of Interest Form to Aida on the 30 September 2009. The anticipated 
dates and expected sequence of events is detailed below: 
 
 
+----------------------+-------------------------------------------------+ 
|        2009          | Anticipated dates and expected sequence of      | 
|                      | events                                          | 
+----------------------+-------------------------------------------------+ 
| 15.00 on Wednesday 4 | Latest time and date for receipt of completed   | 
| November             | exchange request forms together with any        | 
|                      | supporting documentation required               | 
+----------------------+-------------------------------------------------+ 
| On or after          | Implementation of Proposals                     | 
| Wednesday 18         |                                                 | 
| November             |                                                 | 
+----------------------+-------------------------------------------------+ 
| On or after          | Shares in the Open-Ended Fund issued to valid   | 
| Wednesday 25         | applicants                                      | 
| November             |                                                 | 
+----------------------+-------------------------------------------------+ 
 
 
Aida Capital, the investment manager, remains available at all times to discuss 
the fund and markets in general. 
 
 
Contacts: 
Colin Clark 
Peter Haspel 
Nicholas Oppenheim 
Aida Capital 
[phone] 
[e-mail] 
 
 
 
 
 
 
 
 
 
 
Disclaimer 
 
 
The information in this announcement should be read in conjunction with the full 
text of the Circular to shareholders dated 4th August 2009 and any subsequent 
announcements. Capitalised terms used in this announcement shall, unless the 
context otherwise requires, bear the meaning given to them in the Circular. 
 
 
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 of The Aida Fund Limited 
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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