Update regarding Shoprite proceedings

RNS Number : 3962K

Africa Opportunity Fund Limited

29 July 2013

 



29 July 2013

Africa Opportunity Fund Limited

("AOF" or the "Company")

Update regarding Shoprite proceedings

Africa Opportunity Fund Limited (AIM: AOF) announces, as was foreshadowed in the Company's report and accounts for the year ended 31 December 2012, Shoprite Holdings Limited and Shoprite Checkers (PTY) Limited (together "Shoprite") have commenced proceedings in the High Court of Zambia seeking to effectively reverse various trades undertaken by investors (including the Company) in the shares of Shoprite on the Lusaka Stock Exchange between December 2004 and May 2011.

The Company is not actually named as a party to the proceedings begun by Shoprite which has instead chosen to proceed against various nominees who held the shares in Shoprite on behalf of the Company. 

The Company has considered the statement of claims served by Shoprite, in conjunction with its legal advisers, and concluded that those claims are without merit and the Company should be successful in its defense against those claims.  The Company believes it has full legal title over its Shoprite ordinary shares and will take all steps necessary to preserve and protect value for its shareholders.

The Company will provide further updates as the process progresses, in due course.

For further information please contact:

Africa Opportunity Fund Limited

Francis Daniels                                                             Tel: [phone]

Grant Thornton Corporate Finance (Nominated Adviser)

Philip Secrett/David Hignell/ Jamie Barklem                   Tel: [phone]

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

 

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