RNS Number:5378D
Dexion Alpha Strategies Limited
07 September 2007
DEXION ALPHA STRATEGIES LIMITED - INTERIM RESULTS
PRELIMINARY ANNOUNCEMENT
THE BOARD OF DIRECTORS OF DEXION ALPHA STRATEGIES LIMITED ANNOUNCE UNAUDITED
INTERIM RESULTS FOR SIX MONTH PERIOD ENDED 30 JUNE 2007.
Statement of Total Return (unaudited)
for the six month period ended 30 June 2007
1 January 2007 7 March 2006
to to
30 June 2007 31 December 2006
# #
Gains on investments 10,645,825 2,027,262
Income 216,479 666,386
Management fee (1,041,024) (1,438,406)
Performance fee (888,989) (262,325)
Expenses (355,661) (436,624)
(2,069,195) (1,470,969)
Total return for the period 8,576,630 556,293
Net increase in shareholders' funds
from operating activities 8,576,630 556,293
Return per # Share #0.0702 #0.0210
Return per Euro Share Euro0.0954 Euro0.0129
Return per US$ Share US$0.1246 US$0.0474
The Company has no other gains or losses other than the return for the period.
All items derive from continuing activities.
Reconciliation of Movements in Shareholders' Funds (unaudited)
for the six month period ended 30 June 2007
1 January 2007 7 March 2006
to to
30 June 2007 31 December 2006
# #
Opening shareholders' funds 128,244,473 -
Net proceeds from issue of shares - 127,688,180
Repurchase of own shares (1,976,689) -
Total return for the period 8,576,630 556,293
Closing shareholders' funds 134,844,414 128,244,473
The prior period figures relate to the period from 7 March 2006 to 31 December
2006 and are not therefore directly comparable with the six months to 30 June
2007.
Balance Sheet (unaudited)
As at 30 June 2007
30 June 31 December
2007 2006
# #
Investments 137,625,533 120,576,599
Current assets
Cash at bank 1,420,000 9,185,193
Amounts due from sales awaiting settlement 274,696 188,237
Forward currency deals awaiting settlement 632,432 4,136
Debtors 74,009 141,157
2,401,137 9,518,723
Liabilities due within one year
Forward currency deals awaiting settlement (60,588) (335,197)
Bank overdraft (2,883,764) (1,022,717)
Creditors (2,237,904) (492,935)
(5,182,256) (1,850,849)
Net current (liabilities)/assets (2,781,119) 7,667,874
Net assets 134,844,414 128,244,473
Represented by:
Capital and reserves
Called up share capital - -
Special reserve 125,711,491 127,688,180
Other reserves 9,132,923 556,293
134,844,414 128,244,473
Total shareholders' funds 134,844,414 128,244,473
Net assets per # Share #1.0737 #1.0035
Net assets per Euro Share Euro1.5290 Euro1.4336
Net assets per US$ Share US$1.8932 US$1.7686
The prior period figures relate to the period from 7 March 2006 to 31 December
2006 and are not therefore directly comparable with the six months to 30 June
2007.
Cashflow Statement (unaudited)
for the six month period ended 30 June 2007
1 January 2007 7 March 2006
to to
30 June 31 December
2007 2006
# #
Operating activities
Net operating loss (2,069,195) (1,470,969)
Increase in creditors 737,009 492,935
Decrease/(increase) in debtors 67,148 (141,157)
Net cash outflow from operating activities (1,265,038) (1,119,191)
Investing activities
Cost of investments purchased and pending investments (12,088,935) (146,716,421)
Sale of investments and pending investments 4,108,946 17,437,744
Realised gains from forward foreign
currency contracts 1,664,605 11,490,383
Net cash outflow from investing activities (6,315,384) (117,788,294)
Financing activities
Issue of shares - 129,962,524
Purchase of own shares (1,976,689) -
Costs related to issue of shares - (2,274,344)
Net cash (outflow)/inflow from financing (1,976,689) 127,688,180
activities
(Decrease)/increase in cash (9,557,111) 8,780,695
Reconciliation of net cash flow to movement in net funds (unaudited)
1 January 2007 7 March 2006
to to
30 June 31 December
2007 2006
# #
(Decrease)/increase in cash as above (9,557,111) 8,780,695
Realised losses on currency translation (69,129) (618,219)
Net movement in the period (9,626,240) 8,162,476
Cash at beginning of the period 8,162,476 -
Cash at end of the period (1,463,764) 8,162,476
Analysis of cash at end of the period
Cash at bank 1,420,000 9,185,193
Bank overdraft (2,883,764) (1,022,717)
(1,463,764) 8,162,476
The prior period figures relate to the period from 7 March 2006 to 31 December
2006 and are not therefore directly comparable with the six months to 30 June
2007.
