Results of Placing

RNS Number : 6785E

Africa Opportunity Fund Limited

11 April 2014

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR THE UNITED STATES OF AMERICA OR TO US PERSONS.

11 April 2014

Africa Opportunity Fund Limited

Results of Placing

The Board of Africa Opportunity Fund Limited (the "Company") is pleased to announce that, as at the closing of the Placing, it had received valid applications in respect of 29,200,000 C Shares at a Placing Price of US$1.00, raising a total of $29.2 million before the expenses of the Issue.

It is expected that the C Shares will be credited to Euroclear / Clearstream accounts in uncertificated form as soon as practicable after 8:00 a.m. on 17 April 2014 and that definitive share certificates will be dispatched to the relevant Shareholders during the week commencing 28 April 2014.

Applications have been made to the London Stock Exchange plc ("LSE") for 29,200,000 C Shares to be admitted to trading on the LSE's Specialist Fund Market ("SFM"). The Company has also requested that its Ordinary Shares, which are currently admitted to trading on the LSE's AIM market, be admitted to trading on the SFM simultaneously. It is expected that such admissions will become effective and the dealings in both the Ordinary Shares and C Shares on the SFM will commence at 8:00 a.m. on 17 April 2014. Cancellation of the admission to trading of the Ordinary Shares on AIM is scheduled to take place at 8:00 a.m. on the same day.

Myma Belo-Osagie, chair of the Company commented:

"The Board is delighted that the Company has grown by over 55 per cent. through the Placing, and with the support shown to the Company's investment manager and the Company by existing shareholders and new investors."

Defined terms used in this announcement shall have the same meaning as ascribed to them in the prospectus of the Company dated 28 March 2014.

The dates and times specified are subject to change and will be notified by the Company through a Regulatory Information Service. All references to times in this announcement are to Greenwich Mean Time unless otherwise stated.

For further information, please contact:

Africa Opportunity Fund Limited
Robert Knapp                                                                                                                              Tel: [phone]

Africa Opportunity Partners Limited
Francis Daniels                                                                                                                            Tel: [phone]

Edmond de Rothschild Securities (UK) Limited, Placing Agent & Financial Adviser
William Marle / John Armstrong-Denby                                                                                 Tel: [phone]

Andrew Davies (Sales)                                                                                                              Tel: [phone]

Hiroshi Funaki                                                                                                                             Tel: [phone]

Grant Thornton UK LLP, Nominated Adviser                                 
Philip Secrett                                                                                                                               Tel: [phone]

David Hignell                                                                                                                              Tel: [phone]

This announcement has been prepared by the Company for information purposes only and does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, the C Shares in any jurisdiction. Any offer and/or sale of C Shares will not be registered under the applicable securities laws of the United States, Australia, Canada, South Africa or Japan. Subject to certain exceptions, the C Shares may not be offered or sold within the United States, Australia, Canada, South Africa or Japan or to any national, resident or citizen of the United States, Australia, Canada, South Africa or Japan. This announcement does not constitute any form of financial opinion or recommendation on the part of the Company or any of its affiliates or advisers and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities in any jurisdiction.

Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the securities referred to in this announcement or passed upon the adequacy or accuracy of this announcement. Any representation to the contrary is a criminal offence in the United States.

 

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