Advance Developing Markets Fund Ltd Result of Tender Offer and Tender Price (8303J)
17 Giugno 2014 - 2:37PM
UK Regulatory
TIDMADMF
RNS Number : 8303J
Advance Developing Markets Fund Ltd
17 June 2014
For release on 17 June 2014
Advance Developing Markets Fund Limited
Result of Tender Offer and Tender Price
Further to the announcement made by Advance Developing Markets
Fund Limited (the "Company") on 29 May 2014 regarding the
publication of a circular explaining the terms of a Tender Offer
for up to 10 per cent. of the Shares in issue, the Company today
announces the result of the Tender Offer and the Tender Price.
Result of the Tender Offer
A total of 45,252,788 Eligible Shares (being 78.4 per cent. of
the Company's Shares in issue as at 7 May 2014) were validly
tendered under the Tender Offer. As a result, the Tender Offer was
oversubscribed. The Basic Entitlement of all Shareholders who have
validly tendered their Shares will be accepted in full and excess
tenders will be satisfied to the extent of approximately 1.3257 per
cent. of the excess Shares tendered.
5,769,467 Shares will be repurchased by the Company under the
Tender Offer and cancelled, equating to 10 per cent. of the
Company's Shares in issue as at 7 May 2014.
It is expected that cheques will be despatched and CREST
accounts will be credited with proceeds in respect of successfully
tendered Shares and with unsold uncertificated Shares and that the
balancing Share certificates and TFE messages in respect of any
unpurchased Eligible Shares will be despatched during the week
commencing 23 June 2014.
Following the implementation of the Tender Offer the Company
will have 51,926,229 Shares in issue (excluding 2,692,278 Shares
held in Treasury).
Accordingly, 51,926,229 Shares may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interests in, the Company under the FCA's Disclosure and
Transparency Rules.
Tender Price
As at the Calculation Date, being close of business on 13 June
2014, the Net Asset Value was 481.33 pence per Share. Accordingly
the Tender Price, calculated in accordance with the circular to
Shareholders dated 29 May 2014 (the "Circular"), is 473.6622 pence
per Share.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meaning given to them in the
Circular.
For further information, please contact:
Westhouse Securities Limited
Financial adviser and broker
Alastair Moreton 020 7601 6118
Hannah Young
Darren Vickers
This information is provided by RNS
The company news service from the London Stock Exchange
END
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