Distribution of Tender Offer Proceeds

RNS Number : 6630F

Africa Opportunity Fund Limited

28 April 2011

 



28 April 2011

Africa Opportunity Fund Limited ("AOF" or "the Company")

Announcement of Distribution of Tender Offer Proceeds

Africa Opportunity Fund Limited announces a tender offer distribution of $0.0275 per share will be paid as of 13 May 2011 to those former AOF shareholders (the "Former Shareholders") who tendered their ordinary shares of AOF to the Company on 19 February 2009 (the "Tender Date").  This amount has been calculated in accordance with the terms of the Company's tender offer circular, dated 4 February 2009.

This distribution represents proceeds from approximately 30% of the securities remaining in the tender offer pool (the "Tender Offer Pool") as measured as of 31 March 2011.  Subsequent distribution(s) to the Former Shareholders will be made as and when the Company believes it to be appropriate to realize the remaining investments in the Tender Offer Pool.  The Company estimates the current unrealized value of the remaining investments to the Tender Offer Pool at approximately $0.06 per share, based on current market conditions and other related factors.  There can be no assurance that the future realized value of the few remaining investments in the Tender Offer Pool will equal or exceed the current unrealized value of those investments. 

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels                                     Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett                                        Tel:  [phone]

LCF Edmond de Rothschild Securities Limited (Nominated Broker)

Claire Heathfield/Hiroshi Funaki            Tel: [phone]

 

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