REG - Myanmar Investments - Warrant Exercise Window - Replacement

Myanmar Investments InternationalAnnouncement

04/12/2019 09:05

For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20191202:nRSB6364Va

RNS Number : 6364V
Myanmar Investments Intl Ltd
04 December 2019
 
 This announcement contains inside information  4 December 2019
 
CORRECTION: Warrant Exercise Window
 
The following amendment has been made to the 'Warrants Exercise Window'
announcement released on 2 December 2019 at 7:00am under RNS No 2439V.
 
In paragraph 3 under 'Cashless Exercise' this should read 'any Ordinary Shares
being issued' not 'any Warrants being issued' as previously stated.
 
All other details remain unchanged.
 
 
 
 
 
 
Myanmar Investments International Limited
 
Warrant Exercise Window
 
Myanmar Investments International Limited [AIM: MIL] ("MIL" or the "Company"),
the AIM-quoted Myanmar focused investment company, today announces that the
window for warrantholders to exercise all or any of the warrants held by them
is now open and will remain open until 31 December 2019 (the "Exercise
Window"). The terms applicable to the Exercise Window reflect the terms of the
Warrant Instrument adopted on 21 May 2018 (the "Warrant Instrument"), a copy
of which can be found on the Company's website at
http://myanmarinvestments.com/shares-warrants-and-esops/. Warrantholders are
able to exercise their warrants during the first calendar month of each
Quarter (as defined in the Warrant Instrument) until 31 December 2021 and the
date of exercise for all notices received during the Exercise Window will be
31 December 2019.
 
Cash exercise
In accordance with the terms of the Warrant Instrument, one new ordinary share
of nil par value ("Ordinary Share") will be issued for each existing warrant
together with payment of the exercise price of US$0.90.
 
Cashless exercise
As announced on 28 November 2019, the Company's net asset value per Ordinary
Share as at 30 September 2019 was US$0.85.
 
Further, the volume weighted average sale price for the Company's Ordinary
Shares traded on AIM during the Trading Days between September and November
2019 was US$0.83.
 
As both of these values are below the US$0.90 exercise price and applying the
cashless exercise formula set out in the Warrant Instrument, any cashless
exercise of the warrants during this Exercise Window would not give rise to
any Ordinary Shares being issued.
 
Exercise and Admission
Warrantholders who wish to exercise their warrants for cash should deliver the
appropriate documentation to the Company in accordance with the requirements
of clause 4 of the Warrant Instrument to arrive on or before 31 December 2019.
 
Application will be made to the London Stock Exchange for the admission of the
Ordinary Shares issued on the exercise of the warrants to trading on AIM,
should such exercise occur in the Exercise Window. It is anticipated that
admission to trading of, and dealings in, the Ordinary Shares issued pursuant
to the exercise of warrants in the Exercise Window, will commence on AIM no
later than 10 business days following the close of the Exercise Window.
 
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014.  Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
 
For further information please contact:
 Nick Paris                                        Michael Rudolf
 Managing Director                                 Chief Financial Officer
 Myanmar Investments International Ltd             Myanmar Investments International Ltd
 +95 (0) 1 391 804                                 +95 (0) 1 391 804
 nickparis@myanmarinvestments.com                  michaelrudolf@myanmarinvestments.com
 Nominated Adviser                                 Broker
 Philip Secrett / Jamie Barklem / Seamus Fricker   William Marle / Giles Rolls
 Grant Thornton UK LLP                             finnCap Ltd
 +44 (0) 20 7383 5100                              +44 (0) 20 7220 0500
 
For more information about MIL, please visit www.myanmarinvestments.com
 
Notes to Editors
Myanmar Investments International Limited (AIM: MIL) was the first
Myanmar-focused investment company to be admitted to trading on the AIM market
of the London Stock Exchange. MIL was established in 2013 with the intention
of building long-term shareholder value by proactively investing in a
diversified portfolio of Myanmar businesses that will benefit from the
country's re-emergence and ongoing economic development. The Company is led by
an experienced and entrepreneurial team who between them have considerable
industrial, corporate and financial management experience. At the Annual
General Meeting on 24 October 2019, the Company's shareholders approved a
change in the investment policy of the Company to now seek to harvest the
Company's investments over time.
 
MIL's largest investment to-date (US$21 million investment for a 9.1 per cent
effective shareholding) is in Apollo Towers, one of Myanmar's largest
telecommunications towers company with approximately 1,800 towers. Apollo
operates in the high growth telecommunications sector with a strong management
that is growing the number of co-locations (i.e. multiple tenancies) on its
portfolio of towers. The tie-up with Pan Asia Towers is expected to produce a
more efficient and profitable combined investment with greater prospects for
an eventual liquidity event.
 
MIL's first investment in August 2014 was into Myanmar Finance International
Limited ("MFIL") which today is one of the leading microfinance companies in
Myanmar. Since MIL invested, MFIL's business has expanded rapidly. The
business is profitable with a sustainable expansion plan for long-term growth.
In November 2015, the Norwegian Government's Norwegian Investment Fund for
Developing Countries ("Norfund"), the Norwegian development finance
institution, also became a 25 per cent shareholder in MFIL.
 
MIL's third investment in May 2017 was into Medicare International Health and
Beauty Pte. Ltd., ("Medicare"). This was a greenfield pharmacy, healthcare and
personal care product retail franchise joint venture. On 28 November 2019, the
Company announced that it had agreed to dispose of its entire shareholding in
Medicare to one of its joint venture partners. The consideration is
US$1,000,000 and completion is expected to take place before the end of
December 2019.
 
Myanmar, a country of approximately 54 million people and roughly the size of
France, has been isolated for much of the last 50 years. Strategically
situated in one of the world's most economically dynamic regions amid the
intersection of India, China and South East Asia it is a key component of
China's 'One Belt One Road' strategy providing direct access to the Indian
Ocean.
 
Whilst it was once one of the more prosperous countries in Southeast Asia with
an abundance of natural resources (oil, natural gas, arable land, tourist
attractions and a long coastline), it is now one of the least developed
countries in the world. However, it has a number of competitive advantages: a
population of 54 million people (it is the 26th most populous country in the
world); a large workforce with a high literacy rate of 90 per cent; 68 per
cent of the population is of working age (between 15 and 65); and 28 per cent
of the population is under 24 which is expected to provide a strengthening
consumer demand. According to the IMF, Myanmar's GDP growth rate is expected
to be 6.8 per cent through to 2024.
 
Myanmar has undergone an unprecedented transformational reform process,
initiated by the U Thein Sein administration in 2011. The elections in 2015
were the first democratic elections in 50 years. This remarkable change has
not been without its difficulties and the situation in Rakhine state, which
stems from a complex and historically charged background, remains un-remedied.
The Advisory Commission on the Rakhine State crisis, led by the late former UN
Secretary-General Kofi Annan, has provided an important framework which can
provide the foundations for addressing the distressing situation there.
 
 
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.