18 Dec 2008 15:46
Bramdean Alternatives Limited (the "Company")
18 December 2008
Net Asset Values, 28th November 2008
Ordinary Shares
As at the close of business on 28th November 2008, the Net Asset Value of Bramdean Alternatives Limited was as follows:-
Share class | Net Asset Value 28th November 2008 | Net Asset Value 31st October 2008 | Performance |
GBP Shares | 95.52 pence | 101.78 pence | -6.15% |
US$ Shares | US$ 0.8138 | US$ 0.9028 | -9.86% |
Further to the announcement made by the Company on 12th December 2008 regarding its exposure to hedge funds which, directly or indirectly, had trading accounts with Bernard L. Madoff Investment Securities LLC, the Company has decided, in consultation with its auditors PwC CI LLP, to take a full provision against its investments in Rye Select Broad Market XL Portfolio Ltd. ("Rye Select") and Defender Ltd. ("Defender") to nil in the calculation of the November 2008 Net Asset Value. The Company will continue to monitor the situation on behalf of its investors and make every appropriate effort to seek recovery of the assets.
Prior to the decision to write down the investments in Rye Select and Defender, the November 2008 valuation showed an increase of 4.17% in the Sterling Share class and a fall of 0.05% in the U.S. Dollar Share class. The November 2008 valuation now shows a fall of 6.15% in the Sterling Share class and a fall of 9.86% in the U.S. Dollar Share class, having included that full provision. In November 2008, the HFRI Fund of Funds Composite Index and the Credit Suisse/Tremont Hedge Fund Index fell by 1.93% and 4.15% respectively.
This valuation, which has been prepared in good faith by the Company's Fund Administrator, is for information purposes only. The valuation is based on the unaudited estimated valuations made available to the Company's Fund Administrator by service providers acting on behalf of funds held by the Company. Such estimates may not be subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimates may not be supplied on a regular or timely basis with the result that the values of such investments are based on the latest available estimates which may relate to some time before the date set out above. Other risk factors which may be relevant to this valuation are set out in the Company's Prospectus dated 6th June 2007.