DASL Dexion Alp.

 

TIDMDASL 
 
RNS Number : 4220O 
Dexion Alpha Strategies Limited 
05 March 2009 
 

DEXION ALPHA STRATEGIES LIMITED BUYBACK ANNOUNCEMENT 
 
 
Dexion Alpha Strategies Limited ("the Company") was granted shareholder 
authority at its last AGM to make market purchases of up to 14.99% of each class 
of its ordinary shares. Buy-backs made from the date of such authority to 5 
March 2009 total 10,640,000 GBP shares (12.03% of the issued GBP shares) and 
1,555,373 EUR shares (7.89% of the issued EUR shares) 8,605,373 of which the Company 
is holding in treasury. The current shareholder authority expires on the earlier 
of the conclusion of the Company's AGM in 2009 and 16 December 2009. 
 
 
The Directors of the Company remain concerned with the current discounts to net 
asset value ("NAV") at which each class of the Company's shares trade. 
 
 
As noted in the Company's prospectus published in March 2006, share repurchases 
form part of the Company's stated measures for managing any discount at which 
its shares might trade from time to time. The Company has utilised share 
repurchases for that purpose and may continue to do so. Historically the Company 
has bought back shares within the price parameters specified in Commission 
Regulation 2273/2003 (the "Buyback Regulation") which state that any repurchase 
must be at a price which is not higher than the higher of the price of the last 
independent trade and the highest current independent bid on the London Stock 
Exchange. However, the Directors believe that, for some or all share classes, 
the prevailing discount to NAV represented by that price is at, or may reach, a 
level where it may be difficult, now or in the future, for the Company to make 
significant repurchases of those shares in the market. 
 
 
The Company is not precluded from repurchasing shares at a price above the 
parameters set out in the Buyback Regulation, provided that such repurchases are 
made in accordance with the requirements of the Listing Rules. The Directors 
believe that to do so, where the repurchase price is still at a significant 
discount to NAV, would be advantageous to the Company and Shareholders of the 
relevant class(es) both by being accretive to the NAV of remaining Shareholders 
of such class(es) and by potentially reducing the discount at which those shares 
currently trade. They therefore intend to instruct the Company's agent to seek 
to buy shares in the market, initially at up to the higher of the price of the 
last independent trade and the highest current independent bid; but thereafter, 
if there are insufficient sellers at that price to satisfy the Board's intended 
quantum of repurchases, at such higher prices as the Board may determine. As 
required by Listing Rule 12.4.1(1), no prospective purchase at a price above the 
Buyback Regulation parameters will be permitted if such price is more than 5% 
above the average market value of the Company's shares of that class in the five 
business days prior to the proposed purchase being made. 
 
 
The number and class(es) of shares bought will be at the absolute discretion of 
the Board, but such repurchases may exceed the volumes specified in the Buyback 
Regulation and in certain instances may represent all or substantially all of 
the trades in such shares on any given day. The maximum number of ordinary 
shares of each class which may be bought (without obtaining further shareholder 
authority) is 2,617,550 GBP Shares, 1,398,298 EUR Shares and 1,368,667 US$ Shares. 
The timing of any repurchases, within such limits as may be set by the Board, 
will also be at the absolute discretion of the Company and its agents and the 
Company may cease repurchasing shares or recommence repurchasing shares at any 
time without notice. The number of shares repurchased may, now or in the future, 
be restricted by the availability of adequate borrowing facilities or other 
suitable cash resources which may be exacerbated by restrictions imposed by 
underlying funds in redeeming investments and/or cash requirements in respect of 
acceptances of any redemption offers which may need to be made should one or 
more of the forthcoming continuation votes not be passed. 
Enquiries 
Robin Bowie/Ana Haurie                   Tel: +44 (0)20 7822 2260 
Dexion Capital plc 
Martine Harrison                           Tel: +44 (0)1481 743945 
Dexion Capital (Guernsey) Limited 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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