Back in July 2015, Dexion Absolute announced that, if any class of its then share classes (Sterling, Euro and US Dollar) traded at an average 5% discount or wider for the three months from 1 July 2015 to 30 September 2015 or from 1 January 2016 to 31 March 2016, the board would put forward recommended proposals to close the class or classes. In the case of the sterling shareclass, this being the primary class, they would put proposals forward for the voluntary liquidation of the company. However, in August, the company decided to close the Euro and US Dollar classes on the grounds that they were too small, leaving just the Sterling class.
The company has now announced that the average discount for the Sterling share class for the period 1 July 2015 to 30 September 2015, was 4.1%. This is below the 5% level that would have required the Directors to put forward proposals to wind up the company. It is also below the level that would otherwise have required the Directors to put forward a redemption offer. It still remains the case that, should the sterling shares trade at an average discount of 5% or more in the three months starting on 1 January 2016 then the Board has committed to putting forward proposals either for a winding up of the company or a managed winding down and subsequent winding up of the company.