Weiss Korea Opp Results of Realisation Opportunity
15 May 2017 - 4:00PM
UK Regulatory
TIDMWKOF
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH
AFRICA OR TO U.S. PERSONS
Weiss Korea Opportunity Fund Ltd.
("Weiss Korea" or "the Company")
Results of Realisation Opportunity
As described in the circular to Shareholders published on 20 March 2017, the
Company made available a Realisation Opportunity enabling Shareholders to elect
to realise all or a part of their shareholding on or prior to the fourth
anniversary of the Company's admission to AIM.
The Company today confirms that valid elections have been received from
Shareholders totalling 8,044,769 Ordinary Shares, representing approximately
8.6 per cent. of the Company's issued share capital, and such participating
Ordinary Shares have been redesignated as Realisation Shares.
None of the Directors and personnel associated with the Investment Manager
elected to participate in the Realisation Opportunity in respect of all or any
part of their respective shareholdings, and of the elections received in
connection with the Realisation Opportunity, 86 per cent. was represented by a
single shareholder.
With effect from today, the Realisation Date, the Company's current portfolio
has been divided into two pools:
i) The Continuation Pool; and
ii) The Realisation Pool.
Each Pool will be accounted for as a separate sub-portfolio, with assets and
liabilities comprised in the Company's current portfolio being apportioned to
the Realisation Pool pro rata to the number of participating Ordinary Shares in
respect of which Realisation Elections have been validly received. Those
assets in the current portfolio that are not divisible pro rata due to their
nature have been apportioned between the Pools as the Board in its sole
discretion deems fair and reasonable.
The assets comprising the Realisation Pool will be managed by the Investment
Manager as follows:
a) assets comprised in the Realisation Pool will be managed in accordance
with an orderly realisation programme with the aim of making progressive
returns of cash to holders of Realisation Shares; and
b) the Board may authorise the sale of assets to the Continuation Pool from
the Realisation Pool in order to return cash to holders of Realisation Shares.
The assets apportioned to the Continuation Pool will continue to be managed by
the Investment Manager in accordance with the Company's investment policy.
Further announcements in respect of the returns of cash to holders of
Realisation Shares will be made as and when appropriate. In particular, and as
set out in the circular to Shareholders, holders of Realisation Shares should
note that it is difficult to estimate how long it will take to sell all of the
assets comprising the Realisation Pool and distribute cash to Shareholders
holding Realisation Shares. The Realisation Shares will not be listed or
admitted to AIM.
Defined terms in this announcement shall have the same meaning as terms defined
in the circular dated 20 March 2017.
This announcement contains inside information.
Norman Crighton, Chairman of Weiss Korea, commented:
"The Board and the Investment Manager believe that the significant continuing
interest is consistent with their thesis about the valuation of Korean
preferred shares. As of 28 April 2017, the underlying portfolio had a weighted
average discount to the corresponding common shares of 39% and a price to
earnings ratio of only 8.3x, which the Board and Investment Manager believe
offer continuing investors a compelling long-term investment opportunity. In
addition to the Realisation Opportunity, the Company has previously repurchased
a cumulative 10.6% of the original shares outstanding as part of the Company's
discount management and remains committed to the highest standards of corporate
governance."
For further information, please contact:
N+1 Singer +44 20 7496 3000
James Maxwell/ Gillian Martin - Nomad
James Waterlow - Sales
Northern Trust International Fund +44 1481 745 323
Administration Services (Guernsey)
Limited
Sam Walden
Website
www.weisskoreaopportunityfund.com
END
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