Proposed Tender Offer

RNS Number : 7955S

Genesis Emerging Markets Fund Ld

27 June 2018

 

This announcement includes inside information

GENESIS EMERGING MARKETS FUND LIMITED (the "Company") 

27 June 2018 

Proposed tender offer to purchase up to 10 per cent. of the ordinary shares in issue of the Company

The Board of Genesis Emerging Markets Fund Limited (the "Company") announces that it is proposing to undertake a tender offer for up to 10 per cent of the ordinary shares in issue at a price equivalent to 96.5 per cent of the prevailing net asset value per share at the time of the tender offer.

In addition to the tender offer the Board intends that if the NAV total return over the 5 years ending 30 June 2021 does not exceed the Company's benchmark total return, the Company will undertake a further tender offer for up to a further 25 per cent of the Company's issued share capital. That further tender offer, if made, will be on such specific terms, including regarding pricing, as are announced at the time.

In addition, the Board intends to increase the Company's marketing to existing and potential new investors.

The Board anticipates that these actions and an increased focus on marketing will help address the persistent discount to net asset value. 

The Board intends to post a circular to shareholders in due course containing details of the tender offer, timetable and the procedure for tendering shares. 

Enquiries: 

Jonathan Snow - 020 7201 7200 - Genesis Investment Management, LLP

William Simmonds - 020 7742 4000 - J.P. Morgan Cazenove

 

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