Fidelity China Special Situations PLC (the "Company")
18 February 2011
Result of the Open Offer, Placing and Offer for Subscription of C Shares
On 7 January 2011, the Company announced the open offer, placing and offer for
subscription of up to 166,250,000 C Shares.
The Board is pleased to announce that monies totalling £166.25 million (before
costs and expenses) have been raised pursuant to the issue and that the issue
has been fully subscribed and as such all applications for C Shares have been
satisfied.
The Company has received applications from existing shareholders under the one
for three open offer of 93,061,637 C Shares being 56 per cent of the C shares
available in the Open Offer. The Board have additionally allotted 73,188,363 C
Shares under the placing and offer for subscription. The net proceeds of the
Issue will be £162.1 million.
To put these figures into a broader market context:
* Fidelity China Special Situations PLC, post the C Share conversion, will
become the second largest London listed Emerging Market Investment Company;
* Fidelity China Special Situations PLC will be the largest Investment
Company on the London Stock Exchange providing specific exposure to China;
and
* Fidelity China Special Situations PLC is the largest issuer of equity in
the closed end sector for the last 12 months.
John Owen, Chairman of Fidelity China Special Situations PLC, commented
"We have seen overwhelming and widespread support for the C Share issue from
both existing shareholders and many new individual investors. We are delighted
with the response and welcome all our new investors. The fact that the offer
was fully subscribed confirms that the combination of Anthony Bolton and the
long-term investment potential of China continue to resonate with investors. We
look forward to continuing to deliver value for our shareholders."
Anthony Bolton, added
"I'm delighted that the offer has been fully subscribed for by investors who
have endorsed my enthusiasm for the China investment story."
The open offer, placing and offer for subscription are conditional upon, inter
alia, the admission of the C Shares to trading on the London Stock Exchange and
to the official list of the UK Listing Authority ("Admission"). On 28 February
2011, it is expected that Admission will become effective and dealings in the C
Shares will commence on the London Stock Exchange at 8.00 a.m. In addition the
C Shares will be converted into Ordinary Shares following the Board confirming
the conversion ratio. Dealings in the new Ordinary Shares will commence on 1
March 2011.
Christopher Pirnie, FIL Investments International
Company Secretary
Contact for queries:
For Press Enquiries, please contact Anne Read on 020 7961 4409 or 07850 549839
and for all other queries, please contact the Company's Bookrunner and Broker,
Cenkos Securities plc through Charlie Ricketts on 0207 397 1911 or Will Rogers
on 0207 397 1920.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.