Africa Opportunity Fund Limited Mandatory Redemption of Shares (5037Z)
24 Mai 2021 - 8:00AM
UK Regulatory
TIDMAOF
RNS Number : 5037Z
Africa Opportunity Fund Limited
24 May 2021
24 May 2021
Africa Opportunity Fund Limited
Mandatory Redemption of Shares
-- REDEMPTION DATE 1 June 2021
-- AOF WILL RETURN $7.2 MILLION TO SHAREHOLDERS
-- REPRESENTS 29.19% OF ORDINARY SHAREHOLDER NET ASSET VALUE AT 30 APRIL 2021
* * *
The Board of Directors of Africa Opportunity Fund Limited ("AOF"
or the "Company") is pleased to announce AOF's initial capital
distribution in respect of the Company's Ordinary Shares of US$0.01
each (a "Mandatory Redemption").
AOF has benefitted from a strong level of realisations from its
underlying portfolio and the Company has resolved to return a total
of $7.2 million to AOF Ordinary Shareholders.
The $7.2 million capital return (the equivalent of approximately
10,218,404 Ordinary Shares, or 29.19% of Ordinary Shareholder NAV)
will be by way of a pro rata compulsory redemption of Ordinary
Shares at a price equal to the prevailing NAV per Ordinary Share of
$0.7046 as at 30 April 2021 (being the most recent monthly NAV per
Ordinary Share available as of the date of this announcement) for
Ordinary Shareholders on the register of members as at close of
business on 1 June 2021 ("Record Date"). Unless circumstances
require otherwise, this NAV will form the NAV per Ordinary Share as
of the date of redemption.
Payments of redemption proceeds are expected to be effected
either through Euroclear or Clearstream (in the case of shares held
in uncertificated form) or by cheque (in the case of shares held in
certificated form) on or around 7 June 2021. Any share certificates
for the balance of holdings of shares will also be despatched to
shareholders on or around 7 June 2021.
The Company currently has 35,006,160 Ordinary Shares in issue.
All of the Ordinary Shares redeemed on the redemption date will be
cancelled and any fractions of shares will be rounded down to the
nearest whole share.
The Ordinary Shares will be disabled in Euroclear or Clearstream
on the Record Date and the existing ISIN number KYG012921386 (the
"Old ISIN") will expire. A new ISIN number KYG012921469 (the "New
ISIN") in respect of the remaining Ordinary Shares which have not
been redeemed will be enabled and available for transactions on 2
June 2021. For the period up to and including the Record date,
Ordinary Shares will be traded under the Old ISIN and as such, a
purchaser of such shares may have a market claim for the redemption
proceeds following the activation of the New ISIN. Euroclear or
Clearstream will automatically transfer any open transactions as at
the redemption date to the New ISIN.
DIRECTOR'S INTERESTS
As of 24 May 2021, Robert Knapp and Myma Belo-Osagie Directors
of the Company, owned 5,651,225 and 46,769 Ordinary Shares,
respectively. As a result of the Mandatory Redemption described
above, Robert Knapp and Myma Belo-Osagie are expected, immediately
following the redemption date, to hold approximately 4,001,616 and
33,117 Ordinary Shares, respectively.
* * *
For more information please contact:
Africa Opportunity Fund Limited
Francis Daniels Tel: +2711 684 1528
Liberum (Corporate Broker) Tel: +44 20 3100 2000
Darren Vickers
Owen Matthews
For more information about AOF, see
www.africaopportunityfund.com
LEI: 213800R1UVN1T8YXS179
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