Admission and First Day of Dealings

RNS Number : 5500E

Weiss Korea Opportunity Fund Ltd

14 May 2013

 



14 May 2013

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH AFRICA OR TO US PERSONS. THIS ANNOUNCEMENT IS NOT AN ADMISSION DOCUMENT. THIS DOCUMENT DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SHARES IN THE COMPANY OR SECURITIES IN ANY OTHER ENTITY NOR SHALL IT OR ANY PART OF IT NOR THE FACT OF ITS DISTRIBUTION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION IN RELATION THERETO. THIS DOCUMENT DOES NOT CONSTITUTE A RECOMMENDATION REGARDING ANY SECURITIES.

Weiss Korea Opportunity Fund Ltd.

Admission and First Day of Dealings

Weiss Korea Opportunity Fund Ltd. ("WKOF" or the "Company") is pleased to announce that the Company has raised gross proceeds of £105 million by means of a placing of Ordinary Shares in the Company and will today be admitted to trading on the AIM market of the London Stock Exchange under the ticker WKOF with an ISIN of GG00B933LL68.

Admission Details:

·      The offer has raised GBP105 million before expenses through the placing of 105 million new Ordinary Shares (the "Placing").

·      The Placing was significantly over-subscribed.

·      The net proceeds of the Placing will, after deducting all expenses (fixed at 2% of the gross proceeds of the Placing), be primarily invested in listed preferred shares issued by companies incorporated in South Korea.

·      N+1 Singer is acting as Financial Adviser, Nominated Adviser and Broker to the Company.

·      Shares will be credited to CREST accounts and despatch of definitive share certificates (where applicable) is expected in the week commencing 27 May 2013.

Norman Crighton, Non-executive Chairman of the Company, said:

"We are pleased with the investor response to the launch of Weiss Korea Opportunity Fund.  The significantly oversubscribed placing demonstrates the attraction to investors of the Company's exposure to this asset class, backed by a strong team at Weiss Asset Management.  We are excited about the Company's potential for attractive returns predominantly through long-term capital appreciation. "

Dr. Andrew Weiss, the founder and Chief Investment Officer of Weiss Asset Management LP, the Investment Manager, said:

"I have been pleased with the investor response to our investment strategy. We have been investing in South Korea for more than ten years, and I am excited to have launched a closed-end fund to pursue this compelling investment opportunity."

The Company's admission document will be made available on the Company's website: http://www.weisskoreaopportunityfund.com on or prior to Admission becoming effective.

For further information please contact:

Northern Trust International Fund Administration Services (Guernsey) Limited Cara De La Mare	[phone]
N+1 Singer James Maxwell / Nick Donovan - Nominated Adviser James Waterlow / Alan Geeves / Sam Greatrex - Sales	[phone]

Overview of WKOF

Weiss Korea Opportunity Fund Ltd. is a newly incorporated company registered in Guernsey.  The Company has not commenced operations.  The Company has appointed Weiss Asset Management LP (the "Investment Manager") as its investment manager and has been registered by the Guernsey Financial Services Commission as a registered closed-ended investment scheme.

The Company's investment objective is to provide shareholders with an attractive return on their investment predominantly through long-term capital appreciation.  The Company intends to return to shareholders dividends received on an annual basis.

The Company will be geographically focused on South Korean companies.  Specifically, the Company intends to invest primarily in listed preferred shares issued by companies incorporated in South Korea, which in many cases are currently trading at a discount to the corresponding common shares of the same companies.  The Investment Manager intends to assemble a portfolio of Korean preferred shares that it believes are undervalued and could appreciate based on criteria it selects.  Some of the considerations that will affect the Investment Manager's choice of securities to buy and sell may include the discount at which a preferred share is trading relative to its respective common shares, its dividend yield, its liquidity and its common shares weighting (if any) in an MSCI Korea Index, among other factors.  Not all these factors will necessarily be satisfied for particular investments.  The Investment Manager will not generally make decisions based on corporate fundamentals or its view of the commercial prospects of the issuer.  Preferred shares will be selected by the Investment Manager at its sole discretion subject to the overall control of the Board. 

The Company will invest primarily in Korean preferred shares, but it may invest some portion of its assets in other securities, including exchange-traded funds, futures contracts and other types of options, swaps and derivatives related to Korean equities, as well cash and cash equivalents.  The Company will not have any concentration limits. 

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