Exercise of outstanding Subscription Share Rights

RNS Number : 6547G

India Capital Growth Fund Limited

09 August 2016

 

9 August 2016

INDIA CAPITAL GROWTH FUND LIMITED

(the "Company" or "ICGF")

(a closed-ended investment company incorporated with limited liability under the Laws of Guernsey with registered number 43916)

Exercise of outstanding Subscription Share Rights

India Capital Growth Fund Limited (the "Company") announces that further to the announcement on 8 August 2016, the Subscription Trustee has exercised all of the 3,782,264 outstanding Subscription Share Rights (the "Rump"). The ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") that arose from the exercise of the Rump have been sold by Numis by way of a secondary market placing, raising total proceeds of £2.577m. After deduction of the cost of exercising the Subscription Shares Rights of the Rump of £2.307m and all the costs and expenses of the Subscription Trustee, the Registrar and the secondary market placing, the resultant net proceeds will be distributed by the Registrar to the holders of the Rump in proportion to their Subscription Shareholding by 19 August 2016.

Following the exercise of all Subscription Share Rights, the Company has raised a total of £22.875m resulting in the total assets of the Company now exceeding £100m. Almost all the funds raised will be placed with the Company's custodian in India and subsequently invested predominantly in mid and small cap Indian companies consistent with the stated investment objectives of the Company.

Accordingly, the Company announces that it will be issuing and allotting a further 3,782,264 Ordinary Shares, pertaining to the outstanding Subscription Share Rights exercised by the Subscription Trustee, subject to admission to trading. Application has been made for the new Ordinary Shares to be admitted to trading on AIM. It is expected that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 10 August 2016.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission the issued ordinary share capital of the Company will consist of 112,502,173 Ordinary Shares with voting rights attached. The Company does not hold any shares in treasury.  This figure of 112,502,173 may be used by the Company's shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in the share capital of the Company under the DTRs.

The information contained within this RNS is considered to be inside information prior to its release.

Enquiries

Ocean Dial Asset Management Limited (Investment Manager)

Robin Sellers / David Cornell

020 7068 9870

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett / Jen Clarke

020 7383 5100

Numis Securities Limited (Broker)

Nathan Brown / Hugh Jonathan, Corporate Broking and Advisory

Chris Gook / David Luck, Sales

020 7260 1000

Apex Fund Services (Guernsey) Limited (Administrator)

Stephen Cuddihee

01481 706999

 

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