REG-Weiss Korea Opportunity Fund: Proposed Managed Wind-Down of the Company

Weiss Korea Opportunity FundAnnouncement

27/02/2025 07:15

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
U.S. PERSONS

Weiss Korea Opportunity Fund Ltd.
(“WKOF” or the “Company”)
(a closed-ended investment scheme incorporated with limited liability 
under the laws of Guernsey with registration number 56535)
LEI Number: 213800GXKGJVWN3BF511

PROPOSED MANAGED WIND-DOWN OF THE COMPANY

Weiss Korea Opportunity Fund Ltd. announces that after extensive consultation
with its advisers and shareholders evaluating the future strategy of the
Company, and having received a number of proposals from third parties, the
Board has decided to put forward proposals for a managed wind-down of the
Company (the “Managed Wind-Down”) for the reasons set out below.

As previously announced, the Company was notified by its investment manager,
Weiss Asset Management LP (the “Investment Manager”), that it believes
that the opportunity set and strategy for the fund continuing in its current
form is less attractive than it has been in the past, including at the
Company’s inception in 2013, and that it does not think that circumstances
are likely to improve in the foreseeable future.  As a result, the Board
announced a strategic review in November 2024.

The Board assessed a number of proposals, regarding a change of investment
mandate and/or a potential combination of WKOF’s assets with another
suitable investment company or fund, as an alternative to a managed
wind-down.  The Board confirms that the short-listed proposals were
thoroughly assessed and meetings were held with interested parties in late
January 2025, with further detailed discussions continuing with one preferred
party through February 2025. 

However, due to the complexities associated with the short-listed proposals
that came to light in the detailed discussions, combined with differing views
received from shareholders, the Board reached the decision that a managed
wind-down was the fairest proposal and would be in the best interests of
shareholders as a whole.

Shareholder approval of the Managed Wind-Down will not result in an immediate
liquidation of the Company, rather an orderly realisation of the Company's
portfolio, with capital returned to shareholders once the Company's underlying
investments are realised by the Investment Manager in a manner that seeks to
maximise shareholder value.

Accordingly, the Board intends to publish a shareholder circular by the end of
March 2025 to convene a general meeting, at which it will seek approval from
shareholders for the Managed Wind-Down and any related matters required to
facilitate an orderly realisation. 

For the avoidance of doubt the Company's listing on AIM will be maintained
during the realisation period.  Shareholders should note, however, that, if
approved, the Managed Wind-Down will supersede the Company’s 2025
Realisation Opportunity.

The Board will continue to keep shareholders informed of progress as and when
appropriate.

For further information, please contact:

 Singer Capital Markets Limited                                                  +44 20 7496 3000  
  James Maxwell/ James Fischer – Nominated Adviser                                                 
  James Waterlow – Sales                                                                           
 Northern Trust International Fund Administration Services(Guernsey) Limited     +44 1481 745001   
  Company secretary                                                                                



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