Director/PDMR Shareholding

RNS Number : 3709Q

Utilico Emerging Markets Limited

08 April 2009

UTILICO EMERGING MARKETS LIMITED

Directors' Dealings

Utilico Emerging Markets Limited (the 'Company') announces the following purchases of ordinary shares of 10p each in the Company by its Directors on 8 April 2009 at 98.0p per share. These purchases were made to satisfy the Directors' fee for the quarter ended 31 March 2009, as detailed in the Company's admission document dated 14 July 2005 ('Admission Document').

Director	Ordinary shares purchased in lieu of fees	Total ordinary shareholding	% of issued ordinary shares	Warrants	% of issued warrants	S shares	% of issued S shares
A Zagoreos	8,883	358,597	0.17	-	-	5,423	0.06
C D O Jillings	6,345	906,092	0.42	293,093	0.91	10,846	0.12
G A Madeiros	8,249	81,804	0.04	-	-	8,134	0.09
G P D Milne	6,345	486,757	0.23	86,239	0.27	-	-
K O'Connor	6,345	482,086	0.23	74,668	0.23	5,423	0.06

The Admission Document stated that the Directors would be entitled to the number of ordinary shares that, when valued at the fully diluted net asset value per ordinary share ('NAV') at the end of the quarter to which the Directors' fee relates, equals 25 per cent. of the Director's annual fee. At a Board meeting on 18 February 2009, the Directors discussed the existing mechanics involved in calculating the number of ordinary shares due to them in lieu of fees. The current discount to NAV has resulted in the Directors becoming disadvantaged when required to invest in the Company's shares under the existing fee arrangement. The Board therefore determined that when the Company's shares are trading at a discount at the end of the quarter to which the Directors' fee relates, each Director will be put in funds for the purpose of purchasing shares in the market at a price (including transaction costs) equivalent to the quantum of fee due to them. For the avoidance of doubt, the change to the way in which the number of shares is calculated will not alter the quantum of fee due to each Director.