Completion of Mandatory Redemption

RNS Number : 7107Q

Africa Opportunity Fund Limited

23 June 2020

 

23 June 2020

Africa Opportunity Fund Limited

Completion of Mandatory Redemption

PDMR Dealings

The Board of Directors of Africa Opportunity Fund Limited ("AOF" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's Ordinary Shares announced on 15 June 2020 has been completed with the redemption of  9,565,216 Ordinary Shares ("Mandatory Redemption").

On 22 June 2020 , AOF redeemed 9,565,216 Ordinary Shares, on a pro rata basis, at the prevailing NAV per Ordinary Share of $ 0.5750 as at 31 May 2020 .  Such shares were cancelled automatically following their redemption.

Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.

Payments of redemption proceeds are expected to be effected either through Euroclear or Clearstream (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 25 June 2 020 . Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 25 June 2020.

Following the Mandatory Redemption, the Company has 35,006,160   Ordinary Shares in issue.

The Ordinary Shares were disabled on the record date ( 22 June 2020 ) and the ISIN number KYG012921204 (the "Old ISIN") has expired. The new ISIN number KYG012921386 (the "New ISIN") in respect of the remaining 35,006,160 Ordinary Shares which have not been redeemed will be enabled and will be available for transactions on 23 June 2020.

DIRECTOR'S INTERESTS

As of 15 June 2020, Robert Knapp and Myma Belo-Osagie, Directors of the Company, owned 7,195,387 and 59,548 Ordinary Shares, respectively. As a result of the Mandatory Redemption described above, Robert Knapp and Myma Belo-Osagie now hold 5,651,225 and 46,769 Ordinary Shares, respectively.

The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation, are appended below.

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For more information please contact:

Africa Opportunity Fund Limited

Francis Daniels  Tel: [phone]

Liberum (Corporate Broker)                                  Tel: [phone]

Gillian Martin

Owen Matthews

For more information about AOF, see www.africaopportunityfund.com

LEI: 213800R1UVN1T8YXS179

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Robert Knapp
2	Reason for the notification
a)	Position/status	Non-executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Africa Opportunities Fund Limited
b)	LEI	213800R1UVN1T8YXS179
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of $0.01 each ("Ordinary Shares") ISIN number KYG012921386
b)	Nature of the transaction	Mandatory Redemption of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) $0.575 1,544,162
d)	Aggregated information - Aggregated volume - Price	N/A  - Single Transaction
e)	Date of the transaction	23/06/2020
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Myma Belo-Osagie
2	Reason for the notification
a)	Position/status	Non-executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Africa Opportunities Fund Limited
b)	LEI	213800R1UVN1T8YXS179
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of $0.01 each ("Ordinary Shares") ISIN number KYG012921386
b)	Nature of the transaction	Mandatory Redemption of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) $0.575 12,779
d)	Aggregated information - Aggregated volume - Price	N/A  - Single Transaction
e)	Date of the transaction	23/06/2020
f)	Place of the transaction	London Stock Exchange

 

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