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RNS Number : 2482L

Goldman Sachs Dynamic Opportunities

28 July 2011

28 July 2011

Goldman Sachs Dynamic Opportunities Limited

Conversion and Redemption Update

Conversions into GBP Shares

Further to the announcement on 11 July 2011, 207,493 EUR Shares and 5,176 US$ Shares in aggregate have requested conversion into GBP Shares by reference to the 30 June 2011 NAV Calculation Date.

Such conversion will be on the basis of the ratio of the NAV of the EUR Shares or the US$ Shares (less any costs of effecting such conversion), to the NAV of the GBP Shares to be converted to (each as at the 30 June 2011 NAV Calculation Date) and otherwise as set out in the Company's articles of association.

Accordingly, application has been made to the UK Listing Authority for 238,668 new GBP Shares of no par value to be admitted to the Official List. Application has also been made for the GBP Shares to be admitted to trading on the London Stock Exchange. It is expected that such admissions will be effective and that dealings in the new GBP Shares will commence on 1 August 2011.

Redemption of EUR Shares and US$ Shares

Any EUR Shares or US$ Shares which were not validly elected for conversion and which remained on the register of EUR Shareholders or US$ Shareholders at 5.00 p.m. on 22 July 2011 (the "Record Date") will be redeemed. The registers of EUR Shareholders and US$ Shareholders were closed at that time and EUR Shares and US$ Shares which are to be redeemed will shortly be cancelled. It is expected that the listing of the EUR Shares and the US$ Shares will also be cancelled on or about 1 August 2011.

The redemptions noted above will be effected at the NAV of the EUR Shares and US$ Shares respectively as at 30 June 2011 (less the costs of implementing the redemptions which may include penalty fees incurred in realising underlying investments). Settlement (by cheque at the sole risk of the relevant Shareholder at its registered address) is expected to take place in one instalment by mid-August 2011. No currency hedging arrangements are now in place in respect of the EUR Shares. Accordingly, the amounts received by EUR Shareholders whose EUR Shares are redeemed may alter from the NAV as at 30 June 2011 where exchange rates between EUR and US$ move in that period. Settlement of redemption monies in respect of EUR Shares and the US$ Shares which are redeemed are subject, amongst other things, to the Board being able to give the necessary certificate of solvency required by the Companies (Guernsey) Law, 2008, as amended, prior to payment. Trail commissions will cease to be payable on all EUR Shares and US$ Shares which are redeemed with effect from 1 July 2011.

Conversions into EUR Shares and US$ Shares

Further to the announcement on 8 June 2011, where conversion requests have been made into EUR Shares or US$ Shares by reference to the 30 June 2011 NAV Calculation Date, such conversions are not expected, in the normal course, to take place until 18 August 2011, which is after the redemptions referred to above have been completed and the expected cancellation of the listing of the EUR Shares and the US$ Shares. Accordingly, the Directors have exercised their discretion to permit revocation (in whole but not part) of any existing conversion requests by GBP Shareholders into EUR Shares and/or US$ Shares by reference to the 30 June 2011 NAV Calculation Date. GBP Shareholders who have submitted such a conversion request should contact Capita Registrars as soon as practicable on the following telephone numbers:

From UK: 0870 162 3100

From Overseas: +44 208 639 3399

The Company has already contacted certain of such GBP Shareholders to determine whether they wish to revoke such conversion requests. Unless such GBP Shareholders request revocation of their conversion requests, those conversions will take place in mid-August. In view of the material impact of the delisting of the EUR Shares and the US$ Shares on certain categories of Shareholders, where the Company has not been able to contact such Shareholders (or where such Shareholders have not contacted the Company) before conversions are due to be made, it is the Company's intention not to carry out the conversion requests submitted by those persons since they anticipate that such Shareholders will not wish (or indeed may not be able) to hold unlisted Shares.

Expected Timetable

 
     NAV Calculation Date for purposes                      30 June 2011 
      of redemption of EUR Shares and US$ 
      Shares 
     Conversion Date for purposes of conversion          by 29 July 2011 
      of EUR Shares and US$ Shares into 
      GBP Shares 
     Redemption Date                                     by 29 July 2011 
     Expected settlement of redemption                by mid-August 2011 
      monies in respect of redeemed EUR 
      Shares and US$ Shares 
 

Enquiries:

 
     Robin Amer                                    Tel: +44 (0)1481 744 000 
      RBC Offshore Fund Managers Limited 
     Niklas Ekholm                                 Tel: +44 (0)20 7051 9270 
      Head of International Public Relations 
      Goldman Sachs Asset Management 
     Anisha Patel                                  Tel: +44 (0)20 7774 2523 
      Media Relations 
      Goldman Sachs Asset Management 
     Stuart Klein                                  Tel: +44 (0)20 7678 8000 
      RBS Hoare Govett Limited 
 

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular dated 27 May 2011.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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