Africa OpportunityFd - Mandatory Redemption of Shares
28/06/2022 16:43
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RNS Number : 5254Q Africa Opportunity Fund Limited 28 June 2022
28 June 2022
Africa Opportunity Fund Limited
Mandatory Redemption of Shares
· REDEMPTION DATE 6 JULY 2022
· AOF WILL RETURN $4.5 MILLION TO SHAREHOLDERS
· REPRESENTS 18.4% OF ORDINARY SHAREHOLDER NET ASSET VALUE AT 31
MAY 2022
* * *
The Board of Directors of Africa Opportunity Fund Limited ("AOF" or the
"Company") is pleased to announce AOF's initial capital distribution in
respect of the Company's Ordinary Shares of US$0.01 each (a "Mandatory
Redemption").
AOF has benefitted from realisations from its underlying portfolio and the
Company has resolved to return a total of $4.5 million to AOF Ordinary
Shareholders.
The $4.5 million capital return (the equivalent of approximately 4,573,170
Ordinary Shares, or 18.4% of Ordinary Shareholder NAV) will be by way of a pro
rata compulsory redemption of Ordinary Shares at a price equal to the
prevailing NAV per Ordinary Share of $0.984 as at 31 May 2022 (being the most
recent monthly NAV per Ordinary Share available as of the date of this
announcement) for Ordinary Shareholders on the register of members as at close
of business on 6 July 2022 ("Record Date"). Unless circumstances require
otherwise, this NAV will form the NAV per Ordinary Share as of the date of
redemption.
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 13
July 2022. Any share certificates for the balance of holdings of shares will
also be despatched to shareholders on or around 13 July 2022.
The Company currently has 24,787,758 Ordinary Shares in issue. All of the
Ordinary Shares redeemed on the redemption date will be cancelled and any
fractions of shares will be rounded down to the nearest whole share.
The Ordinary Shares will be disabled in Euroclear or Clearstream on the Record
Date and the existing ISIN number KYG012921469 (the "Old ISIN") will
expire. A new ISIN number KYG012922038 (the "New ISIN") in respect of the
remaining Ordinary Shares which have not been redeemed will be enabled and
available for transactions on 7 July 2022 ("Ex Date"). For the period up to
and including the Record date, Ordinary Shares will be traded under the Old
ISIN and as such, a purchaser of such shares may have a market claim for the
redemption proceeds following the activation of the New ISIN. Euroclear or
Clearstream will automatically transfer any open transactions as at the
redemption date to the New ISIN.
DIRECTOR'S INTERESTS
As of 28 June 2022, Robert Knapp and Myma Belo-Osagie Directors of the
Company, owned 4,001,616 and 33,117 Ordinary Shares, respectively. As a result
of the Mandatory Redemption described above, Robert Knapp and Myma
Belo-Osagie are expected, immediately following the redemption date, to hold
approximately 3,263,346 and 27,008 Ordinary Shares, respectively.
* * *
For more information please contact:
Africa Opportunity Fund Limited
Francis
Daniels
Tel: +2711 684 1528
Liberum (Corporate Broker)
Tel: +44 20 3100 2000
Darren Vickers
Owen Matthews
For more information about AOF, see www.africaopportunityfund.com
(http://www.africaopportunityfund.com)
LEI: 213800R1UVN1T8YXS179
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