Gulf Investment Fund PLC Results of Tender Offer (4076B)
01 October 2022 - 12:30AM
UK Regulatory
TIDMGIF
RNS Number : 4076B
Gulf Investment Fund PLC
30 September 2022
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, CANADA, JAPAN,
NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY
REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION
30 September 2022
Gulf Investment Fund plc (Ticker: GIF)
Results of Tender Offer
Minimum Size Condition passed
Further to the Tender Offer announcement on 15 September 2022
(the "Announcement"), the Tender Offer closed at 1.00 p.m. on 29
September 2022.
178,064 shares were validly tendered, equal to 0.43 per cent. of
the shares in issue as at 20 September 2022. The Board of Gulf
Investment Fund plc (the "Company") is pleased that the resulting
post Tender Offer share capital will therefore be 40,927,152
Shares, which is significantly in excess of the Minimum Size
Condition (set out in the circular to shareholders dated 3 December
2021 (the "Circular") and re-confirmed in the Announcement).
In line with the terms of the Tender Offer the Directors will
allocate the assets and liabilities of the Company between the
Continuing Pool and the Tender Pool on the Calculation Date.
Following the allocation of assets and liabilities to the
Continuing Pool and the Tender Pool, the Board will instruct the
Investment Adviser to sell the assets in the Tender Pool, as
required. The Company will continue to prepare and publish NAV
announcements for the Continuing Pool only.
In accordance with the terms of the Tender Offer, the Directors
will select a date upon which the Final Tender Offer Asset Value of
the Tender Pool will be calculated (the "Tender Pool Determination
Date"). The Final Tender Offer Asset Value will equal the unaudited
Net Asset Value of the assets in the Tender Pool on the Tender Pool
Determination Date. The Tender Price will be an amount equal to the
Final Tender Offer Asset Value divided by the total number of
Tendered Shares (rounded down to four decimal places) in each case
on the Tender Pool Determination Date. A further announcement will
be made in due course.
Completion of the Tender Offer remains subject to certain
conditions set out in paragraph 2 of the terms and conditions of
the Tender Offer which is contained in the Announcement. Subject to
completion of the Tender Offer, the Investment Adviser will
continue to hold 17,319,759 Shares in the Company representing
approximately 42.3 per cent. of the post Tender Offer share
capital.
Future Tender Offers
In light of the ongoing Shareholder support for the Company and
consistent with the proposals set out in the Circular, the Company
intends to seek the requisite authorities required from its
Shareholders to undertake the Contractual Bi-Annual Tender Offers
in 2023 at the time of the 2022 Annual General Meeting. Details of
these proposals will be circulated to Shareholders in due
course.
For the purposes of this announcement, unless otherwise defined,
capitalised words and phrases shall have the meaning given to them
in the Circular.
Legal Entity Identifier: 2138009DIENFWKC3PW84
For further information:
Anderson Whamond Via Apex Corporate Services
Gulf Investment Fund plc
Ian Dungate/Suzanne Jones +44 (0) 1624 630400
Apex Corporate Services (IOM) Limited
Sapna Shah/Alex Collins/Atholl Tweedie +44 (0) 20 7886 2500
Panmure Gordon
William Clutterbuck +44 (0) 20 7379 5151
Maitland/AMO
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END
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