Result of Tender Offer

RNS Number : 9151X

Genesis Emerging Markets Fund Ld

15 August 2018

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

15 August 2018                       

This announcement contains inside information within the meaning of Regulation (EU) No 596/2014 on market abuse.

                        Genesis Emerging Markets Fund Limited (the "Company")

                                                     Tender offer results



Further to the tender offer launched by the Company on 19 July 2018 (the "Tender Offer") for up to 10 per cent. of the Company's issued share capital (the "Shares") the Company today announces:

·      that 76,132,252 Shares were validly tendered pursuant to the Tender Offer, equal to 56.4 per cent. of the 134,963,060 Shares in issue; and

·      that at the Extraordinary General Meeting held at 11.00 a.m. today at 60 Victoria Embankment, London EC4Y 0AP, the special resolution as set out in the Notice of Meeting dated 19 July 2018 authorising the Company to make market purchases pursuant to the Tender Offer was unanimously passed by way of a show of hands.

The maximum number of Shares in respect of which tenders will be satisfied (the "Available Shares") representing 10 per cent. of Shares in issue as at 17 July 2018, the latest practicable date prior to the publication of the circular containing details of the Tender Offer, is 13,496,306.

Accordingly, Eligible Shareholders who validly tendered a percentage of their Shares equal to or less than their Basic Entitlement shall have all tendered Shares purchased in full under the Tender Offer.

Eligible Shareholders who validly tendered a percentage of Shares greater than their Basic Entitlement will have an amount of Shares equal to their Basic Entitlement purchased in full plus approximately 2.639 per cent. of their Excess Applications, rounded down to the nearest whole number of Shares in accordance with the process described in the circular announcing the Tender Offer.

After taking account of the rounding down of each valid applicant's participation to the nearest whole Share, the Company will purchase in aggregate 13,496,306 Shares under the Tender Offer.

The price at which tendered Shares will be purchased (the "Tender Price") will be equal to 96.5 per cent. of the Net Asset Value per Share of the Company as at the close of business on the NAV Determination Date of 16 August 2018. The final Tender Price for successfully tendered Shares shall be announced on 17 August 2018.

The number of votes for and against the special resolution to approve the purchase of Shares pursuant to the Tender Offer and the number of votes withheld were as follows:

For	Against	Withheld
98,811,871	3,425	703

In total, 73.2 per cent. of the Shares in issue voted on the resolution.

"Votes withheld" are not votes in law and are not counted in the calculation of the proportion of votes for or against a resolution.

Enquiries:

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

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

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