Myanmar Investments Intl Ltd Extension of warrant exercise window (6349I)
22 March 2018 - 11:45PM
UK Regulatory
TIDMMIL
RNS Number : 6349I
Myanmar Investments Intl Ltd
22 March 2018
22 March 2018
Myanmar Investments International Limited
Extension of warrant exercise window
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the Myanmar focused investment company, today
announces that due to the recent developments in relation to
Beaufort Securities Limited ("Beaufort") it will adjust the window
for the exercise of its warrants from 1 to 23 April 2018 to 1 to 21
June 2018, the latter being the 15 business days prior to the
expiry of the warrants.
The Company is aware that a number of its warrantholders hold
their warrants through Beaufort, which has recently been placed
into administration. Whilst the Board has been advised that the MIL
warrants held through Beaufort are ringfenced from Beaufort's
assets, the Administrator has not yet allowed the warrants to be
released and therefore some warrantholders might not be able to
exercise their warrants during the existing exercise window.
The Company has 15,346,507 warrants that are exerciseable into
the Company's ordinary shares at a subscription price of US$0.75.
The warrants are due to expire on 21 June 2018 but pursuant to the
terms of the warrant instrument under which the warrants were
constituted the final window for exercising the warrants actually
expires on 23 April 2018.
In the circumstances the Directors have decided to move the
warrant exercise window for all warrantholders until closer to the
expiry date for the warrants. Therefore there will be no exercise
window in April but rather the final warrant exercise window will
run from 1 June 2018 until 21 June 2018 by which time it is
expected that the situation at Beaufort will have been resolved. If
the warrants held through Beaufort have not been released by that
date, the Directors will consider further action to be taken by the
Company.
- Ends -
For further information please contact:
Aung Htun Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments International
Ltd 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 Andrew Pinder / David
Barklem Herring
Grant Thornton UK LLP Alistair Roberts (Hong
+44 (0) 20 7383 5100 Kong)
Investec Bank plc
+44 (0) 20 7597 4000
Notes to Editors:
Myanmar Investments International Limited (AIM: MIL) was the
first Myanmar-focused investment company to be admitted to trading
on the AIM market of the London Stock Exchange. MIL was established
in 2013 with the intention of building long term shareholder value
by proactively investing in a diversified portfolio of Myanmar
businesses that will benefit from the country's re-emergence and
ongoing economic development. The Company is led by an experienced
and entrepreneurial team who between them have considerable
industrial, corporate and financial management experience.
MIL aims to identify investments with strong growth which if
necessary can be "de-risked" through the introduction of
experienced senior line-management, mentors and / or strategic
partners sourced by MIL's management board. The Company's main
focus is on opportunities that are experiencing acute supply and
demand imbalances, such as within the consumer and
capacity-constrained sectors.
With its strong proprietary investment pipeline of deals, MIL
provides investors with a highly disciplined and conservative
investment process into one of the most promising growth
opportunities of this era.
MIL's largest investment (US$21 million cost for a 9.3%
shareholding) is in Apollo Towers, one of Myanmar's top telecom
towers companies with 1,800 towers. Apollo operates in the high
growth telecom sector with a strong management that is growing the
number of co-locations (i.e. multiple tenancies) on its portfolio
of towers. In June 2016, the US Government's Overseas Private
Investment Corporation ("OPIC") provided a US$250 million debt
facility to Apollo Towers.
MIL's first investment in August 2014 was into Myanmar Finance
International Limited ("MFIL") which today is one of the leading
microfinance companies in Myanmar. Since MIL invested, MFIL's
business has expanded rapidly. The business is profitable with zero
NPLs and a sustainable expansion plan for long term growth. In
November 2015, the Norwegian Government's Norwegian Investment Fund
for Developing Countries ("Norfund"), the Norwegian development
finance institution, also became a 25% shareholder in MFIL.
In May 2017 MIL announced it had established a pharmacy,
healthcare and personal care product franchise joint venture. It is
expected that the business will fill a vacuum in the present retail
landscape and at the same time tap into the rapid growth of the
middle and affluent classes in Myanmar. The two joint venture
partners are: a) an experienced retail group that runs over 55
pharmacy, health and beauty outlets in a neighbouring Asian
country; and b) an industry veteran with significant experience
leading Asian-based retail concepts.
MIL's latest investment in October 2017 was into the tourism
sector. Together with two leading Myanmar tourism entrepreneurs
(the "Myanmar Partners") it has established Myanmar Voyages Group
Company Limited ("Myanmar Voyages") to invest into tourism-related
assets in Myanmar.
Myanmar, a country of approximately 51.4 million people and
roughly the size of France, has been isolated for much of the last
50 years. Once it was one of the more prosperous countries in
Southeast Asia as it has an abundance of natural resources (oil,
natural gas, arable land, tourist attractions and a long
coastline), it is now one of the least developed countries in the
world.
The country has undergone an unprecedented and peaceful
transformational reform process, initiated by U Thein Sein's
Administration in 2011. This is now continuing under the elected
civilian administration led by Daw Aung San Suu Kyi which came to
power in April 2016 as a result of the first democratic elections
in 50 years. While the process is still evolving, the new
government has broad support and significant progress has been made
to the economic prospects of the country.
In October 2016, the United States government lifted all
remaining sanctions against Myanmar and re-admitted the country
into its preferred tariff system.
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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