Tender Offer

RNS Number : 1069J

Qatar Investment Fund PLC

02 August 2012

 



2 August 2012

Qatar Investment Fund PLC ("QIF" or the "Company")

Tender Offer

Shareholders will be aware that a discontinuation vote will be put to shareholders at the annual general meeting in 2012, in accordance with the Company's articles of association, and that  certain proposals will be put to shareholders.

As part of those proposals, the Board has resolved that it intends to make available a tender offer to provide shareholders the opportunity to tender up to 20% of their shareholding at a price which will reflect a 1 per cent. discount to Formula Asset Value per share (Formula Asset Value being net asset value less the costs of undertaking the tender offer). The Board intends to send a circular to shareholders at or around the end of September 2012 which will provide further details of the proposed tender offer, record date, tender offer date and its terms and conditions, together with the Company's annual report and other proposals in relation to the discontinuation vote.

In addition, the Board proposes a further 10% tender offer facility at 1 per cent. discount to Formula Asset Value in each of the fourth quarters of 2013 and 2014, if the average discount to NAV at which the shares trade in the twelve month period prior to the relevant tender offer date is greater than 10%.

Since the 2011 annual general meeting, the Company has bought back a total of 10.37 million shares, which represents 4.46% of the share capital as at 3 October 2011. The Company will seek a renewal of the share buyback authority at the 2012 annual general meeting to repurchase up to 14.99% of the outstanding issued share capital.

The tender offer date at which the Formula Asset Value will be calculated is expected to be in late 2012. Payment of monies is expected to take place approximately four weeks later.

For further information:

Qatar Investment Fund Plc [phone]

David von Simson

Panmure Gordon [phone]

Richard Gray/Andrew Potts

Oriel Securities [phone]

Joe Winkley/Neil Winward        

Maitland [phone]

William Clutterbuck/Sam Turvey

Galileo Fund Services Limited [phone]

Ian Dungate / Suzanne Jones

 

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