TIDMMIL
RNS Number : 3775I
Myanmar Investments Intl Ltd
16 June 2017
Press Release 16 June 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, INTO OR FROM ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE
PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT
2000 ("FSMA") AND HAS BEEN APPROVED BY DARWIN STRATEGIC LIMITED
WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT
AUTHORITY. PRIMARYBID LTD IS AN APPOINTED REPRESENTATIVE OF DARWIN
STRATEGIC LIMITED.
Myanmar Investments International Limited
Institutional Subscription and PrimaryBid Offer
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the Myanmar focused investment company with
existing investments in the telecommunications, microfinance and
pharmacy retail sectors and a well-developed pipeline of
opportunities, today announces that it is undertaking an equity
fundraising comprising an institutional subscription and an offer
via PrimaryBid. The Company has set a fundraising targeting of
between US$3 million and US$5 million before expenses. The Company
announced its strategic update on 10 April 2017 and the fundraising
is taking place to support that stated strategy.
The fundraising will be undertaken by an issue of new ordinary
shares of nil par value each (the "Fundraising Shares") in the
capital of the Company at a price of US$1.18 per new ordinary share
(the "Issue Price"), being a discount of approximately 9.2 per cent
to yesterday's closing mid-price.
The fundraising is being undertaken by the Company via a direct
subscription with existing shareholders, institutional investors,
family offices and high net worth individuals (the
"Subscription").
Additionally, it is an objective of the Company to widen its
shareholder base and the Company wants to ensure that retail and
other investors also get the opportunity to invest on the same
terms as the Subscription. The Company is therefore allowing
PrimaryBid to undertake an offer to its clients at the Issue Price
(the "Offer").
The Subscription and the Offer together comprise the fundraising
(the "Fundraising").
The Company is pleased to provide private and other investors
the opportunity to participate in the Fundraising by applying
exclusively through the PrimaryBid.com platform under the Offer.
PrimaryBid does not charge investors any commission for this
service.
The proceeds of the Fundraising will be used to fund the
Company's investment pipeline in order to take advantage of a
number of live investment opportunities and also for possible
follow-on investments into MIL's current portfolio. It is expected
that, subject to market conditions, the proceeds of the Fundraising
will be deployed within six months.
All but one of the directors of the Company intend to apply for
Fundraising Shares (the "Directors' Participation") and the Company
has already received expressions of intent from them in excess of
US$725,000.
The Directors' Participation would constitute a related party
transaction pursuant to Rule 13 of the AIM Rules for Companies.
William Knight, the Chairman of the Company who will not
participate in the Fundraising, is considered to be an independent
director for the purposes of AIM Rule 13 (the "Independent
Director"). As such, the Independent Director, having consulted
with Grant Thornton, the Company's nominated adviser, considers
that the terms of the Directors' Participation are fair and
reasonable insofar as the Company's shareholders are concerned.
Highlights
-- Fundraising at US$1.18 per new ordinary share
-- Issue Price represents a discount of approximately 9.2 per
cent to yesterday's closing mid-price
-- Original target Fundraising of US$3 million to US$5 million,
though this may be increased depending on demand
-- Net proceeds of the Fundraising will be used to fund the
Company's investment pipeline and also for possible follow-on
investments into MIL's current portfolio
-- The Company wants to diversify its shareholder base and is
therefore opening the Fundraising to individual and institutional
investors exclusively on PrimaryBid.com from 4.30 p.m. on Friday 16
June 2017 to 5 p.m. on Sunday 18 June 2017. PrimaryBid Limited is
acting as sole arranger for the Offer
-- Subscriptions under the Offer will be considered by the
Company on a "first come, first served" basis subject to
conditions
-- Any investment request over GBP100,000 will first require the Company's consent
-- All but one of the Directors have indicated that they will be
applying for Fundraising Shares
No commission is charged to investors on applications to
participate in the Offer made through PrimaryBid. It is vital to
note that once an application for Fundraising Shares has been made
and accepted via PrimaryBid under the Offer, an application cannot
be withdrawn.
