TIDMMIL
RNS Number : 1555M
Myanmar Investments Intl Ltd
04 January 2019
4 January 2019
Myanmar Investments International
Limited Exercise of Warrants
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the AIM-quoted, Myanmar focused investment company,
today announces that it has received notice of the exercise of
1,015,215 AIM-quoted warrants, which trade under the TIDM:MILW (the
"Warrants"). The Warrants allow the Warrant holder to acquire
ordinary shares of nil par value of the Company (the "Ordinary
Shares").
The 1,015,215 Warrants were exercised during the period which
ended on 31 December 2018 and of those Warrants:
-- 377,486 were exercised at a price of $0.90 per new Ordinary
Share for a total subscription amount of US$339,734; and
-- 637,729 were exercised cashlessly at the previously announced
ratio of 7.56 Warrants for a new Ordinary Share, resulting in
84,355 new Ordinary Shares being issued.
In total 461,841 new Ordinary Shares were issued for a total
subscription amount of US$339,734.
Total Voting Rights
Application will be made to the London Stock Exchange for
admission of 461,841 Ordinary Shares to trading on AIM (
"Admission") and it is expected that Admission will take place and
that trading will commence on AIM on or around 9 January 2019.
The issued share capital of the Company following the issue of
the new Ordinary Shares will be 38,097,037 Ordinary Shares of nil
par value, with voting rights. The Company does not hold any
Ordinary Shares in Treasury. In addition, following the reduction
of the 1,015,215 Warrants pursuant to the exercise, the Company
will have 14,128,387 Warrants in issue.
Following Admission, the above figure of 38,097,037 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information please contact:
Craig Martin 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
craigmartin@myanmarinvestments.com mikedean@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Barklem William Marle / Giles Rolls
/ Seamus Fricker finnCap Ltd
Grant Thornton UK LLP +44 (0) 20 7220 0500
+44 (0) 20 7383 5100
For more information about MIL, please visit
www.myanmarinvestments.com
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.
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 to-date (US$21 million investment for a
9.1% effective shareholding) is in Apollo Towers, Myanmar's second
largest telecommunications towers company with approximately 1,800
towers. Apollo operates in the high growth telecommunications
sector with a strong management that is growing the number of
co-locations (i.e. multiple tenancies) on its portfolio of towers.
The reorganisation with Pan Asia Towers is expected to produce a
more efficient and profitable combined investment with greater
prospects for an eventual liquidity event. In June 2016, 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 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.
MIL's third investment in May 2017 was into Medicare
International Health and Beauty Pte. Ltd., ("Medicare"). This was a
greenfield pharmacy, healthcare and personal care product retail
franchise joint venture. The joint venture partners are: a) H&B
Management Solutions Pte. Ltd., which owns Medicare Vietnam, one of
the largest pharmacy, health, beauty and personal care retail
groups which runs over 70 outlets in Vietnam; and b) Randy Guttery,
an industry veteran in the retail sector in Asia. It is expected
that Medicare 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. As of 30 September, MIL has invested
US$1.9 million for a 48.6% shareholding in Medicare and expects to
invest more as the store rollout programme continues.
Myanmar, a country of approximately 54 million people and
roughly the size of France, has been isolated for much of the last
50 years. Strategically situated in one of the world's most
economically dynamic regions amid the intersection of India, China
and South East Asia it is a key component of China's 'One Belt One
Road' strategy providing direct access to the Indian Ocean.
Whilst it was once one of the more prosperous countries in
Southeast Asia with 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. However, it
has a number of competitive advantages: a population of 54 million
people (it is the 26th most populous country in the world); a large
workforce with a high literacy rate of 90%; 68% of the population
is of working age (between 15 and 65); and 28% of the population is
under 24 which is expected to provide a strengthening consumer
demand. According to the IMF, Myanmar's GDP growth rate is expected
to be 7.0% through to 2023.
Myanmar has undergone an unprecedented transformational reform
process, initiated by the U Thein Sein administration in 2011. The
elections in 2015 were the first democratic elections in 50 years.
This remarkable change has not been without its difficulties and
the situation in Rakhine state, which stems from a complex and
historically charged background, remains un-remedied. The Advisory
Commission on the Rakhine State crisis, led by the late former UN
Secretary-General Kofi Annan, has provided an important framework
which can provide the foundations for addressing the distressing
situation there.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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