Aberdeen Frontier Mkts Inv Co Ltd Holding(s) in Company (0730N)
04 May 2018 - 12:33AM
UK Regulatory
TIDMAFMC
RNS Number : 0730N
Aberdeen Frontier Mkts Inv Co Ltd
03 May 2018
TR-1: Standard form for notification of major holdings
LEI: 213800X9N731I4IPK361
Aberdeen Frontier Markets Investment Company Limited (the
"Company") notes the following notification of major holdings by
City of London Investment Management Company Limited ("City of
London"). Under Rule 9 of the City Code on Takeovers and Mergers
(the "Code"), any person who acquires, whether by a series of
transactions over a period of time or not, an interest (as defined
in the Code) in shares which (taken together with shares in which
he is already interested and in which persons acting in concert
with him are interested) carry 30 per cent. or more of the voting
rights of a company which is subject to the Code, is normally
required to make a general offer to all the remaining shareholders
to acquire their shares. Similarly, when any person, together with
persons acting in concert with him, is interested in shares which
in aggregate carry not less than 30 per cent. of the voting rights
of such a company but does not hold shares carrying more than 50
per cent. of such voting rights, a general offer will normally be
required if a further interest in shares is acquired by any such
person or any person acting in concert with him.
Under Rule 37 of the Code, when a company redeems or purchases
its own voting shares, any resulting increase in the percentage of
shares carrying voting rights in which a person or group of persons
acting in concert is interested will be treated as an acquisition
for the purpose of Rule 9 of the Code. However, note 1 of Rule 37.1
of the Code states that a person who comes to exceed the limits in
Rule 9.1 of the Code in consequence of a company's redemption or
purchase of its own shares will not normally incur an obligation to
make a mandatory offer unless that person is a director, or is
presumed to be acting in concert with any of the directors.
The Takeover Panel must be consulted in advance of any case
where Rule 9 of the Code might be relevant. Under note 4 to Rule
37.1 of the Code, the Company has consulted with the Panel in
relation to the recent share buy-back activity of the Company. The
Panel has confirmed on an ex parte basis to the Company that,
provided City of London is not acting in concert with the Company
or any of its directors such that they be treated as an "innocent
bystander" in relation to any increase in its holding in the
Company as a result of an on market share buy-back, the Panel will
not require City of London nor any person deemed to be acting in
concert with it to make a mandatory offer under Rule 9 of the Code
on the grounds that its interest in the share capital of the
Company has increased as a result of the purchases by the Company
of its own shares pursuant to an existing share buy-back
authority.
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant
issuer and to the FCA in Microsoft Word format if possible)(i)
----------------------------------------------------------------------------------------------------
1a. Identity of the issuer Aberdeen Frontier Markets
or the underlying issuer Investment Co Ltd
of existing shares to which
voting rights are attached(ii)
:
------------------------------------------------ --------------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer
(please mark with an "X" if appropriate)
----------------------------------------------------------------------------------------------------
Non-UK issuer X
------------------------------------------------------------------------------------- -------------
2. Reason for the notification (please mark the appropriate
box or boxes with an "X")
----------------------------------------------------------------------------------------------------
An acquisition or disposal of voting rights
------------------------------------------------------------------------------------- -------------
An acquisition or disposal of financial instruments
------------------------------------------------------------------------------------- -------------
An event changing the breakdown of voting rights
------------------------------------------------------------------------------------- -------------
Other (please specify)(iii) : Following notification X
of the Aberdeen Frontier Markets Investment Co Ltd
share buyback results on May 1(st) 2018, this disclosure
reflects the reduction in the total number of shares
in issue, following the company's repurchase of
25,000 shares.
