LONDON (HedgeWorld.com)–Dexion Absolute Ltd., a fund of funds listed on the London Stock Exchange, announced that the conversion ratio for the recent issue of 64 million ‘C’ shares is 0.891 ordinary shares for every C share.

The C shares, issued in October 2003, raised US$107 million for the fund of funds. That money initially was invested in short term money market funds and investment grade bonds Previous HedgeWorld Story. But it now has been invested fully in the underlying funds, so Dexion Absolute is announcing the conversion ratio by way of consolidating the stock classes. The company expected the conversion to take place Feb. 10.

Dexion Absolute is managed by Dexion Capital (Guernsey) Ltd., an affiliate of Dexion Capital plc, a London-based specialist consultant in the hedge fund sector with a particular emphasis on sourcing and evaluating hedge funds and their managers.

The company also announced that the net asset value of its ordinary shares rose 2.4% in December 2003. On the basis of the conversion ratio, it will issue more than 57 million new ordinary shares, bringing the number of issued ordinary shares to more than 91 million.

CFaille@HedgeWorld.com