TIDMAOF

RNS Number : 6069R

Africa Opportunity Fund Limited

07 July 2022

7 July 2022

Africa Opportunity Fund Limited

Completion of Mandatory Redemption

PDMR Dealings

The Board of Directors of Africa Opportunity Fund Limited ("AOF" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's Ordinary Shares announced on 28 June 2022 has been completed with the redemption of 4,573,168 Ordinary Shares ("Mandatory Redemption").

On 6 July 2022, AOF redeemed 4,573,168 Ordinary Shares, on a pro rata basis, at the prevailing NAV per Ordinary Share of $ 0.984 as at 31 May 2022. Such shares were cancelled automatically following their redemption.

Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.

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.

Following the Mandatory Redemption, the Company has 20,214,590 Ordinary Shares in issue.

The Ordinary Shares were disabled on the record date ( 6 July 2022 ) and the ISIN number KYG012921469 (the "Old ISIN") has expired. The new ISIN number KYG012922038 (the "New ISIN") in respect of the remaining 20,214,590 Ordinary Shares which have not been redeemed will be enabled and will be available for transactions on 7 July 2022 .

DIRECTOR'S INTERESTS

As of 6 July 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 now hold 3,263,346 and 27,008 Ordinary Shares, respectively.

The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019, are appended below.

   *              *              *

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

 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                   Robert Knapp 
     ---------------------  -------------------------------------------------- 
      Reason for the notification 
  2 
     ------------------------------------------------------------------------- 
 a)   Position/status        Non-executive Director 
     ---------------------  -------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
     ---------------------  -------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------- 
 a)   Name                   Africa Opportunity Fund Limited 
     ---------------------  -------------------------------------------------- 
 b)   LEI                    213800R1UVN1T8YXS179 
     ---------------------  -------------------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------- 
 a)   Description            Ordinary shares of $0.01 each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument     ISIN number KYG012922038 
       Identification 
       code 
     ---------------------  -------------------------------------------------- 
 b)   Nature of              Mandatory Redemption of Ordinary Shares 
       the transaction 
     ---------------------  -------------------------------------------------- 
 c)   Price(s)                Price(s)   Volume(s) 
       and volume(s)           $0.984     738,270 
                                         ---------- 
     ---------------------  -------------------------------------------------- 
 d)   Aggregated             N/A - Single Transaction 
       information 
       - Aggregated 
       volume 
       - Price 
     ---------------------  -------------------------------------------------- 
 e)   Date of the            07/07/2022 
       transaction 
     ---------------------  -------------------------------------------------- 
 f)   Place of               London Stock Exchange 
       the transaction 
     ---------------------  -------------------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                   Myma Belo-Osagie 
     ---------------------  -------------------------------------------------- 
      Reason for the notification 
  2 
     ------------------------------------------------------------------------- 
 a)   Position/status        Non-executive Director 
     ---------------------  -------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
     ---------------------  -------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------- 
 a)   Name                   Africa Opportunity Fund Limited 
     ---------------------  -------------------------------------------------- 
 b)   LEI                    213800R1UVN1T8YXS179 
     ---------------------  -------------------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------- 
 a)   Description            Ordinary shares of $0.01 each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument     ISIN number KYG012922038 
       Identification 
       code 
     ---------------------  -------------------------------------------------- 
 b)   Nature of              Mandatory Redemption of Ordinary Shares 
       the transaction 
     ---------------------  -------------------------------------------------- 
 c)   Price(s)                Price(s)   Volume(s) 
       and volume(s)           $0.984     6,109 
                                         ---------- 
     ---------------------  -------------------------------------------------- 
 d)   Aggregated             N/A - Single Transaction 
       information 
       - Aggregated 
       volume 
       - Price 
     ---------------------  -------------------------------------------------- 
 e)   Date of the            07/07/2022 
       transaction 
     ---------------------  -------------------------------------------------- 
 f)   Place of               London Stock Exchange 
       the transaction 
     ---------------------  --------------------------------------------------

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END

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July 07, 2022 02:00 ET (06:00 GMT)

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