Final exercise of subscription shares

RNS Number : 3041R

Advance Developing Markets Fund Ltd

02 November 2011

 



2 November 2011

Advance Developing Markets Fund Limited

Final exercise of subscription shares

Advance Developing Markets Fund Limited (the "Company") announces that on the final exercise date of 31 October 2011 9,087,474 subscription shareholders exercised their right to subscribe for a total of 9,087,474 ordinary shares of 1p each at an exercise price of 291p per ordinary share.

A total of 742,679 subscription shares have not been exercised.  In accordance with the terms and conditions of the subscription shares, the Company has appointed a trustee who, provided that in the trustee's opinion the net proceeds of sale (after deduction of all costs and expenses incurred) will exceed the costs of subscription, shall, by 14 November 2011, exercise all the subscription rights which have not been exercised and sell in the market the ordinary shares for the benefit of such holders. The trustee will then distribute the net proceeds to the persons entitled thereto by 31 December 2011, except that entitlements amounting to less than £5.00 shall be retained for the benefit of the Company. All rights attaching to any subscription shares which are not exercised by the trustee prior to 14 November 2011 shall lapse on that date.

Applications will be made to the UK Listing Authority and the London Stock Exchange for any ordinary shares arising from the exercise of subscription rights referred to above to be admitted to the Official List and to trading on the main market of the London Stock Exchange. A further announcement will be made in due course confirming the expected date of admission and the resultant issued share capital of the Company.

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]

 

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