Goldman Sachs Dynamic Opportunities GBP Announcements

RNS Number : 5883J Goldman Sachs Dynamic Opportunities 04 December 2008  
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WEEKLY NAV ESTIMATE
 
Goldman Sachs Dynamic Opportunities Limited (the "Company")
 
Estimated Net Asset Value and Performance Data*
 
As at the close of business on 2 December 2008, the estimated net asset value and performance of the Company's shares are as follows:
 
Share class
Net Asset
 Value
WTD
 performance
MTD 
performance
YTD 
performance
GBP Shares
94.00 pence
2.49 %
2.49 %
(18.01) %
EUR Shares
EUR 1.3152
(0.36) %
(0.36) %
(19.72) %
US$ Shares
US$  1.7249
(0.16) %
(0.16) %
(18.35) %
*IMPORTANT NOTES
1.  Calculation of Net Asset Value 
This estimate 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").  
2. Calculation of Performance Data
Set out above are the estimated week to date ("WTD"), estimated month to date ("MTD") and estimated 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. 
As previously announced on 21 November 2008, the Company suspended the operation of its currency hedging arrangements.  As a result, the GBP Shares and EUR Shares performance figures as set out above reflect currency movements for GBP and EUR respectively 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 and EUR against the US$ may result in significant differences between GBP Shares and EUR 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.
3. 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. 
4. 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).
5.  Investment Policy
In seeking to achieve its investment objective, the Company allocates its assets (directly or indirectly) to a relatively concentrated portfolio of Advisors (or entities managed by them) selected by the Company's investment manager (the "Investment Manager"). Such Advisors employ a broad range of alternative investment strategies within the event driven, tactical trading, equity long/short and relative value sectors. The Company seeks to make longer term core investments whilst also allocating more opportunistically to niche Advisors. 
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 of the Company will be successful.
6. Notes on Estimated 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.  As stated in the prospectus, no reliance should be placed on any weekly valuations. 
Other risk factors which may be relevant to this estimated 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 estimated value. In the event that an estimated valuation subsequently proves to be incorrect, no adjustment to a previously published estimated valuation is expected to be made nor would compensation be payable. 
7. Discount Floor Provision
The Company's last prospectus dated 2 May 2008 can be construed to refer to the discount floor mechanism being calculated by reference to monthly estimated NAVs and closing mid market share prices 5 days later over a rolling 12 month period whilst the articles can be construed to provide that this mechanism operates on the basis of weekly estimated NAVs and share prices 5 days later. Whilst in practice this is very unlikely to make any significant difference to the average discount calculation, for the avoidance of doubt the Company will be adopting a cautious construction of the articles. Accordingly during each rolling 12 month period each weekly estimated NAV for each share class will be expressed as a percentage of the closing mid market share price of shares of that class on the day 5 business days after such estimated NAV is released. Where in any rolling 12 month period commencing on 1 January 2008 the average of such percentages in that period (as so calculated) for a share class is equal to or less than 95%, a meeting of that share class is required to be convened within 4 months to consider a continuation vote for that class.
This information is provided by RNSThe company news service from the London Stock Exchange  END  NAVFKQKNABDDCBK