REG - Myanmar Investments - Final Warrant Exercise Window and Cancellation

Myanmar Investments InternationalAnnouncement

01/12/2021 07:00

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RNS Number : 1188U  Myanmar Investments Intl Ltd  01 December 2021

 
1 December 2021

Myanmar Investments International Limited

Final Warrant Exercise Window and Cancellation of Warrants

Myanmar Investments International Limited [AIM: MIL] ("MIL" or the "Company"),
the AIM-quoted Myanmar focused investment company, announces that the final
window for warrant holders to exercise all or any of the warrants held by them
is now open and will remain open until 31 December 2021 (the "Exercise
Window"). Following the Exercise Window, all unexercised warrants will expire
and admission of the remaining warrants to trading on AIM will be cancelled
from 7:00 a.m. on 4 January 2022. The terms applicable to the Exercise Window
reflect the terms of the Amended and Restated 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/.
The date of exercise for all notices received during the Exercise Window will
be 31 December 2021.

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 30 November 2021, the Company's net asset value per Ordinary
Share as at 30 September 2021 was US$0.67.

Further, the volume weighted average sale price for the Company's Ordinary
Shares traded on AIM during the Trading Days between September and November
2021 was US$0.35.

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 2021.

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.

Cancellation of Warrants

Pursuant to the Warrant Instrument any warrant not exercised by 31 December
2021 shall lapse and cease to be valid for any purpose and be cancelled. All
outstanding warrants not exercised in the final Exercise Window will therefore
expire and admission of the remaining warrants to trading on AIM will be
cancelled from 7:00 a.m. on 4 January 2022.

 

 

For further information please contact:

 Nick Paris                              Michael Rudolf

 Managing Director                       Chief Financial Officer

 Myanmar Investments International Ltd   Myanmar Investments International Ltd

 +95 (0) 1 387 947                       +95 (0) 1 387 947

 nickparis@myanmarinvestments.com        michaelrudolf@myanmarinvestments.com

 Nominated Adviser                       Broker

 Philip Secrett / George Grainger        William Marle

 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.

 

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