Chairman's Statement
Introduction
I am pleased to present shareholders with this interim report for the 6 month
period to 30 June 2007.
During this period the net asset value of the Company's # Shares, US$ Shares and
Euro Shares has risen by 7.00%, 7.05% and 6.65% respectively. The annualised return
from inception in March 2006 to June 2007 for the # Shares, US$ Shares and Euro
Shares has been 7.36%, 7.92% and 6.05% respectively. The difference in returns
between the three share classes over the reporting period is a consequence of
the Company's hedging policy and interest rate differentials between the three
currencies.
The Board is conscious that the Company's shares are trading at a discount to
net asset value. In this regard, on 18 May 2007, a special resolution to amend
the Company's articles to allow, inter alia, for any shares repurchased by the
Company to be held in treasury was tabled and approved. On 13 July 2007, the
Company announced that it had entered into an arrangement to allow it to
repurchase its shares in a close period. As at the date of this statement, the
Company has repurchased 2,175,000 # shares and 2,000,000 Euro Shares all of which
are held in treasury. The Board is committed to using the Company's share
repurchase powers as necessary to help alleviate the current share price
discount.
Investment Review
All of the Company's hedge fund strategies made positive contributions to
performance during the first half of 2007.
The Company's Special Situations strategy generated the strongest performance
during the period. Buoyant equity markets combined with record levels of
corporate activity to drive performance in this area. The portfolio also made
excellent gains from one manager's significant short exposure to the US
sub-prime mortgage market. This was most significant in February and June when
the market showed signs of cracks.
The Emerging Markets Macro strategy was just behind Special Situations in terms
of performance, but was particularly strong in the second quarter. Long equity
exposure combined with short Japanese Yen positions and long local bond
positions in Thailand, Indonesia and Brazil to deliver the bulk of the gains.
With equity markets prospering across Asia, the Company's Asian Opportunities
strategy enjoyed a strong six months. Key return drivers included long exposure
to Korea, Hong Kong and China combined with fundamentally driven shorts in
Japan. Although some of the Asian Strategies managers increased their long
exposure in June, significant short positions remain in place via individual
stocks and index hedging.
Although the Healthcare strategy made a good gain over the period, month to
month performance was more mixed. The background of strong equity markets was a
positive, particularly in January and April, when very good gains were achieved,
but a more difficult environment has followed, with increased uncertainty
surrounding US Food and Drug Administration decision-making causing some losses
on the long side, although shorts performed reasonably well.
Positive performance was recorded by Commodity Strategies despite managers
incurring a challenging trading environment in the first half of 2007. Solid
returns were achieved in all months, with the exception of January when exposure
to the long end of the copper curve caused one manager to give back some of the
significant returns made in the prior year. Good gains were also posted by a
Canadian equity biased manager and a multi-strategy manager whose base metals
positions in April and May resulted in strong returns.
Energy managers also prospered. Earnings upgrades proved profitable to the
strategy's equity based managers where exposure to shipping, oil drillers and
utilities provided solid gains. Further gains accrued from a US power and
emissions trader who benefited from positive developments within an emission
reductions project in China.
Chairman's Statement (continued)
European Loan Opportunities generated steady performance for the most of the
period as credit conditions remained strong and secondary market prices
continued to push higher until the last two weeks of June. Concerns over the
fallout from the US sub prime mortgage market have weighed on credit markets
since the middle of June. This has led to more modest returns in recent weeks
and will likely cause further weakness in the months ahead.
Investment Outlook
The Company has benefited from short exposure to the US sub-prime mortgage
market since the beginning of 2007. Despite the gains already made in this area,
the Investment Advisor feels that this trade has further upside as the
fundamentals continue to deteriorate and it also serves as a hedge to long
credit exposure in other parts of the portfolio. Overall, we have seen buoyant
markets over the last year or so, partly driven by relatively easy credit. That
environment has changed and as credit conditions tighten, there will no doubt be
some challenging months ahead. The Investment Adviser is confident that the
diversity of strategies and the flexibility of the managers they employ will
enable the Company to navigate through any difficult times ahead and also to
look forward to the opportunities that will emerge from it.
Stephen Jones
Chairman
7 September 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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