REG - Ashoka India Equity - Publication - Circular & Notice of General Meeting

Ashoka India Equity Investment TrustAnnouncement

16/04/2024 07:00

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RNS Number : 6890K  Ashoka India Equity Investment Tst  16 April 2024

16 April 2024

LEI: 213800KX5ZS1NGAR2J89

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO
INDIA, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA,
JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE
PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.
PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS
ANNOUNCEMENT.

Ashoka India Equity Investment Trust plc

(the "Company" or "Ashoka India Equity Investment Trust")

Publication of Circular and Notice of General Meeting

 

Ashoka India Equity Investment Trust announces that it has today published a
shareholder circular (the "Circular") to convene a general meeting to be held
on 3 May 2024 (the "General Meeting"). The purpose of the Circular is to
provide shareholders with details of a proposed new share issuance programme
together with details of a proposed change to the Company's investment policy
(together the "Proposals") and to convene the General Meeting to obtain the
required shareholder approvals for the Proposals.

 

Share issuance programme

The Company is seeking shareholder approval to issue up to 150 million new
ordinary shares on a non-pre-emptive basis in connection with the
implementation of a new share issuance programme. The implementation of the
share issuance programme requires the publication of a prospectus. The Company
intends to publish a prospectus containing details of the new share issuance
programme shortly. A further announcement giving details of the prospectus and
the share issuance programme will be made in due course.

Proposed change to investment policy

The current investment policy states that "it is expected that the Company's
portfolio will comprise approximately 50 to 100 investments although, in order
to allow the Investment Manager and Investment Adviser flexibility to take
advantage of opportunities as they arise, the portfolio may occasionally
comprise holdings outside of this range". As detailed in the Circular, the
Company is now seeking shareholder approval to remove the upper end of this
range, with the amended investment policy to state that the Company's
portfolio will comprise a minimum of approximately 50 investments. The change
is being proposed to increase flexibility in the number of investments the
Company can hold at any time to benefit from the increased investable universe
in India since the Company's IPO. No other changes to the investment policy
are being proposed.

 

Full details of the resolutions to be voted on by shareholders of the Company
at the General Meeting, along with the time and location of the General
Meeting, are contained within the Circular.

 

Copies of the Circular will shortly be available for inspection at the
Company's registered office (6th Floor, 125 London Wall, London EC2Y 5AS) and
via the Company's website (www.ashokaindiaequity.com
(http://ashokaindiaequity.com) ). The Circular will also shortly be available
via the National Storage Mechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism).

This announcement has been released on behalf of the Company by order of the
Board.

Enquiries:

 

Apex Listed Companies Services (UK) Limited

Jenny Thompson

0203 327 9720

 

Peel Hunt LLP

Luke Simpson / Liz Yong / Huw Jeremy

020 7418 8900

 

 

Disclaimer

 

This announcement does not constitute a new prospectus relating to the Company
and does not constitute, or form part of, any offer or invitation to sell or
issue, or any solicitation of any offer to purchase or subscribe for, any
shares in the Company in any jurisdiction nor shall it, or any part of it, or
the fact of its distribution, form the basis of, or be relied on in connection
with or act as any inducement to enter into, any contract therefor.

 

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated by the
Financial Conduct Authority, is acting for the Company only in connection with
the matters described in this announcement and is not acting for or advising
any other person, or treating any other person as its client, in relation
thereto and will not be responsible for providing the regulatory protection
afforded to clients of Peel Hunt or advice to any other person in relation to
the matters contained herein.

 

The shares of the Company have not been, and will not be, registered under the
U.S. Securities Act of 1933 (as amended) (the "Securities Act") or under the
securities laws of any state or other jurisdiction of the United States, and
may not be offered or sold into or within the United States, absent
registration, except pursuant to an applicable exemption from, or in a
transaction that is not subject to, the registration requirements of the
Securities Act and in compliance with the securities laws of any relevant
state or other jurisdiction of the United States. Moreover, the shares of the
Company have not been, nor will they be, registered under the applicable
securities laws of India, Australia, Canada, the Republic of South Africa,
Japan or any member state of the EEA. Further, the Company is not, and will
not be, registered under the US Investment Company Act of 1940, as amended.
The shares of the Company may be offered outside of the United States pursuant
to the provisions of Regulation S of the Securities Act. Subject to certain
exceptions, the shares of the Company may not be offered or sold in India, the
United States, Australia, Canada, the Republic of South Africa, Japan or any
member state of the EEA (other than to professional investors in certain EEA
member states for which marketing approval has been obtained) or to, or for
the account or benefit of, any national, resident or citizen of India, the
United States, Australia, Canada, the Republic of South Africa, Japan or any
member state of the EEA (other than to professional investors in certain EEA
member states for which marketing approval has been obtained). The
distribution of this announcement, in other jurisdictions may be restricted by
law and the persons into whose possession this announcement comes should
inform themselves about, and observe, any such restrictions.

 

None of the Company, Acorn Asset Management Ltd (the "Investment Manager"),
White Oak Capital Partners Pte. Ltd. (the "Investment Adviser") or Peel Hunt,
or any of their respective affiliates, accepts any responsibility or liability
whatsoever for, or makes any representation or warranty, express or implied,
as to this announcement, including the truth, accuracy or completeness of the
information in this announcement (or whether any information has been omitted
from the announcement) or any other information relating to the Company or
associated companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss howsoever arising
from any use of the announcement or its contents or otherwise arising in
connection therewith. The Company, the Investment Manager, the Investment
Adviser and Peel Hunt, and their respective affiliates, accordingly disclaim
all and any liability whether arising in tort, contract or otherwise which
they might otherwise have in respect of this announcement or its contents or
otherwise arising in connection therewith.

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