Africa Opportunity Fund Limited Update regarding Shoprite proceedings (3962K)
29 Juli 2013 - 5:00PM
UK Regulatory
TIDMAOF
RNS Number : 3962K
Africa Opportunity Fund Limited
29 July 2013
29 July 2013
Africa Opportunity Fund Limited
("AOF" or the "Company")
Update regarding Shoprite proceedings
Africa Opportunity Fund Limited (AIM: AOF) announces, as was
foreshadowed in the Company's report and accounts for the year
ended 31 December 2012, Shoprite Holdings Limited and Shoprite
Checkers (PTY) Limited (together "Shoprite") have commenced
proceedings in the High Court of Zambia seeking to effectively
reverse various trades undertaken by investors (including the
Company) in the shares of Shoprite on the Lusaka Stock Exchange
between December 2004 and May 2011.
The Company is not actually named as a party to the proceedings
begun by Shoprite which has instead chosen to proceed against
various nominees who held the shares in Shoprite on behalf of the
Company.
The Company has considered the statement of claims served by
Shoprite, in conjunction with its legal advisers, and concluded
that those claims are without merit and the Company should be
successful in its defense against those claims. The Company
believes it has full legal title over its Shoprite ordinary shares
and will take all steps necessary to preserve and protect value for
its shareholders.
The Company will provide further updates as the process
progresses, in due course.
For further information please contact:
Africa Opportunity Fund Limited
Francis Daniels Tel: +2711 684 1528
Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett/David Hignell/ Jamie Barklem Tel: +44 207 383 5100
For more information about AOF, see
www.africaopportunityfund.com
This information is provided by RNS
The company news service from the London Stock Exchange
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