------------------------------------------------------------------------------------- -------------
3. Details of person subject to the notification obligation(iv)
Name City of London Investment
Management Company Limited
City and country of registered London, UK
office (if applicable)
4. Full name of shareholder(s) (if different from 3.)(v)
----------------------------------------------------------------------------------------------------
Name
------------------------------------------------ --------------------------------------------------
City and country of registered
office (if applicable)
------------------------------------------------ --------------------------------------------------
5. Date on which the threshold 01/05/2018
was crossed or reached(vi)
:
------------------------------------------------ --------------------------------------------------
6. Date on which issuer notified 03/05/2018
(DD/MM/YYYY):
------------------------------------------------ --------------------------------------------------
7. Total positions of person(s) subject to the notification
obligation
----------------------------------------------------------------------------------------------------
% of voting % of voting Total of Total number
rights attached rights through both in % of voting
to shares financial (8.A + 8.B) rights of
(total of instruments issuer(vii)
8. A) (total of
8.B 1 + 8.B
2)
---------------------- ------------------------ ---------------- ----------------- -------------
Resulting
situation
on the date
on which
threshold
was crossed
or reached 30.0% 0% 30.0% 85,087,608
---------------------- ------------------------ ---------------- ----------------- -------------
Position
of previous
notification
(if
applicable) 29.2% 0% 29.2%
---------------------- ------------------------ ---------------- ----------------- -------------
8. Notified details of the resulting situation on the
date on which the threshold was crossed or reached(viii)
--------------------------------------------------------------------------------------------------------------
A: Voting rights attached to shares
--------------------------------------------------------------------------------------------------------------
Class/type Number of voting rights(ix) % of voting rights
of
shares
ISIN code
(if possible)
----------------------
Direct Indirect Direct Indirect
(Art 9 of (Art 10 of (Art 9 of (Art 10 of
Directive Directive Directive Directive
2004/109/EC) 2004/109/EC) 2004/109/EC) 2004/109/EC)
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
--------------------- --------------------- -------------- ------------------------------ ---------------
GG00B1W59J17 0 25,535,908 0% 30.0%
---------------------- --------------------- -------------- ------------------------------ ---------------
SUBTOTAL
8. A 25,535,908 30.0%
---------------------- ------------------------------------- -----------------------------------------------
B 1: Financial Instruments according to Art. 13(1)(a)
of Directive 2004/109/EC (DTR5.3.1.1 (a))
--------------------------------------------------------------------------------------------------------------
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date(x) Conversion rights that rights
Period(xi) may be acquired
if the instrument
is
exercised/converted.
---------------------- --------------------- -------------- ------------------------------ ---------------
SUBTOTAL 8.
B 1
-------------- ------------------------------ ---------------
B 2: Financial Instruments with similar economic effect
according to Art. 13(1)(b) of Directive 2004/109/EC
(DTR5.3.1.1 (b))
--------------------------------------------------------------------------------------------------------------
Type of Expiration Exercise/ Physical Number % of voting
financial date(x) Conversion or cash of voting rights
instrument Period settlement(xii) rights
(xi)
--------------------- ---------------------- -------------- ----------------- ----------- ---------------
SUBTOTAL
8.B.2
----------------- ----------- ---------------
9. Information in relation to the person subject to
the notification obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is
not controlled by any natural person or legal entity
and does not control any other undertaking(s) holding
directly or indirectly an interest in the (underlying)
issuer(xiii)
Full chain of controlled undertakings through which X
the voting rights and/or the
financial instruments are effectively held starting
with the ultimate controlling natural person or
legal entity(xiv) (please add additional rows as
necessary)
---------------------------------------------------------------------- ---------------------
Name(xv) % of voting % of voting Total of both
rights if it rights through if it equals
equals or is financial instruments or is higher
higher than if it equals than the notifiable
the notifiable or is higher threshold
threshold than the notifiable
threshold
------------------------ ---------------- -------------------------- ---------------------
City of London
Investment Management
Company Limited
is a wholly
owned subsidiary
of City of London
Investment Group
plc and is the
only entity
subject to the
notification
obligations. 30.0% 0% 30.0%
------------------------ ---------------- -------------------------- ---------------------
10. In case of proxy voting, please identify:
---------------------------------------------------------------------------------------------
Name of the proxy holder City of London Investment
Management Company Limited
------------------------------------------ -------------------------------------------------
The number and % of voting
rights held
------------------------------------------ -------------------------------------------------
The date until which the
voting rights will be held
------------------------------------------ -------------------------------------------------
11. Additional information(xvi)
---------------------------------------------------------------------------------------------
All voting rights on all shares are controlled by City
of London Investment Management Company Limited.
---------------------------------------------------------------------------------------------
Place of completion London, UK
-------------------- -----------
Date of completion 03/05/2018
-------------------- -----------
Enquiries:
Aberdeen Fund Managers Limited (Investment Manager to Aberdeen
Frontier Markets Investment Company Limited)
William Hemmings / Gary Jones Tel: +44 (0)20 7463 6000
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett Tel: +44 (0)20 7383 5100
Numis Securities Limited (Nominated Broker)
David Benda Tel: +44 (0) 20 7260 1275
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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