Allotment of ordinary shares

RNS Number : 3697R

Advance Developing Markets Fund Ltd

02 November 2011

 



2 November 2011

Advance Developing Markets Fund Limited

Allotment of ordinary shares

Further to the announcement made earlier today, Advance Developing Markets Fund Limited (the "Company") announces that it has been informed by the trustee, appointed by the Company in accordance with the terms and conditions of the subscription shares, that it has exercised the outstanding 742,679 subscription shares. A total of 9,830,153 ordinary shares have therefore been issued and allotted, subject to listing, following the final exercise date. The ordinary shares will rank pari passu with the existing ordinary shares.

Following the exercise of rights by the trustee, 742,679 ordinary shares have today been sold at a price of 400p per ordinary share. In accordance with the terms and conditions of the subscription shares, holders on whose behalf the trustee has exercised rights and sold the resulting ordinary shares, will receive the net proceeds of such sale over the subscription price, less associated costs and expenses, by 31 December 2011 (except for aggregate entitlements of less than £5.00, which will be retained by the Company).

Applications have been made to the UK Listing Authority and the London Stock Exchange for the ordinary shares arising from the exercise of all subscription rights to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission and commencement of dealings in the ordinary shares will take place on 8 November 2011. Cancellation of listing of the subscription shares is also expected to take effect at such time.

Following the allotment of the ordinary shares referred to above, with effect from admission, the Company's issued share capital will consist of 75,943,954 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they should determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

For further information please contact:

Advance Emerging Capital Limited

(Investment Manager)
Dr Slim Feriani                                                  Tel: [phone]                   

Cavendish Administration Limited

(UK Administration Agent)
Anthony Lee / Russell Scott                        Tel: [phone]

Westhouse Securities Limited

Financial Adviser and Broker

Alastair Moreton / Hannah Young            Tel: [phone]

 

END

 

 

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