For further information on PrimaryBid.com or the procedure for
applications under the Offer, visit www.PrimaryBid.com or call
PrimaryBid.com on +44 (0)20 7491 6519.
The Fundraising is expected to be completed and the results of
it announced on 19 June 2017.
Aung Htun, Managing Director at Myanmar Investments, commented:
"We have been on the ground in Myanmar for nearly four years now
and have established an attractive portfolio of assets and a strong
pipeline of business opportunities. Our telecommunications tower
and microfinance businesses are growing very strongly. We have just
invested in a pharmacy chain and entered into an MOU in the tourism
industry. This modest fundraising provides an exciting next step
for the Company which will enable us to proactively pursue similar
opportunities."
Further information on the Offer
The Offer is made under the exemptions against the need for a
prospectus allowed under the Prospectus Rules. As such, there is no
need for publication of a prospectus pursuant to the Prospectus
Rules, or for approval of the same by the Financial Conduct
Authority in its capacity as the UK Listing Authority.
The Offer is open to existing shareholders and other investors
subscribing via PrimaryBid.com. The Offer is made on a first come,
first served basis and scale back of subscriptions (where
necessary) will be made at the discretion of PrimaryBid in
consultation with the Company.
The maximum investment amount under the Offer for any investor
is GBP100,000. Any investment request over GBP100,000 will first
require the Company's consent.
For further details please refer to the PrimaryBid.com website
at www.primarybid.com.
The terms and conditions on which the Offer is made, including
the procedure for application and payment for Fundraising Shares,
is available to all persons who register with PrimaryBid.com.
The Company may, at its sole discretion, elect to increase the
total number of shares available under the Fundraising.
The Fundraising Shares will be issued free of all liens, charges
and encumbrances and will, when issued and fully paid, rank pari
passu in all respects with the Company's existing ordinary
shares.
Application will be made to the London Stock Exchange plc for
the admission of the Fundraising Shares to trading on AIM
("Admission"). It is expected that Admission will occur and that
dealings will commence at 8.00 a.m. on 23 June 2017 - at which time
it is also expected that the Fundraising Shares will be enabled for
settlement in CREST.
The Offer is not being made into any Restricted Jurisdiction or
any other jurisdiction where it would be unlawful to do so.
Investors should make their own investigations into the merits
of an investment in the Company. Nothing in this announcement
amounts to a recommendation to invest in the Company or amounts to
investment, taxation or legal advice.
It should be noted that a subscription for Fundraising Shares
and investment in the Company carries a number of risks. Investors
should consider the risk factors set out on PrimaryBid.com before
making a decision to subscribe for Fundraising Shares. Investors
should take independent advice from a person experienced in
advising on investment in securities such as the Fundraising Shares
if they are in any doubt.
The information contained within this RNS is considered to be
inside information prior to its release as defined in Article 7 of
the Market Abuse Regulation No. 596/2014 and is disclosed in
accordance with the Company's obligations under Article 17 of those
Regulations.
- Ends -
For further information please contact:
Aung Htun Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments
Ltd International Ltd
+95 (0) 1 391 804 +95 (0) 1 391 804
+95 (0) 94 0160 0501 +95 (0) 94 2006 4957
aunghtun@myanmarinvestments.com mikedean@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Barklem/ Andrew Pinder / David
Carolyn Sansom Herring
Grant Thornton UK LLP Alistair Roberts (Hong
+44 (0) 20 7383 5100 Kong)
Investec Bank plc
+44 (0) 20 7597 4000
PrimaryBid Limited Public Relations
Dave Mutton Julian Bosdet / Dr.
+44(0) 20 7491 6519 Jenny Lee / Alejandra
Campuzano
Abchurch Communications
+44 (0) 20 7398 7741
For more information about MIL, please visit
www.myanmarinvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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