Africa Opportunity Fund Limited Mandatory Redemption of Shares (6357F)
11 March 2020 - 12:54AM
UK Regulatory
TIDMAOF
RNS Number : 6357F
Africa Opportunity Fund Limited
10 March 2020
This is a correction of the announcement published at 17:30 on 9
March 2020 (RNS number 5081F) correcting the Record Date from
previously stated 9 March 2020 to 16 March 2020 and the Payment
date from 19 March 2020 to 25 March 2020. The full corrected
announcement is included below.
10 March 2020
Africa Opportunities Fund Limited
Mandatory Redemption of Shares
-- REDEMPTION DATE 16 MARCH 2020
-- AOF WILL RETURN $18.5 MILLION TO SHAREHOLDERS
-- REPRESENTS 40.45% OF ORDINARY SHAREHOLDER NET ASSET VALUE AT 29 fEBRUARY 2020
* * *
The Board of Directors of Africa Opportunity Fund Limited ("AOF"
or the "Company") is pleased to announce AOF's initial capital
distribution in respect of the Company's Ordinary Shares of US$0.01
each (a "Mandatory Redemption").
AOF has benefitted from a strong level of realisations from its
underlying portfolio and the Company has resolved to return a total
of $18.5 million to AOF Ordinary Shareholders.
The $18.5 million capital return (the equivalent of
approximately 30,278,230 Ordinary Shares, or 40.45% of Ordinary
Shareholder NAV) will be by way of a pro rata compulsory redemption
of Ordinary Shares at a price equal to the prevailing NAV per
Ordinary Share of $0.611 as at 29 February 2020 (being the most
recent monthly NAV per Ordinary Share available as of the date of
this announcement) for Ordinary Shareholders on the register of
members as at close of business on 16 March 2020 ("Record Date").
Unless circumstances require otherwise, this NAV will form the NAV
per Ordinary Share as of the date of redemption.
Payments of redemption proceeds are expected to be effected
either through Euroclear or Clearstream (in the case of shares held
in uncertificated form) or by cheque (in the case of shares held in
certificated form) on or around 25 March 2020. Any share
certificates for the balance of holdings of shares will also be
despatched to shareholders on or around 25 March 2020.
The Company currently has 74,849,606 Ordinary Shares in issue.
All of the Ordinary Shares redeemed on the redemption date will be
cancelled and any fractions of shares will be rounded down to the
nearest whole share.
The Ordinary Shares will be disabled in Euroclear or Clearstream
on the Record Date and the existing ISIN number KYG012921048 (the
"Old ISIN") will expire. A new ISIN number KYG012921204 (the "New
ISIN") in respect of the remaining Ordinary Shares which have not
been redeemed will be enabled and available for transactions on 17
March 2020. For the period up to and including the Record date,
Ordinary Shares will be traded under the Old ISIN and as such, a
purchaser of such shares may have a market claim for the redemption
proceeds following the activation of the New ISIN. Euroclear or
Clearstream will automatically transfer any open transactions as at
the redemption date to the New ISIN.
DIRECTOR'S INTERESTS
As of 9 March 2020, Robert Knapp and Myma Belo-Osagie Directors
of the Company, owned 12,083,358 and 100,000 Ordinary Shares,
respectively. As a result of the Mandatory Redemption described
above, Robert Knapp and Myma Belo-Osagie are expected, immediately
following the redemption date, to hold approximately 7,195,387 and
59,548 Ordinary Shares, respectively.
* * *
For more information please contact:
Africa Opportunity Fund Limited
Francis Daniels Tel: +2711 684 1528
Liberum (Corporate Broker) Tel: +44 20 3100 2000
Gillian Martin
Owen Matthews
For more information about AOF, see
www.africaopportunityfund.com
LEI: 213800R1UVN1T8YXS179
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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