Result of Tender Offer and Tender Price
A total of 48,376,920 Eligible Shares (being 75.4 per cent. of the Company's Shares in issue as at 7 November 2013) were validly tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed. The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 1.81 per cent. of the excess Shares tendered.
6,412,758 Shares will be repurchased by the Company under the Tender Offer and cancelled, equating to 10 per cent. of the Company's Shares in issue as at 7 November 2013.
It is expected that cheques will be despatched and CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares and that the balancing Share certificates and TFE messages in respect of any unpurchased Eligible Shares will be despatched during the week commencing 16 December 2013.
Following the implementation of the Tender Offer the Company will have 57,715,696 Shares in issue (excluding 2,672,278 Shares held in Treasury).
Accordingly, 57,715,696 Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company under the FCA's Disclosure and Transparency Rules.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.
For further information, please contact:
Advance Developing Markets Fund Limited
Richard Bonsor, Chairman 020 7484 7484
Westhouse Securities Limited
Financial adviser and broker
Alastair Moreton 020 7601 6118
Hannah Young
Darren Vickers