TIDMMIL
RNS Number : 2439V
Myanmar Investments Intl Ltd
02 December 2019
This announcement contains inside 2 December 2019
information
Myanmar Investments International Limited
Warrant Exercise Window
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the AIM-quoted Myanmar focused investment company,
today announces that the window for warrantholders to exercise all
or any of the warrants held by them is now open and will remain
open until 31 December 2019 (the "Exercise Window"). The terms
applicable to the Exercise Window reflect the terms of the Warrant
Instrument adopted on 21 May 2018 (the "Warrant Instrument"), a
copy of which can be found on the Company's website at
http://myanmarinvestments.com/shares-warrants-and-esops/.
Warrantholders are able to exercise their warrants during the first
calendar month of each Quarter (as defined in the Warrant
Instrument) until 31 December 2021 and the date of exercise for all
notices received during the Exercise Window will be 31 December
2019.
Cash exercise
In accordance with the terms of the Warrant Instrument, one new
ordinary share of nil par value ("Ordinary Share") will be issued
for each existing warrant together with payment of the exercise
price of US$0.90.
Cashless exercise
As announced on 28 November 2019, the Company's net asset value
per Ordinary Share as at 30 September 2019 was US$0.85.
Further, the volume weighted average sale price for the
Company's Ordinary Shares traded on AIM during the Trading Days
between September and November 2019 was US$0.83.
As both of these values are below the US$0.90 exercise price and
applying the cashless exercise formula set out in the Warrant
Instrument, any cashless exercise of the warrants during this
Exercise Window would not give rise to any warrants being
issued.
Exercise and Admission
Warrantholders who wish to exercise their warrants for cash
should deliver the appropriate documentation to the Company in
accordance with the requirements of clause 4 of the Warrant
Instrument to arrive on or before 31 December 2019.
Application will be made to the London Stock Exchange for the
admission of the Ordinary Shares issued on the exercise of the
warrants to trading on AIM, should such exercise occur in the
Exercise Window. It is anticipated that admission to trading of,
and dealings in, the Ordinary Shares issued pursuant to the
exercise of warrants in the Exercise Window, will commence on AIM
no later than 10 business days following the close of the Exercise
Window.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
Nick Paris Michael Rudolf
Managing Director Chief Financial Officer
Myanmar Investments International Myanmar Investments International
Ltd Ltd
+95 (0) 1 391 804 +95 (0) 1 391 804
nickparis@myanmarinvestments.com michaelrudolf@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. At the
Annual General Meeting on 24 October 2019, the Company's
shareholders approved a change in the investment policy of the
Company to now seek to harvest the Company's investments over
time.
MIL's largest investment to-date (US$21 million investment for a
9.1 per cent effective shareholding) is in Apollo Towers, one of
Myanmar's 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 tie-up with Pan Asia Towers is expected to
produce a more efficient and profitable combined investment with
greater prospects for an eventual liquidity event.
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 per cent 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. On 28 November 2019, the Company announced
that it had agreed to dispose of its entire shareholding in
Medicare to one of its joint venture partners. The consideration is
US$1,000,000 and completion is expected to take place before the
end of December 2019.
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 per cent; 68 per cent of
the population is of working age (between 15 and 65); and 28 per
cent 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 6.8 per cent through to 2024.
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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