Africa Opportunity Fund Limited Mandatory Redemption of Shares (5254Q)
29 June 2022 - 1:43AM
UK Regulatory
TIDMAOF
RNS Number : 5254Q
Africa Opportunity Fund Limited
28 June 2022
28 June 2022
Africa Opportunity Fund Limited
Mandatory Redemption of Shares
-- REDEMPTION DATE 6 JULY 2022
-- AOF WILL RETURN $4.5 MILLION TO SHAREHOLDERS
-- REPRESENTS 18.4% OF ORDINARY SHAREHOLDER NET ASSET VALUE AT 31 MAY 2022
* * *
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 realisations from its underlying
portfolio and the Company has resolved to return a total of $4.5
million to AOF Ordinary Shareholders.
The $4.5 million capital return (the equivalent of approximately
4,573,170 Ordinary Shares, or 18.4% 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
$0.984 as at 31 May 2022 (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 6 July 2022 ("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 13 July 2022. Any share
certificates for the balance of holdings of shares will also be
despatched to shareholders on or around 13 July 2022.
The Company currently has 24,787,758 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 KYG012921469 (the
"Old ISIN") will expire. A new ISIN number KYG012922038 (the "New
ISIN") in respect of the remaining Ordinary Shares which have not
been redeemed will be enabled and available for transactions on 7
July 2022 ("Ex Date"). 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 28 June 2022, Robert Knapp and Myma Belo-Osagie Directors
of the Company, owned 4,001,616 and 33,117 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 3,263,346 and
27,008 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
Darren Vickers
Owen Matthews
For more information about AOF, see
www.africaopportunityfund.com
LEI: 213800R1UVN1T8YXS179
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